A Guide To Selling Inherited Land In South Carolina
Navigating the process of selling inherited land can be complex and overwhelming. At Value Land Buyers, we’re here to simplify this process for you. Our team of experts specializes in helping individuals like you turn inherited land into a valuable asset. We’ll walk you through the steps of selling inherited land in South Carolina and show you how we can help you achieve the best outcome.
How To Sell Inherited Property In SC
Selling inherited land is often more complicated than selling a property you’ve owned for years. You’ll need to consider various factors, including legal, financial, and emotional aspects. Here’s a step-by-step breakdown:
1. Agree To Sell And Appoint An Executor
When dealing with an inherited property with multiple heirs, it is important that everyone be on the same page to agree to sell the land. If there is not already an executor of the estate, one needs to be appointed. This person will be the legal representative when selling the land. Problems can arise when heirs have different ideas or expectations for selling the inherited land. This all needs to be worked out before attempting to sell.
2. Gather Essential Documents
Before you can sell inherited land, you must gather all the necessary paperwork. This typically includes the following:
- Proof of Inheritance: Documents like a will, probate documents, or a letter of administration.
- Property Title: If you don’t have a copy of the title, you can typically get one from the courthouse.
- Property Tax Records: Verify the land’s current tax status.
- Outstanding Liens or Mortgages: Determine if there are any debts or encumbrances on the property.
3. Determine the Property’s Value
Understanding the fair market value of your inherited land is crucial. You can do this by:
- Appraisal: Hire a professional appraiser to determine the property’s current market value.
- Comparative Market Analysis (CMA): Compare your land to similar properties that have recently sold in the area.
- Consulting Local Real Estate Experts: Seek advice from local real estate agents who understand the market dynamics in South Carolina.
4. Decide Whether to Keep or Sell
Once you have a clear understanding of your property’s value, consider your options. Decide whether you want to keep the land or proceed with selling it. Consider factors like property maintenance costs, property taxes, and your personal goals.
4. Clear Title and Resolve Liens
If there are any outstanding liens or mortgages on the property, you’ll need to address them either before selling or at the time of closing. You will most likely need to pay off these debts using the proceeds from the sale.
5. Find a Reputable Buyer
When it comes to selling your inherited land, you have several options:
- Real Estate Agent: Hire a local real estate agent to list the property on the market.
- Sell By Owner: For those that have experience with real estate transactions. You can list the land for sale yourself.
- Sell to a Land Buying Company: Value Land Buyers specializes in purchasing land quickly and hassle-free.
| Selling with an Agent | Selling Land Yourself | SOLD to Value Land Buyers | |
|---|---|---|---|
| Commissions / Fees: | 6% on average. That is if they will take the listing | Listing fees, MLS fees, Land site fees, Marketing fees. | ZERO! |
| Average Days Until Sold: | 6 mo. +. Land can be hard to sell, sometimes land sits for years. | 6 mo. +. Land can be hard to sell, sometimes land sits for years. | We can make you an offer this week! |
| Number of Showings: | It Depends | It Depends | NONE! |
| Who Pays Closing Costs?: | 2% on average is paid by seller. | 2% on average is paid by seller. | We pay. |
| Closing Date: | 30-60 +/- days after accepting buyers offer | Variable. | Up to You! |
| Costs for Land Improvements: | Variable. | Depends on land condition | NONE! |
Will I Need To Go Through Probate Before Selling My Inherited Land?
Navigating The Probate Process
1. Get Professional Advice
The initial action to take when selling your inherited land is to seek professional guidance. It’s crucial to have a clear understanding of the property’s current status and confirm your ownership. If there are multiple heirs, many times the inherited property will need to complete the probate process in SC before it is sold. However, this is not always the case and is unique to each situation. Probate can be confusing and we suggest that you seek advice from a real estate and/or probate attorney in South Carolina to determine what needs to happen in your specific situation.
2. Start The Probate Process
Prior to selling, it is important to determine if the inherited property needs to go through the probate process. In some cities there is an option for summary probate, which is a simpler process that takes less time and involves fewer legal procedures. Your attorney can help you determine what is needed for your situation. At Value Land Buyers, we are experienced real estate investors who have worked with many families to purchase their real estate assets during the probate process. Our staff is experienced in handling the hurdles of buying probate real estate and we can often help speed up the process and guide you through it.
3. Plan For Taxes
Consult with your attorney about any potential inheritance taxes that might need to be paid. You’ll also need to make sure that the property taxes are up to date or any back due taxes will need to be paid at closing. Also, when you inherit a property, its tax basis is usually the value of the property on the date of the previous owner’s death. If you sell the property for more than its value at that time, the difference is considered a gain and may be subject to taxes.
“Our property no longer worked for us. There was damage to a pole barn from a hurricane a few years back and we already moved and had no desire to fix it or maintain the 11 acres. Andy made us an offer that worked for us. The process was easy and there were no hassles. We are very happy about the quick sale.“
-Pat Berhow 
We Buy Inherited Land In Cash!
At Value Land Buyers, we understand that selling inherited land can be a daunting task. Our mission is to make the process as smooth and stress-free as possible for you. Here’s why you should choose us:
1. Quick and Hassle-Free
When you sell your inherited land to us, you can skip the time-consuming and complicated process of listing your property on the market. We offer quick and hassle-free transactions, often closing in as little as 30 days.
2. Fair and Competitive Offers
We provide fair and competitive offers based on your property’s market value. You can trust that you’re getting the best deal for your inherited land.
3. No Repairs or Upkeep Required
You won’t have to worry about making repairs, maintaining the property, or staging it for showings. We buy land in as-is condition, saving you time and money.
4. Eliminate Unwanted Stress
Dealing with the emotional and legal aspects of inherited land can be challenging. Let us take that burden off your shoulders so you can focus on what matters most to you.
Sell Your Inherited Land In SC Fast!
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Sell Your Inherited Land In South Carolina For Cash
Selling inherited land in South Carolina doesn’t have to be a complex and overwhelming process. Value Land Buyers is here to simplify it for you. Contact us today to get a fair cash offer for your property and experience a stress-free sale. Our team is ready to assist you in turning your inherited land into a valuable asset. Don’t wait, let us help you get the most out of your inherited land today!
Frequently Asked Questions
1. How long does the process take?
The entire process, from your initial contact with us to receiving your cash payment, can be completed in as little as 30 days. We prioritize a quick and efficient sale to save you time and eliminate stress.
2. Do I need to make repairs to the property before selling?
No, you do not need to make any repairs or upgrades to the property. We buy land in as-is condition, saving you time and money.
3. What types of inherited land do you buy?
We purchase all types of inherited land, including residential, commercial, agricultural, and undeveloped land. Whether your land has development potential or not, we are interested in making you an offer.
4. Do you buy land with outstanding liens or mortgages?
Yes, we can work with you to address any outstanding liens or mortgages on the property. We may use a portion of the sale proceeds to pay off these debts during the closing process.