Selling an Inherited House in Columbia, SC

You inherited a house in Columbia, SC or the surrounding area recently? Now, you might be considering two options. One, you keep it in the family and take the best care of it. Or two, you can sell it and get it off your hands as quickly as possible. In the event that you decide on the latter, I can tell you that you’re going to be in for quite the ride if you go the traditional route. 

Here’s the thing, to sell an inherited house in Columbia, SC via the traditional way is no picnic. One thing that needs to be done prior to moving forward to the sale is the determination of who has the legal authority to sell the house. Even if it means selling it to a cash buyer like High Noon Home Buyers, there are requirements that need to be met to prove that you have that authority. If you don’t have the legal authority, my team and I won’t give you an offer until you do.

Can you sell an inherited property in probate in Columbia, SC? The short answer: yes. However, you need to wait until the probate court appoints you as a Personal Representative of the estate. Once you’ve been appointed to have that legal authority, you can move ahead with the sale. You may have inherited a home that requires major repairs, a massive cleanout, or both. You can spend time and money doing that or work with a Columbia, SC home buyer that allows you to skip all that so you can get the best offer and move on with life. I’m not a legal expert, but if you do have additional questions beyond what I can tell you, consider speaking with a probate lawyer.

What to Do With Inherited Property SC: First Steps

First, I highly recommend that you handle the basics. In fact, it is the first thing on your mind when dealing with inherited property in South Carolina. What you’re going to do ensures that the property is protected while also preventing mistakes that could cost you money in the process. So let’s take a look at an immediate action plan you can take as soon as today:

• Secure the property: This includes changing the locks. The reason for this is that other members of the family could still have the keys. Sure, you may have relatives that mean well. But who’s to say that they may secretly snoop around? Oh and let’s not forget about squatters as well. That’s a whole new mess you don’t want to deal with at any point when an inherited property isn’t occupied for the moment.
• Keep utilities on: If you turn off the power or water, this can lead to disaster. We’re talking mold risks, burst pipes, and damage that could bring down the home’s value considerably. I’ve seen people make this mistake dozens of times. I explain to them why they should not have done what they did.
• Locate the will and key documents: These are necessary for the probate process. However, if there is no will, the assets are distributed at the decision of the court. If I were you, double check if there’s a will before moving forward.
• Don’t start clearing things out just yet: Removing items before the estate is inventoried can cause some chaos as well as legal issues. This can be a huge problem if there are multiple heirs involved.

Protecting the estate is necessary. If a property is inherited, you’ll want to make sure you go through the necessary legal channels before selling your inherited property in Irmo and the nearby communities.

Understanding the South Carolina Probate Process

I know the probate process is intimidating. But what I tell clients is that it’s just the legal process of settling a person’s estate. So how does the process work? Let’s break it down part-by-part so you know what to expect:

• The will gets filed with the local probate court. This may be in Richland or Lexington County depending on the jurisdiction of where the inherited property is located.
• The court reviews it and opens the estate.
• A Personal Representative or Executor is officially appointed

No one has the authority to sell the house prior to the appointment. That is something heirs must understand. Oftentimes, there’s confusion and misunderstandings of how the process works. That said, the role of the personal representative includes the following:

• Sign listing agreements or purchase contracts
• Distribute proceeds to heirs
• Pay debts using estate assets

Without these specific court documents, regardless if all siblings or heirs agree, you cannot legally move forward with the sale. Especially if you plan on working with home buyers in Dentsville that offer you a fair cash deal. High Noon Home Buyers can buy your house, but we won’t get the deal done until you have the necessary documents in place and we know for sure you have the legal authority to sell.

Can You Sell House in Probate Columbia?

Yes you can. This is where things can get easier. Sure, you don’t have to wait until probate fully closes (which can be a months-long process). In fact, you can sell the property during probate once you are officially appointed. Plus, you can benefit from selling early. It helps with the following:

• Creates cash to pay debts
• Prevents the house from sitting vacant for months
• Stops ongoing costs such as insurance, taxes, and utilities

By the way, holding property adds stress to your life. Not to mention you lose money in the process. The longer you hold, the more it’ll cost you. 

Capital Gains Tax on Inherited Property SC Explained

Heirs might feel intimidated by the word “taxes”. But here’s the thing, the tax rules are a bit more favorable than they think. Let’s break down what is known as the “Step-Up in Basis”:

• Your parents purchased the house in 1990 for $50,000.
• The home is worth $300,000 when you inherit it.

What you inherit is not the purchase price, but the current market value. This is your new “cost basis”. You’re probably saying to yourself, “what does that mean”. What this means is that if you sell the house for $300,000 there’s a good chance that your taxable gain is close to zero and you can pay little to no capital gains taxes. But herein lies a caveat, if you wait for the property to appreciate over time, this can lead you to create a taxable gain.

You could turn around and sell the house for a fair cash offer. Even if it’s in one of the best neighborhoods to sell in Columbia, you can get rid of it fast instead of letting it sit on the market for weeks or months while you lose money on holding fees and such. 

The Cleanout Problem: Why Retail Buyers Will Walk Away

The house isn’t going to be ready for the market by the time they inherit the property. That’s a harsh reality that heirs face. There are a few reasons why that is. Here’s what they are:

• Old carpet, wallpaper, or damage
• Outdated kitchen and bathrooms
• Decades of furniture and personal belongings

Retail buyers in Columbia and the nearby communities are also finicky these days. Because they are looking for what they see as the “perfect home” that’s on the Columbia housing market. They want things like:

• Move-in-ready homes
• Clean, empty spaces
• Updated finishes

If your property doesn’t meet these standards, buyers will either walk away entirely or give you a lowball offer. That also puts you in a “damned if you do, damned if you don’t situation”. Specifically, you’ll pay for renovations that will cost you money or let the house sit and it…well…costs you money every month.

The Easy Exit: Sell to High Noon Homebuyers As-Is

Most heirs won’t know that there’s an easy way out. You can say forget the repairs, cleanouts, and waiting periods. Instead, you can work with High Noon Homebuyers so that you can sell your house with ease. Again, make sure you have the legal authority to do so before you get in contact with us. As for how it works, you can request a cash offer in Columbia for your inherited property, get a firm number depending on the condition of the home, and choose a closing day that works with the probate timeline. 

In addition, we can coordinate with your attorney to make sure the compliance rules are met. This way, you can let go of the house and move on with life. 

FAQ: Navigating Inherited Property in the Midlands

Can multiple heirs sell a house?

Yes. The Personal Representative handles the sale. However, the proceeds are distributed according to the will or probate court, whichever is applicable. Clear communication between heirs is also important. Another thing to remember is that all heirs need to agree to let the sale move forward.

Do I have to fix the house up before selling it?

No. If you consider the idea of selling to a cash buyer, they can purchase the home as-is. Which means you don’t need to worry about repairs at all.

Settle the Estate with a Fast Cash Offer

An inherited house or property in Columbia, SC can turn from a sentimental asset into a burden that is both financial and emotional. Because there’s legal deadlines, family dynamics, and a property that will more than likely need work. The long road doesn’t have to be taken though. Skip the repairs, forget the cleanout, and settle the estate in the simplest way possible. Contact High Noon Home Buyers today to set up a 15 minute property discovery. Plus, we’ll be happy to answer any questions you may have.