Sell inherited house fast: The quickest way to sell

Inheriting property can be both a blessing and a challenge. While many view it as a valuable asset, the process of managing and ultimately selling an inherited home can be overwhelming.

There are numerous factors to consider when selling an inherited property, such as navigating legal procedures, handling emotional ties, and, of course, dealing with the practical aspects of selling.

Many who inherit property with the intention to sell it usually wish to do so as swiftly as possible. Typically, those who inherit some property tend to sell it within the first year, often due to high maintenance costs or an immediate need for funds. There are numerous benefits to selling an inherited property, such as potentially resolving family disputes, alleviating the stress of property ownership, and financial advantages. With that in mind, let’s explore how you can sell inherited house fast, along with the details and time frames involved in the process.

How to sell inherited house fast

Whether you have an emotional connection to the property, need to navigate legal processes, or face other challenges, selling a property can be an overwhelming experience. However, with the right plan, it is possible to sell quickly while ensuring a fair deal. It is all about understanding the available options and taking the right steps.

Some common issues that inherited property owners often encounter include probate delays, unexpected maintenance problems, and, of course, disagreements among heirs. Addressing these challenges can significantly reduce the time it takes to finalise the sale, and here are the steps you should take to succeed.

Assess the Property’s Condition

Even if you are familiar with the property, you should still assess its condition. Begin with a thorough inspection to determine if major repairs are needed or if there are any maintenance issues that might impact the sale in terms of marketing.

Some of the most common problems with inherited homes include outdated fixtures, structural issues, or deferred maintenance due to the circumstances of the previous owners. Once you understand the current state of your inherited property, you can make informed decisions about selling or investing in it before selling.

While assessing the property yourself may seem convenient, you should consider hiring a professional to do it for you. If major repairs are needed, they should become your top priority. However, if the property is in decent shape, consider giving it a fresh coat of paint or minor landscaping, as this will make it more attractive to buyers.

Understand Legal and Tax Implications

Inheriting a property often involves various legal and financial responsibilities that can affect the sale process. The main challenge here is usually probate, a legal procedure that verifies the will and grants you the authority to sell the property as its new owner. The probate process can vary significantly in duration, typically taking several months to a year. Consult with a probate specialist early in the process to avoid potential roadblocks later on.

Taxes are a crucial factor, as the UK has different tax implications. You need to consider both inheritance tax, which is typically due if the estate’s value exceeds a certain threshold, and capital gains tax, which applies if the property value increases between the time you inherit it and when you sell it. It is advisable to consult with a tax advisor to help you plan your liabilities and prevent unexpected delays during the sale process.

Decide Between Selling As-Is or Renovating

As mentioned earlier, it is important to decide whether you will sell the property in its current state or invest in some renovations. Your choice depends on your goals for selling the property. If you are short on time, selling it as-is may be the better option. This is also the case if you need quick cash, as you will not have to invest in renovations.

However, if you have more time and do not mind putting some money into the property to potentially gain more from it, then renovating might be the better choice. It also depends on your target buyers; if you opt for cash buyers, they may not be concerned about the property's condition and will make an offer regardless.

Of course, renovating will increase the property’s market value and make it more appealing to potential buyers, which could result in a higher selling price. It is always best to start with some minor upgrades, such as modernising the kitchen, enhancing the visual appeal of the curb, and similar improvements that require minimal investment but yield significant visual results.

If you are uncertain about which path to take regarding renovations, you can always hire an estate agent or professionals who are familiar with local market conditions and the changes that will most impact your property’s value.

Choose the Right Selling Method

Depending on your situation, choose a different method to sell your inherited property. Each method can significantly influence how quickly the sale is finalised, and they all come with their own benefits and drawbacks. Understanding each method can help you make an informed decision that best fits your goals.

1. Traditional Estate Agents

Estate agents possess in-depth knowledge of the local property market. This enables them to accurately assess the value of your inherited home, allowing you to set a realistic asking price. They also have the resources and expertise to efficiently market the inherited property to potential buyers by listing it on online portals, conducting viewings, and negotiating offers. Estate agents can guide you through the entire selling process, from preparing your home for sale to completing the legal paperwork.

Of course, there are some downsides when choosing to sell through estate agents. The first is that each estate agent charges a commission fee based on the sale price of your property. This can take a significant chunk out of your profits, especially if it is a luxurious property. While estate agents are ideal for securing the most realistic price for your property, this means it can take weeks or even months to actually sell it, as you will have to be patient with all the viewings, offers, and negotiations.

It is also worth considering that you should not just hire any estate agent. Choose only those with a long history and positive customer feedback, as some estate agents may attempt to attract you as a client by inflating the value of your property, which could negatively impact the selling process.

2. Cash House Buyers

The biggest advantage of cash house buyers is that they can complete the purchase of the inherited property incredibly quickly. The sale is finalised within a few weeks, and sometimes even faster. If you are looking to sell as swiftly as possible, then cash house buyers are an excellent option to sell inherited house fast. They will also purchase the property in any condition, so you do not have to worry about any repairs or deferred maintenance issues, which once again saves you time and money.

When selling to cash house buyers, in many cases, they will cover all fees and costs associated with the sale. This includes legal fees, survey fees, and closing costs. This can further reduce the expenses of selling the home. Unlike with estate agents, there are no viewings or negotiations; once cash house buyers make an offer and you accept it, the sale has a high likelihood of proceeding, which can provide you with peace of mind.

The downside of cash house buyers is that they typically offer properties at below market value. This is due to the convenience and speed of the sale, and while you might receive less money for your inherited property compared to a traditional sale, you will not have to deal with it for long.

Of course, just as there are estate agents who might overvalue your home to secure you as their client, cash house buyers also have their drawbacks. It is important to research cash buyers, as there are many who may have malicious intent and engage in fraud and scamming. Ensure the cash buyers you work with have good reputations.

3. Property Buying Companies

While many believe that property buying companies and cash buyers are the same, there are some differences, even if they share many traits. Property buying companies can also provide a quick offer like cash house buyers, and they can help you sell your home incredibly quickly, sometimes even within seven days.

They also purchase the property in any condition and handle all the paperwork and fees associated with the selling process. Like cash buyers, property buying companies almost always guarantee a sale once their offer has been accepted.

The downsides are also similar, as they will typically offer below market value, usually by 15% to 20%. Again, this is not as detrimental as it seems, as you will sell the house quickly and will not have to deal with any sale-related costs, such as legal fees.

The difference between a property buying company and cash buyers is that cash buyers are usually individuals or small groups, while property companies are established businesses that have been operating together for longer.

Property buying companies have many other advantages, such as better financial resources, enabling them to take on more valuable properties with cash offers. They also have a more streamlined process with established systems that can help close the sale more quickly and make transactions smoother. Overall, property buying companies are a more advantageous option compared to cash buyers.

4. Property Auctions

Property auctions can be a bit tricky, as they are a double-edged sword. They are a great way to secure a quick sale, as they can finalise the sale within a few weeks or months. Like any auction, property auctions can attract all kinds of buyers. This means that you might encounter serious investors who see potential in the property, or individuals simply looking for a bargain.

Auction houses are very transparent about their process due to the competitive bidding, and the sale price can be both lower and higher than expected. There are also some auction house fees that you need to consider, and a significant downside of an auction house is that buyers may have limited time to conduct inspections and surveys before the auction, which may leave them feeling uncertain about bidding on the property.

5. Private Sale

Of course, you can completely avoid all sales methods and deal with the sale yourself. You can look for a potential buyer directly, which can get you a higher sale price, and you will also have more control over the selling process when it comes to marketing and the sale timeline in general. If flexibility is your biggest priority, doing the sale personally might be your best bet. Naturally, for those who do not have experience in selling properties, there are going to be a lot of challenges. This is very time-consuming and requires effort with marketing, viewings, and negotiations. There are also significant risks of the sale process being unpredictable, as there can always be delays or sales falling through at the very end.

How Long After Inheriting A House Can You Sell It?

You can sell the house as soon as you have complete legal ownership of it, which is usually after probate. There are also some factors which may impact the timing, such as:

Probate Process

• Probate is a legal process that transfers ownership of the deceased’s assets to the beneficiaries. This process can take anywhere from a few months to over a year, depending on the complexity of the estate as well as the legal challenges that come with it. Selling the property is not possible until probate is complete and you have the Grant of Probate or Letters of Administration.

Estate Administration

• After probate, there might be some debts to pay off, some taxes that you may have to settle, and distributing the assets. All of these administrative tasks can take some time, and they can delay the sale.

Your Personal Circumstances

• Something that many are not prepared for is the emotional readiness that comes with the inherited property. Dealing with a loved one’s passing and handling their estate can be emotionally difficult. You might need some time before you can make major decisions, such as selling a property. If you need to sell quickly for financial needs, then you can proceed to do so as soon as legally possible. But, if you are not in a hurry, you should perhaps wait for a better market to maximise your selling price.

Preparing the Property

• While not necessary, cleaning and repairing the property will secure you a better selling price. This might require some time and investment, but the payoff is usually worth it as it will increase the value of your property and make it more attractive to potential buyers, especially those found through traditional methods.

Fastest Way To Sell An Inherited Property

• For those whose main goal is to make a quick sale of their inherited property, there are several fast options that you may want to consider:

Property Buying Companies

• Property buying companies specialise in quick purchases, making them one of the fastest ways to sell an inherited property. These companies typically operate with their own funds or a network of cash buyers, allowing them to finalise sales in as little as 2 to 4 weeks. Unlike traditional methods, they buy properties in as-is condition, meaning you don’t need to invest time or money in repairs or renovations.

Auctions

• Selling your inherited property through an auction is another fast and efficient option. Auctions attract motivated buyers, including investors and developers, who are often prepared to pay immediately upon winning the bid. The competitive nature of auctions can sometimes drive up the sale price, although there’s no guarantee it will reach market value. Selling through the auction house can sometimes be completed as quickly as 28 days.

Estate Agents That Focus On Speed

• While traditional estate agents can take months to sell a property, some agencies specialise in quick sales. These agents often have a network of buyers looking for fast transactions and employ marketing strategies designed to attract serious offers quickly. Even if selling through an agent who focuses on speed will be much faster than traditional estate agents, you can still expect the process to be completed slower than the previous two options, which can take 6 to 12 weeks.

How Long Does It Take To Sell A House Through Probate?

Selling a house through probate can be a very lengthy and complex experience. This is because of all the legal and administrative steps that are involved. The timeline depends on various factors, such as the complexity of the estate, the efficiency of the administrator or executor, and legal requirements in your jurisdiction. On average, the process takes six to twelve months. Here is a quick overview of the probate process:

1. Application for Probate – The executor applies to the court for a grant of probate. This step takes several weeks or months, depending on the backlog in the legal system.

2. Identifying and Valuing Assets – All assets, including the inherited property, must be identified and valued. This step is important as it serves for tax purposes and can delay the process if valuations are contested.

3. Paying Debts and Taxes – Any debts owed by the deceased and applicable taxes must be settled before the estate can be distributed or the property sold.

4. Getting Full Authority of the Property – After obtaining probate, the executor has the authority to sell the property. Only after receiving a grant can the sale process begin.

The Quickest Time You Can Sell A House?

If your priority is speed, depending on your circumstances and the property’s condition, there are several ways that you can sell a house quickly. Traditional methods will usually take you months, while some alternatives can be as fast as seven days. Here is a table with the quickest options:

Can A Cash House Buyer Buy My Inherited Property

Yes, a cash house buyer can purchase your inherited property as soon as you have full authority to sell it. This is one of the fastest and most straightforward selling options, which is why many who want to sell quickly opt for this option.

How Cash Buyers Work

Cash buyers are individuals or small groups with the financial resources to buy properties outright without needing mortgage approvals or lengthy negotiations. They can be an ideal solution for inherited homes, where speed and simplicity are often top priorities. Here is a quick overview of the process:

1. Initial contact and valuation – After you contact a cash buyer, they will arrange for an initial property valuation. This step is usually free and without any obligations to proceed, and it can be done online or in person.

2. Offer stage – Based on the valuation, you will be given an offer that you usually have to accept within 24 to 48 hours.

3. Agreement and contracts – After accepting the offer, the buyer will handle most of the legal and administrative work.

4. Completion – The sale can be finalised in as little as 7 days, with the funds transferred directly to your account upon completion.

Benefits Of Cash Buyers For Inherited Homes

Cash buyers provide a fast and convenient solution to those who want to sell their inherited property as soon as possible. Here are some key benefits of cash buyers:

• Speed of sale

• No repairs or renovations required

• Stress-free process

• Avoiding property chains

• Flexibility with completion timelines

• Lower selling costs

• Certainty of sale

Should I Use A Property Buying Company To Sell My Property

Using a property buying company to sell your inherited property is the best option if you are looking for a fast sale. While selling the property to a property buying company is very similar to the process of selling to cash buyers, it is just a better version of it.

Property buying companies are transparent, and they come with a high level of professionalism, especially if they have been in the business for years, like The Property Buying Company. Unlike cash buyers, property buying companies have a streamlined process for finalising the sale, which will make it go much smoother and faster.

Something that is often an issue when it comes to dealing with inherited properties is that there are multiple heirs, some legal issues, or unique features that need to be dealt with. Property buying companies have resources and networks that can resolve these issues quickly and easily, while some cash buyers might be deterred by these challenges or simply lack the expertise to navigate them efficiently.

Most importantly, when you are dealing with a property buying company, there are no hidden costs or fees. They will handle all the fees, so you will not have costs that eat into your final payout. Cash buyers might offer slightly faster transactions at times, but the structure and reliability of property buying companies just make them a better option for most sellers, especially those who want to keep their peace of mind and have professional support throughout the process.

Selling an inherited property can be an emotional and logistical challenge. However, this can be a quick and stress-free process with the right approach. It is important to understand the probate timeline and to explore fast-sale options such as cash buyers, property buying companies, and auctions. Look at all the potential strategies and pick one that fits your solution the best, as they all come with ups and downs. Evaluate your priorities, prepare the property, navigate legal requirements, and choose the right selling method.

If you are ready to sell your inherited property fast, The Property Buying Company is here to help. We offer a quick and hassle-free process where we can provide you with a no-obligation cash offer. During the sale process, we will handle all the legal paperwork and complete the sale within the timeline that works for you, which can be as little as seven days. We buy properties regardless of their condition, so you do not have to stress about potential repairs or maintenance issues. Contact us today to get started and see how we can help you move forward with confidence and ease to sell inherited house fast.