How to Sell an Inherited House You Don’t Want in Missouri
Inheriting a house can be both a blessing and a burden. While it may seem like a windfall, you might find yourself with an inherited house you don't want. It may be located in a different state, needs extensive repairs, or simply doesn't fit your lifestyle. Whatever the reason, selling inherited property in Missouri can be a complex process that requires careful consideration.
If you're facing a probate house sale in Missouri, you're not alone. Many people find themselves in similar situations, wondering how to navigate the legal requirements and market conditions. The good news is that there are options available for selling an inherited house quickly and efficiently, even if you don't want to keep it.
What Is the Probate Process in Missouri?
Before you can sell an inherited house you don't want, you need to understand the probate process in Missouri. Probate is the legal procedure that validates a will and distributes the deceased person's assets. In Missouri, the process can take several months to a year, depending on the complexity of the estate and any potential disputes among heirs.
Key steps in the Missouri probate process include:
- Filing the will with the probate court
- Appointing an executor or personal representative
- Notifying creditors and beneficiaries
- Inventorying and appraising assets
- Paying debts and taxes
- Distributing remaining assets to beneficiaries
Understanding these steps is crucial when selling an inherited property. You may need to wait until you're legally authorized to sell the house, which typically happens after the probate court appoints an executor who will oversee the entire process.
Options for Selling Your Inherited House in Missouri
When it comes to selling an inherited house you don't want, you have several options. Each has its pros and cons, and the best choice depends on your specific situation and how quickly you need to sell.
Traditional Real Estate Agent
Hiring a real estate agent is a common approach. They can handle marketing, showings, and negotiations. However, a traditional home sale may take longer and involve more costs than some homeowners are willing to bear.
For Sale By Owner (FSBO)
You could sell the house yourself, which might save on agent commissions. But it requires more time and effort on your part, and you'll need to handle all aspects of the sale without professional guidance.
Cash Home Buyers
Companies that buy houses for cash in Missouri offer a quick and convenient option for selling inherited property. They often purchase homes as-is, which can be beneficial for inherited houses that need repairs or updates before they can be sold effectively.
Preparing the Inherited House for Sale
Even if you're planning a probate house sale, there are steps you can take to prepare the property. They can help you sell faster and for a better price than if you leave it as-is.
Here's what you should consider:
- Clean out personal belongings
- Make minor repairs and improvements
- Gather important documents related to the house
- Consider a pre-listing home inspection
The goal is to make the house as appealing as possible to potential buyers, even if you're selling it as-is. A clean, well-maintained house can make a significant difference in attracting offers from interested buyers.
Dealing with Taxes and Legal Issues
Selling inherited property can have tax implications. It's important to understand these before you proceed with the sale to avoid any surprises later on.
Capital Gains Tax
You may need to pay capital gains tax on the profit from selling an inherited house. The basis for the tax is usually the fair market value of the house at the time of the previous owner's death, so knowing the value is essential.
Estate Tax
While Missouri doesn't have an estate tax, there may be federal estate taxes to consider depending on the value of the entire estate and how it is distributed among heirs.
Outstanding Debts
If the deceased person has outstanding debts, these may need to be paid from the estate before the house can be sold. It's wise to consult with an attorney or financial advisor about how these debts might affect your sale.
Choosing the Right Buyer for Your Inherited House
When selling your inherited house in Missouri, finding the right buyer can make the process much smoother. Different types of buyers have different advantages that could impact your decision.
Traditional Buyers
These are typically individuals or families looking for a home to live in. They may offer the highest price but often require financing, which can slow down the process significantly if they encounter issues securing their loan.
Real Estate Investors
Investors often buy houses to renovate and resell. They may offer less than market value but can usually close quickly and buy the house as-is without demanding repairs or updates beforehand.
Cash Home Buyers
These companies specialize in buying houses quickly for cash. They're often the fastest option available and will buy the house in any condition, which can be ideal for a probate house sale where time may be of the essence.
Finalizing the Sale of Your Inherited House
Once you've chosen a buyer and agreed on a price, it's time to finalize the sale of your inherited property. The process can vary depending on whether the probate process is complete and how you're selling the house overall.
Closing Process
The closing process involves signing legal documents needed to transfer ownership officially. It occurs at a title company or attorney's office where all parties involved come together.
Distributing Proceeds
If there are multiple heirs involved, you’ll distribute the proceeds from selling inherited property according to state law or what was outlined in your loved one's will.
Final Tax Considerations
After completing your sale successfully, you may need to file additional tax forms related specifically to capital gains or other financial obligations incurred during the ownership of that property. Consult with a tax professional who specializes in real estate transactions for personalized guidance.
Sell Your House Fast in Missouri and Kansas
If you need to sell your house fast but don’t want the hassle of a traditional home sale, contact Brittco. We buy houses as-is, with no repairs needed. Avoid closing costs and realtor commissions. Close in as little as seven days. Call 913-219-5583 for a fast cash offer from our local home buyers in Missouri and Kansas.