Inheriting property can feel like a mixed blessing. While some see it as a gift, others are left with a house they don’t want, can’t afford, or don’t know what to do with.
If you’ve inherited an unwanted property, you’re not alone—and you have options.
🔍 Step 1: Understand What You’ve Inherited
Start by gathering key information:
- Title status – Are you the legal owner? Was probate completed?
- Mortgage or liens – Is the property free and clear or does it carry debt?
- Condition of the home – Is it move-in ready or in need of major repairs?
- Location & market value – Is it in a desirable area or harder to sell?
Understanding what you’ve inherited sets the stage for making smart decisions.
🧾 Step 2: Handle the Legalities
If the property hasn’t gone through probate, you may need to initiate that process. In some cases, if the estate is small or the property was held in a trust, you might avoid probate altogether.
It’s wise to speak with a probate attorney to make sure the transfer of ownership is legal and official.
🛠️ Step 3: Decide What You Want to Do With the Property
You typically have three main options:
✅ 1. Keep It
You could move in or rent it out. Be ready to:
- Maintain the property
- Pay property taxes, utilities, and insurance
- Handle repairs or renovations
✅ 2. Sell It
This is a popular option, especially if:
- The home is out of state
- You don’t want to manage it
- It needs costly repairs
You can sell:
- On the market (through a realtor)
- Off-market (to a cash investor for a quick, as-is sale)
✅ 3. Donate or Walk Away
In rare cases where the property has no value or is underwater, you can:
- Donate it to a nonprofit
- Disclaim the inheritance (refuse it legally, typically done before probate completes)
💰 Step 4: Understand the Tax Implications
In most cases, you’ll receive a stepped-up basis for taxes, meaning you’re taxed on gains from the market value at the time of inheritance—not the original purchase price.
Still, it’s smart to talk to a tax advisor or CPA to understand:
- Capital gains if you sell
- Property taxes
- Potential estate or inheritance taxes (rare in most states)
🚀 Step 5: Take Action
Once you’re ready, here’s how to move forward:
- List it with a realtor if you have time.
- Sell to a local investor for a fast, no-hassle solution if you want speed and convenience.
- Rent it if you’re comfortable managing tenants or hiring a property manager.
- Donate it if it’s burdensome and there’s no financial upside.
🤝 Need Help?
If you’ve inherited a property you don’t want, you don’t have to deal with it alone. We specialize in buying inherited homes as-is, no repairs, no fees, and no stress. Whether you’re out of state or just overwhelmed, we’ll give you a fair cash offer and take it from there.
📞 Contact us today for a free consultation — no obligations, just options.
717-478-IBUY goalbuys@gmail.com