IS YOUR HOME READY TO BE INHERITED?

 Hope things are going well in your life… I read an article last week in one of the Florida Association of Realtors magazines,  and it got to me thinking about a blog about taking over and/or selling an inherited property.    We’ve been here for more than 25 years, of course have aged, but several years ago we did go ahead and “get our house in order so to speak.” So  if something happened to us, the person inheriting the house, (our son) would not have to go through probate. So this article gives you some ideas. You should always contact a lawyer. There’s several local ones in the area. I did speak with a local title company to ask for any other insights into what people should have in order so that when they go to sell their (inherited) house, there won’t be any delays due to having to go through probate.

 

Title Company, Her remarks:

A couple of things come to mind….if the Property is in a Trust, the Trustees die and then the Successor Trustee has control of the property and can sell without having a Probate. A Lady Bird Deed is a good one, as it allows the owner to have full control up to the date of passing and then the property goes to the Grantee listed on the Deed. Keep in mind, a Will does NOT convey property, it assists in a Probate but does not automatically convey. Also, its important to have a POA (Power of Attorney) in place in case the owner of record cannot make decisions on their own while they are alive….remember, the POA dies with the person. IF the POA dies, you cannot use the POA since it expires. Also, you cannot use a POA when the property is in a Trust. These are just a couple of things that come to mind throughout my years😊 And remember….I am not an attorney, this is just friendly advice 😊 Thanks!!

Selling an inherited house may face challenges from the probate

process, uncertainty about how much to list the home for or who

to sell to – having a plan helps.

ST. PETERSBURG, Fla. — Selling an inherited house may be

harder than you thought it was going to be because of the

probate process. Your family might be unsure about who to sell

to or how much you should sell for. Knowing about these issues

early can make the process easier.

According to New York Life, only 42% of Americans expecting to

receive an inheritance feel that they’re very financially

comfortable handling the wealth. It shows us that more than halfof the people who get properties from their loved ones are facing

a harsh reality.

Selling a house you inherited might be a good option for you, but

you’ll face real estate challenges. Let’s cover why these issues

come up and give you tips on what to do.

What is the best way to inherit a house from

you parents?

Even before you decide to sell a house you’ll inherit, you may be

thinking about how you should go about the process. Having a

clear plan is often the best way to avoid issues later. It’ll be

helpful if whoever you’re inheriting from has such a plan. Their

preparedness may help you find it easier to sell the house when

you’re ready. Legal obstacles become easier to overcome when

you have enough documentation.

Why selling an inherited house takes longer

If you’ve ever sold your own home, you probably didn’t wait long

to close, especially if you were in a hot real estate market. The

obstacles multiply when you try to sell an inherited house for

many reasons.

Probate court: Probate is the procedure of changing

ownership, and it’s supervised by the court. The home you

inherit will most likely go through the probate process, and you

have to wait until it’s over. You don’t fully own the property, so

you can’t sell it legally.You can expect the probate process to last for a few months or

sometimes over a year. It’s one of the major causes of real estate

delays affecting people trying to sell houses they inherited.

Multiple heirs: An inherited property, especially one from

parents or grandparents, is rarely passed to just one person. You

might be sharing ownership with some of your siblings or other

relatives.

It means that you can’t make any major decisions without asking

for their opinion and approval first. If one of the people you

share the inheritance with is hesitant or slow in giving their

feedback, the property sale will stall.

Property condition: Buyers looking for homes in our current

inherited property market mostly prefer places they can move

right into without spending their money or time fixing them.

You may need more time to sell a house if it requires some

updates or repairs. Companies like We Buy Ugly Houses and We

Buy Houses are an option if you don’t want to worry about fixing

up an inherited home or paying a commission to an agent.

They’ll buy for cash at a fair price and help you avoid getting

stuck in endless delays.

How much tax do you pay if you sell an

inherited house?

Taxes may end up being the most confusing thing you deal with

when selling an inherited house. You won’t pay income tax on

the inheritance itself, but you may owe capital gains tax.If your parents paid $100,000 for the house when they bought it,

but it was worth $250,000 when you inherited it, your taxable

gain will be the profit you make above $250,000.

It’s always good to talk to a tax expert before you list the house.

They’ll give you helpful home-selling tips so you can avoid

making mistakes that will cause you to get in trouble with the

IRS.

FAQs: How do I avoid capital gains on an

inherited property?

It’s possible to avoid or lower the capital gains you pay if you’re

strategic. Using the house as a primary residence for at least two

years is a wise move because it helps you qualify for a home sale

exclusion. Other options are:

If you wait too long to sell a house you inherited, its value may

increase. Being quick to act is a good way to lower the capital

gains tax you may pay later if you sell at a much higher price.

Is it better to keep or sell an inherited house?

Sometimes it’s better to sell a house you inherited, and in some

cases, you’ll be better off keeping it. You can keep the home if it

doesn’t have a mortgage.

It’s also a good option if you don’t want to lose it entirely, since

you can rent it out to make money. A house that needs a lot of

costly repairs may drain you, and you might find that selling is

less stressful.Always think about your long-term goals before deciding what to

do.

Can grieving affect selling an inherited house?

Yes. Selling the home where your parents or grandparents lived

can be tough because it’s not always easy to let go.

Your family members may be hesitant about making the decision

when mourning the loss of their loved one.

Make an inherited home sale easier

Selling an inherited house may not be easy because you have to

go through the probate process. Your family’s input also matters,

especially if they’re also heirs.

If you don’t want to waste time and spend more money paying

agents, it’s better to work with a cash buyer. They’ll help you

make more profits on your deal.

While you’ll face different challenges trying to sell an inherited

house, there’s a way to overcome each one. Visit our news page

for more insights on navigating the real estate market.

Copyright © 2025 WFLA, Nexstar Broadcasting, Inc. This story

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