The process of inheriting property can be overwhelming. Faced with the loss of a family member, you are also forced to decide what’s next for an estate. If you’re interested in selling inherited property in the Knoxville area, let our expert home buyers help.
Reliant Home Buyers of TN specializes in buying inherited property. We buy houses for cash in any condition or price range in Knoxville and surrounding areas, including Knox, Blount, Anderson, Loudon, Roane, Sevier, Roane, McMinn, Monroe, Hamblen, and Cumberland counties.
Learn more about our home-buying process and how we help you with the process of selling your inherited property.
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What is Inherited Property?
Inherited property consists of all parts of a person’s estate, including titles, investments, and real estate. When a person dies, their testament (a legal document that expresses how a person’s property should be distributed after their death) will indicate who is now responsible for their estate.
There are so many questions that come with inheriting estate property, including:
- Do I have to open a probate to sell the house?
- Can I sell a house if the deceased doesn’t have a will?
- How long does it take to close a sale within Tennessee inheritance guidelines?
- Who has to sign the deed?
- Do I have to repay anything to creditors or to TennCare?
We can help answer all of these looming questions and more. In many situations, probate or contacting an estate attorney may also be required. However, this isn't always the case. Depending on when the deceased passed and the status of their will, you may be able to sell your inherited property without the need for probate or hiring an attorney.
What is Probate?
Probate is the legal act of validating the testament, also called a will, of a deceased person.
The will is filed with the county probate office and a Notice to Creditors is published in a local newspaper. Creditors will have 120 days from the first date of publication to submit a claim on the estate. Once the 120-day period has expired, the claims can be paid, proceeds distributed, and the probate file closed. Probate is NOT necessarily required to sell inherited real estate depending on if the decedent had a will and when they passed. If you contact us regarding the sale of your inherited property in Tennessee, we can provide you with some advice on if probate is necessary for your individual situation.
What Happens When You Inherit a Property in Tennessee?
When you inherit a property, you typically have three options. You can choose to either move into the estate, rent it, or sell. Your decision may be swayed by a few factors, including:
- Tax implications - Inheriting an estate won’t prompt any immediate tax liability. However, you may incur property taxes, capital gains taxes, or other expenses (repairs, maintenance, etc.) depending on your decision to move, rent, or sell. If you choose to sell the property, it counts as a taxable gain, however, the basis for property is calculated at the time of inheritance so the tax implications can be minimized.
- Property mortgage - If there’s a mortgage on the house you’ve inherited, and you’ve chosen to move in or rent, you’ll be responsible for making the payments or paying it off. In some cases, the mortgage is paid off by the estate.
- Repairs - The physical condition of the inherited property should also be a determining factor in moving, renting, or selling. If the property requires little repair, moving and renting are potential options. However, if there’s a considerable amount of damage or updates needed, selling to a real estate investor is the better financial option so you can avoid costly repairs. If you schedule a site visit, we can usually give you a ballpark estimate of what any necessary updates and repairs could cost.
- Multiple stakeholders - It’s common for more than one person to inherit property collectively. If there are multiple stakeholders, they will need to decide to move, rent, or sell together. In many situations, we can serve as the intermediaries between heirs that may not be on the best of terms.
Selling Inherited Property in Knoxville
If you want to sell property fast or you’ve inherited a house that needs repairs, consider selling to a real estate investor. Selling, as-is, with a reliable home buyer, means there’s no prepping, upgrading, or repairing involved.
Reliant Home Buyers of TN will take the time to get to know your specific situation, so we can come up with the best solution for you. Most importantly, we will always complete the process with empathy. We know it's not always easy selling property you inherited from a loved one, so we're here to make the process as quick and stress-free as possible.
- We’ll view the property - After you call us or submit our contact form, we’ll schedule a time to come to take a look at your property. During this 15-30 minute process, we’ll evaluate the potential of the house. In most cases, we’ll be able to provide an idea of what updates and repairs would cost if you chose to keep the house and fix it up for a retail buyer.
- Receive a Win-WIN proposal - After evaluating the inherited property, we’ll create your simple, one page, WIN-WIN proposal, which includes an all-cash selling price and a closing date. If you’re uninterested in our offer or you’ve changed your mind, there is absolutely no obligation to sign.
- Sell your inherited property for cash - Once the one-page contract is signed we’ll take it to a reputable local title company to process and close. They have attorneys on staff who can make sure you have all of the required documents and, in most cases, you won’t need to hire a separate estate attorney. Once all of the legal boxes have been checked, you’ll receive a check for the property.
We Buy Inherited Property in Knoxville, TN
Selling an inherited estate can be stressful. While we are not attorneys, we do know enough about the process to assist you with your potential next steps.
“My mother passed away and I was ready to sell her home as soon as I could without doing anything to it. Justin helped me sell the home quickly so that I could receive the proceeds as soon as probate closed.”
Angela – Knoxville, TN
“My mother would never throw anything away. When she passed, her house was just filled with so many things I had no use for. You couldn’t even walk through the living room. I took the keepsakes and memories but was able to leave the rest of it when I sold her condo to Justin. He took care of it.”
Leslie – Atlanta, GA
“My parent’s place had not been updated since they moved in over fifty years ago. It had the old pine cabinets in the kitchen and pink tile in the bathrooms. Justin was able buy it as is and helped me sell it without opening probate.”
Jeff - Lenoir City
You've got nothing to lose, there is no obligation.
Start now by contacting us today for your customized WIN-WIN proposal!