How to Sell an Inherited House Fast and Fairly

If you’re in a similar position as the Walkers, here’s a step-by-step approach to help you sell your inherited house quickly and fairly to a cash buyer.

1. Get the Property Through Probate

Before you can sell the property, it needs to go through the probate process. This legal process verifies the deceased’s will (if there is one) and distributes assets to the beneficiaries. If you’re the executor of the estate, you’ll be responsible for managing the probate process, which may include paying off debts and handling legal documents.

To speed up the process, work closely with a probate attorney who can guide you through each step. Ensure that all required documents are in order, and communicate regularly with the court to keep things moving. Remember that you can list the property for sale during probate, but you’ll need court approval to finalize the transaction.

2. Understand the Value of the Property

Understanding the value of the inherited house is crucial for ensuring you get a fair offer. Start by getting a professional appraisal to establish the home’s market value. This helps you evaluate offers from cash buyers and protects you from being taken advantage of during an emotional time.

Consider this scenario:

When Mark inherited his aunt’s property in Oak Park, he assumed it was worth a fortune. After all, it was in a great location, and he remembered it being the envy of the neighborhood. But the professional appraisal told a different story. The house hadn’t been updated in over 20 years, and the electrical system was not up to code. The appraisal came back significantly lower than Mark expected.

With this new understanding, Mark adjusted his expectations and approached cash buyers with a clear sense of the home’s current market value. This transparency made negotiations smoother and led to a deal that felt fair for both sides.

3. Prepare the Home for Sale—But Don’t Overdo It

One of the benefits of selling to a cash buyer is that they typically purchase homes “as-is.” This means you don’t have to worry about extensive repairs, staging, or even cleaning out the property entirely.

However, small steps can go a long way:

• Remove any personal items and clutter to make the home feel less overwhelming.
• Fix minor issues, like leaky faucets or broken windows, if it’s affordable and easy to do.
• Clean the house as best as possible to make it more appealing and to increase the chances of receiving a fair offer.

Remember, the goal isn’t to remodel or renovate but to present the home in the best light given its current state.

4. Reach Out to Reputable Cash Buyers

It’s important to work with reputable cash buyers who have experience with inherited properties. Do your research, check reviews, and get multiple offers to compare. Be wary of buyers who pressure you into a quick decision without giving you time to consider.

The Right Buyer Makes a Difference

After receiving lowball offers from several cash buyers, the Lee family in Naperville felt frustrated and disheartened. Their father’s suburban home was in good condition, but the buyers seemed intent on taking advantage of their grief. Finally, they connected with a local cash buyer who took the time to explain the process and offered them a price that felt fair.

By taking their time to find the right buyer, the Lees were able to sell quickly without sacrificing value.

5. Evaluate Offers and Negotiate

Cash offers are often lower than what you’d get in a traditional sale, but that’s because they come with significant benefits: speed, convenience, and a guaranteed sale. Still, that doesn’t mean you should accept just any offer. Take your time to evaluate each offer and make sure it meets your needs.

When comparing offers, consider the following:

• Net Proceeds: Calculate what you’ll walk away with after closing costs and any liens or debts are paid. (Olson Home Buyers pays all closing costs, so that part is off your plate.)
• Closing Timeline: We can close quickly, often within two weeks. Make sure the timeline fits your needs. If you need longer, we can do that, too.
• Reputation and Trustworthiness: Choose a buyer you feel comfortable with and who communicates openly. We're here to answer any and all questions.

6. Close the Sale

Once we agree on the terms, the closing process can happen quickly. Most cash sales close within a few weeks.

Expect the closing to take place at a title company or with a real estate attorney present. You’ll receive your proceeds as securely as possible, with a bank wire transfer or a cashier’s check, and the deal will be complete.

Why Selling an Inherited House to a Cash Buyer Makes Sense

Selling to Olson Home Buyers can be an ideal solution for inherited properties, especially when speed and simplicity are your priorities. Here’s why:

• No Repairs or Renovations Needed: We purchase homes “as-is,” saving you the time, effort, and money needed to fix up the property.
• Quick Closings: In most cases, you can close within two weeks—much faster than a traditional sale.
• Avoiding Legal and Tax Headaches: A quick sale reduces the risk of additional taxes or legal complications, particularly in the case of fluctuating property values.
• Emotional Relief: Selling a house full of memories can be emotionally taxing. A fast sale allows you to move on and focus on healing.

Closing Thoughts

Selling an inherited house fast and fairly doesn’t have to be a stressful experience. With the right preparation, understanding of the market, and a reputable cash buyer like Olson Home Buyers, you can navigate this process smoothly. If you’re feeling overwhelmed or unsure of where to start, remember that you don’t have to go through it alone. Reach out to professionals who can guide you through each step, ensuring that you achieve a sale that honors your loved one’s legacy while also providing you with financial peace of mind.

Ready to sell your inherited house for cash? Contact us today to learn how we can help you close quickly and fairly, so you can move forward with confidence.