How To Sell Inherited Land
Selling inherited land can be a daunting task. There are emotional attachments to the property that need to be considered, and preparations must be made to make the land sale-ready. In addition to that, marketing the land to potential buyers can be expensive. Inheriting land can also come with liens and other financial issues, which can lead to disputes between heirs. With the right approach, selling inherited land can be made much easier. Here are some tips from Value Land Buyers to help guide you in selling your inherited land, without much stress.
Navigating The Probate Process
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. Probate can be confusing and we suggest that you seek advice from a real estate attorney and consult with other experts as well.
Start The Probate Process
Prior to selling, any inherited property typically needs to undergo a 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. Once your property successfully completes the probate process, you can list it for sale. Probate can sometimes be a lengthy process so it’s important to get started as soon as possible. Your attorney can help you navigate the probate requirements in your area.
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.
Selling The Inherited Property
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.
Clean And Prep The Land
In order to sell the land for the most profit, it is important to make it look it’s best! Remove an trash or debris, clearly mark the boundaries, clear out any overgrowth, and make sure the access road is in good condition. The more appealing the property, the higher the price you’ll get when selling your inherited land.
Decide How To Sell
There are multiple options for selling inherited land depending on what is most important to the heirs. Vacant land can often take much longer to sell than a house or other types of real estate. 1) You can try to sell yourself by owner using sites like Zillow or Facebook Marketplace. 2) You can hire a realtor to list the property on the MLS. 3) You can sell directly to a cash buyer like Value Land Buyers. There are pros and cons to each. See below for a comparison.
|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!|
Sell Inherited Land Fast & Without The Hassle
We buy land in cash so we don’t need to use banks or real estate agents. For many properties, we can close in as little as 7 days. Take control of your situation, put an end to the headaches of owning that unwanted property, and cash out on your land. Avoid the stress with our simple land selling process.
No Closing Costs
No Realtor Commissions
Cash Purchase – No Banks
“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.“
Sell Your Land Fast!
Fill out the form to get started with your cash offer.
Still Have Questions About
Selling Your Inherited Land Quickly?
Click the links below for more detailed information