Inheriting land can be both a blessing and a burden. If you've inherited a property you don't plan to use, selling it quickly and efficiently is often the smartest move.
Step 1: Establish Ownership
Before you can sell, you need to establish clear ownership. This typically means:
- - Probating the will (if there is one)
- - Obtaining Letters Testamentary from the court
- - Recording an Affidavit of Heirship (in some states)
Step 2: Assess the Property
Understand what you have. Key questions:
- - Where exactly is the property? (GPS coordinates, not just county)
- - What is the current market value?
- - Are there any liens or back taxes?
- - What is the zoning and permitted use?
Step 3: Decide How to Sell
You have three main options:
- List with an agent: Potentially higher price, but slower and costs 6-10% in commissions
- Sell FSBO: Save on commissions, but significant time and effort
- Sell to a direct buyer: Fastest and simplest. Companies like Prestonwood make cash offers and handle all paperwork
Step 4: Close the Sale
Work with a title company to ensure clean title transfer. Digital closing makes this possible from anywhere in the country.
Tax Considerations
Remember: inherited property receives a stepped-up cost basis. If the property hasn't appreciated significantly since the date of death, your capital gains may be minimal or zero.
