Selling an Inherited House in Georgia

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Getting a property through inheritance can be hard, both emotionally and financially. Is the house in need of costly repairs and upgrades? What will the tax costs be? Is there a will, or will you have to go through probate? However, an inherited property can also be a fantastic chance for real estate investors and buyers who want to find a property at a lower price that they can customize. So, what do homeowners need to do to selling an inherited house? Are there specific steps involved in this type of sale? This article will outline the process of selling an inherited property to help you aim for a profit.

How To Sell My Inherited Property in Georgia”

You’ve just received a property from someone who passed away, and now you’re not sure what to do next. In many states, the property you inherited has to go through something called probate. This is a legal process where a court decides who truly owns the property. During probate, the court officially gives the estate’s assets to the right heirs or beneficiaries. How long this process takes can be quite different based on whether there is a will and the laws in your state. Once everything is settled legally, selling an inherited property in Georgia is just like selling any other home. I’ll explain how to sell an inherited property at the end of this article, but remember that the legal steps need to be finished first.

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Determine the Executor

When someone passes away, their assets usually go through probate unless they set up a living trust to skip this step. Probate is a court process that ensures the estate is divided according to the will or state laws. During this time, the court chooses an executor—either someone named in the will or a close family member if there isn’t a will. This executor has several important jobs, like selling assets, paying off debts, and distributing what’s left to the rightful heirs.

To promote fairness and possibly lessen family disputes, you might want to select a corporate executor instead of a family member. A corporate executor specializes in handling estates and can help reduce conflicts while following legal guidelines.

If the person who died didn’t leave a will, the estate will be shared based on state intestacy laws, which might not reflect what the deceased wanted or what the heirs expect. For instance, in many states, if someone dies without a spouse or kids, their estate could go to their parents or siblings. This can create issues when several people inherit one property and have different opinions about what to do with it.

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Working with Lawyers and Real Estate Agents

Probate can be a very tricky process, so it’s important to have a skilled lawyer by your side to help you through the challenges of selling a home you have inherited. (Lawyers aren’t created equal so I highly advise vetting them just as you would any other company. A bad lawyer can delay the process.) After receiving the go-ahead from the probate court to sell the property, the next wise move is to work with a real estate agent, not just any agent but one who has experience with inherited homes. A knowledgeable agent who understands the ins and outs of probate sales can provide you with valuable insights into the rules and regulations involved. They will assist you in finding the right buyer, ensuring you receive the best price for the inherited property. Moreover, they can advise you on what repairs and upgrades are worth your time and money, versus what might just be a waste. Taking their guidance can make a big difference in whether you sell a property quickly and profitably or end up with a house that lingers on the market and sells for less than its value.

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Resolve Any Debts

When you think about “inheritance,” do you picture a long-lost relative leaving you a fancy mansion in the woods? Or do you realize that inheriting a property can come with some tricky issues? You might have to face problems like liens on the title, unpaid taxes going back years, or a mortgage that could eat up any profit when you sell. Unfortunately, after losing a loved one, you often also have to handle their debts, whether that’s taxes, loans, or maxed-out credit cards. Before you get any money from the estate, any assets you inherit need to be used to pay off those debts. Although a house can look like a valuable asset, it can also turn into a costly burden. A skilled estate advisor can guide you through your choices when managing an estate.

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Clean & Restore the Home

After you’ve taken ownership and the property is now yours, the next choice is to decide if you want to live in it, rent it out, or sell it. Often, when someone we care about passes away, they may leave behind a home that isn’t in great condition. Whether the house hasn’t been maintained for years and needs a lot of cleaning and repairs, or if it hasn’t had any updates and requires a full renovation to be ready for the market, this part of an inheritance is something many people overlook.

Contact Us today for your cash offer!

Contact us today and get a competitive cash offer for an inherited house, condo, or property. We buy homes in any condition, and we can also help with the convoluted process of selling a house in probate!

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Do All Heirs Have to Agree to Sell an Inherited House?

No, not all Heirs need to agree to sell a house or property they inherited if a will or the probate court has already decided who owns it. However, if it’s unclear who owns the property, like when there is no will or a Court-appointed administrator is involved, then all Heirs must agree to the sale. This rule also applies to properties that the Court sells at auction to pay off the estate’s debts. If someone wins a house at auction and one or more Heirs disagree with the sale, the purchase will be put on hold until the disagreement is sorted out and everyone comes to an agreement.

How to Settle a Disagreement On An Inherited Property

When family members don’t see eye to eye about an estate, there are a few ways to resolve the situation. The first step is to have an executor. This person is responsible for making sure that your loved one’s wishes, as stated in their will, are followed correctly. Having someone to handle this can reduce disagreements about what should happen with the estate’s belongings. If there is no executor or if the will is being disputed, it might be time to hire a mediator. A mediator is a neutral person who helps settle arguments, and using one can be much cheaper than taking the matter to court for probate. It’s not unusual for heirs to argue about what to do with estate property, especially when valuable items or those with sentimental value are involved. These disagreements can be emotionally charged and complicated. Conflicts often arise because different heirs have different feelings about a property, different financial situations, or disagreements about how much something is worth or its potential value. One heir might want to keep the family home because it holds memories, while another might want to sell it to share the money. Also, since heirs may be in various financial situations, some needing cash quickly while others might want to invest for the long term, it can lead to conflicting views on the estate’s assets. When heirs cannot agree, the executor plays a crucial role. Executors are responsible for trying to resolve conflicts while following the instructions of the will and legal rules. If the will doesn’t say what to do with a property, or if there is no will, executors must make choices that consider everyone’s interests fairly.

Usually, executors can sell property without needing all heirs to agree. However, if there is any disagreement about selling, the executor may have to get permission from the probate court. The court will look into the situation and consider things like why the executor wants to sell, how it benefits the estate, and the concerns raised by the heirs.
Mediation and negotiation

Before going to court, parties are usually encouraged to try mediation. This process involves a neutral third party helping heirs talk about their differences and hopefully come to a decision on what to do next. Mediation is often less confrontational and more affordable than court cases, plus it can help keep family ties strong and allow for flexible solutions that fit the family’s needs.

Executors and heirs should try to handle disputes with open communication and a willingness to meet in the middle. It’s important for executors to share the reasons for their decisions clearly and for heirs to express their worries and needs. Seeking legal advice is also smart to make sure that all actions are legal and in line with the wishes of the deceased, if there is a will. The aim for heirs and executors is to reach resolutions that honor the legacy of the deceased while also meeting the practical needs of those still living.

Tips For Managing Affairs

Here are five helpful tips for executors and beneficiaries to manage estate matters more easily and fairly. These tips can help reduce the chances of long disagreements and ensure that the estate is handled according to the wishes of the person who passed away and the law.

  1. Keep Detailed Records: It’s important to keep thorough notes on decisions, talks, and money matters. These records can be very useful if anyone questions the choices made later on or if the probate court needs proof that the executor is doing their job right.
  2. Communicate Openly: Talking regularly and clearly can stop misunderstandings and help build trust among everyone involved. Executors should update beneficiaries during the probate process and when making big choices.
  3. Think About Mediation: If disagreements come up, mediation can be a good way to solve problems without going to court. Mediators can help find creative solutions that work for everyone.
  4. Get Professional Value Estimates: Having a professional appraisal of property can help provide a neutral starting point for discussions about selling or sharing assets. This is especially useful when emotions may affect how the value of a property is viewed.
  5. Seek Help from Legal and Financial Experts: Executors should feel comfortable reaching out to legal and financial professionals, especially if the estate is large or complicated, or if they expect disagreements. Expert advice can make it easier to handle legal duties and financial planning.

Taxes on selling an Inherited Property in Georgia?

When you sell an inherited property in Georgia, there are certain taxes you need to be aware of:

  • Property Tax: This is a yearly charge you pay to your local government, calculated based on your property’s value. Just like any other real estate, inherited properties also require property tax. In Georgia, the property tax rate is 0.90%.
  • Estate Tax: Georgia does not have a state estate tax. For federal estate tax, it only affects very large estates that are worth more than $13.8 million in 2024. This tax is on the whole estate, not the person who inherits it.
  • Inheritance Tax: In Georgia, there is no inheritance tax. If there were one, the rate would depend on how closely related the beneficiary is to the person who passed away and the amount they inherit.
  • Capital Gains Tax: When it comes to capital gains tax, the IRS uses a stepped-up basis. This means the tax is only on the increase in value of the property after you inherit it. The capital gains tax is paid on the appreciation of any assets that an heir inherits through an estate but it is only levied once the asset is sold for a profit, not when you inherit. This tax is then paid on the difference between the sale price and the purchase price of the property. Most states require this tax paid on an inherited property, but there may be exemptions for individuals selling a property for less than a certain amount. To avoid capital gains tax on inherited property in Georgia, you must sell it quickly before the value appreciates.

Documents required to sell an inherited property

To show legal ownership and place a property for sale, you will need to have a copy of the documents issued by the court that grant you the legal authority to act as the executor or administrator of the estate. These documents will establish your ability to manage the inherited property. Once a buyer is found and you are ready to close, you’ll need the deed, title insurance, or other relevant legal records to establish the legal ownership of the inherited property. 

Do your research regarding what additional documents may be needed to sell an inherited property! Some jurisdictions may require additional property-related documents, including previous surveys, inspections, or any other relevant paperwork that pertains to the property’s condition or history.

3 Ways to sell your inherited house

  1. For Sale By Owner (FSBO)
    Selling your inherited property For Sale By Owner (FSBO) allows you to bypass a real estate agent, giving you full control over the sales process. You handle the marketing, negotiations, and paperwork, which can save you 10’s of thousands of dollars. However, if you’re not familiar with the process, it can be very challenging and time consuming.

    To maximize your chances of selling successfully, just listing your property on Zillow or social media more than likely will not be enough. You need as much exposure as possible. One effective way to do this is by using a Flat Fee MLS service like Beycome, which allows you to list your home on the Multiple Listing Service (MLS). This is the the same platform realtors use. This increases visibility and automatically syndicates your listing to major real estate websites like Zillow, Redfin, Realtor.com, and Homes.com, helping you put your listing in front of the eyes of more potential buyers.

    Taking the FSBO route requires effort, but with the right tools and strategies, you can successfully sell your home while saving on commissions.
  2. Use a Discount Broker
    While real estate agents and brokers perform similar roles, there are important distinctions between them. Real estate agents help clients navigate the buying and selling process, while brokers receive additional training and licensing, allowing them to supervise agents and operate independently. Both can work under a brokerage, but only brokers have the authority to manage or own one.

    A discount brokerage connects sellers with agents who agree to lower commission rates, typically in exchange for handling a larger number of transactions. The amount you save and how fees are structured will depend on the brokerage you choose, so it’s essential to explore your options.
  3. Sell to an iBuyer or A Cash Company
    Homeowners looking to sell quickly and avoid the hassle of showings, repairs, and a lengthy closing process can speed things up by working with an iBuyer. These online tech-driven companies, where the “i” stands for instant, purchase homes directly from sellers without involving third parties like real estate agents or lenders.

    An iBuyer can provide an all-cash offer on your home within 24 hours, sometimes even sooner and typically close within two to three weeks. Many also offer flexible closing dates to accommodate your schedule. However, while iBuying offers speed and convenience, it’s important to consider the potential financial trade-offs before making a decision.

Is there an easier way to sell?

Yes, there is! We Are HomeBuyers is a direct house buying company that has built our reputation on buying inherited houses for cash with less stress and less fees. Contact us today and get a competitive cash offer for an inherited house, condo, or property. We buy homes in any condition, and we can also help with the convoluted process of selling a house in probate! Let us make your home selling experience as straightforward and stress-free as possible so you can move on with your life.

Even if the house suffered major damage in the last storm or was neglected for years and needs a large amount of upgrades to make it “market ready”, once you accept our fair cash offer our team of experts will handle all of those expensive repairs so you don’t have to! We make selling an inherited house easy.

Contact Us today for your cash offer!

If you own a property that’s stuck in probate that you are ready to sell, call us at 7066706886 day or night to get a competitive cash offer for that inherited home. We buy properties in any condition and no matter what the estate’s financial situation might be.

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