Navigate the process with ease. We help you sell your inherited house ‘as-is,’ without the repairs, clean-out, or family disagreements.
"*" indicates required fields
Selling a house during a divorce is one of the most challenging and emotionally taxing aspects of an already difficult process. The marital property, a place filled with memories, suddenly becomes another marital asset to be divided during divorce proceedings. It can add significant stress to an already fragile situation.
Acting fast is critical. Here’s why:
Selling for cash before the divorce is finalized puts you in control of the home sale outcome.
This legal process involves a procedure for transferring ownership of the decedent's estate to their heirs. It ensures that the estate's assets are distributed correctly and that debts are paid, which can be crucial for a smooth sale of inherited property. In certain circumstances, selling through probate can satisfy creditors, prevent ongoing maintenance costs and necessary repairs of the inherited land, and allow beneficiaries or other family members quicker access to their inheritance, so they can receive the money in their bank accounts.
Capital gains taxes are a key consideration when a person inherits property. The tax basis is typically the fair market value at the time of death, known as the "stepped-up basis," which often reduces or eliminates capital gains liability. Always consult a tax professional to better understand tax implications. A professional may be able to help you eliminate capital gains taxes when you sell inherited property.
Clear communication and mutual agreement are essential when co-owners are involved in selling the property inherited, which could be the primary residence before the decedent's death. This prevents disputes and potential legal actions if there's more than one heir. It also ensures a smoother sale for all family members.
Selling an inherited house through traditional methods, such as listing with a real estate agent, often presents unique challenges.
| Benefit | How iBuyHomes Helps You |
|---|---|
| "Take What You Want, Leave the Rest" | You don't need to clean out the house. We handle everything after the sale, allowing you to focus on treasured memories instead of the arduous task of clearing out an inherited house. This is a massive, unique benefit that traditional sales cannot offer. |
| Sold "As-Is" | There's no need to pay for a new roof or update the kitchen. We buy the property in its current condition, saving you time, money, and stress on necessary repairs. This applies whether it's a family home, rental property, or even inherited land. |
| One Simple Offer | A single cash offer eliminates negotiations and disagreements between siblings, providing a clear path forward for all co-owners and other relatives to receive their equal shares. |
| Probate Experts | We have extensive experience with the probate process and can work seamlessly with your attorney to ensure a smooth closing, even in complex situations involving the decedent's estate or an estate tax return. We understand the legal complexities so you don't have to. |
Yes. For a smooth sale, it’s best if all co-owners reach a mutual agreement. But the situation may differ if you’re the sole owner or if an estate plan designates a specific person to sell. In cases where other siblings or other heirs don’t agree, legal action like a partition action might be necessary. At iBuyHomes, we strive to help family members find common ground.
It’s generally the estate’s assets that are responsible for property taxes, mortgage payments, and other expenses until the sale of inherited property is complete. Once the property transfers, the new owner assumes these responsibilities. If the probate process is ongoing, the executor typically manages these payments.
We’re experienced in navigating properties with existing liens, including reverse mortgages. We can work with you and any relevant parties to understand the financial obligations and factor them into our offer, simplifying the process for you.
The stepped-up basis is a crucial tax benefit for inherited property. When you inherit an asset, its tax basis is stepped up to its fair market value at the time of the decedent’s death or the alternate valuation date, if elected. It means if you sell the property shortly after inheriting it for roughly the fair market value, your capital gains will be minimal or even zero, significantly reducing or helping you eliminate capital gains taxes.
The stepped-up basis rule generally means your cost basis for the property is its value at the time of the previous owners’ death, significantly reducing or eliminating capital gains if you sell it soon after inheriting. You might also avoid or reduce capital gains by making it your primary residence for at least two years before selling or by doing a 1031 exchange if it’s an investment property.
