Complete Guide to Selling Inherited Property In Colorado: SELL MY INHERITED HOUSE FAST
How To Sell Your Inherited Property in Colorado [2023 Update]
Selling Inherited Property in Colorado: Your Source To Sell Your Inheritance.
- Selling inherited property isn’t that hard (you just need the right buyer).
- Cash Home Buyers will buy your inherited house AS-IS.
- You can sell your share of your inheritance.
- In Colorado, you can sell inherited property and NOT PAY TAXES.
You have many great options in Colorado to sell inherited property. I’ll tell you about all of them.
Can I sell inherited property without probate?
Sell Your Inherited House Colorado – NO STRESS
CAPITAL GAINS TAX: How much will I have to pay?
How To Sell My Inherited House Colorado [2023]
How to sell my inheritance in Colorado: This is an in depth guide to selling an inheritance house in Colorado. I have worked with many beneficiaries, probate and real estate attorneys. I have been involved in many transactions involving inherited houses.
I sincerely hope my advice (and mistakes) can help you sell your inherited house fast, for a fair price, and hassle free.
BUT FIRST…
- How much is your inherited house worth right now?
- How much cash would you get if you sold to a cash buyer in CO?
- Would you consider a NO-OBLIGATION cash offer to sell your inherited house as-is?
We Buy Inherited Property In Colorado For Cash!
SELL MY INHERITED HOUSE COLORADO: Sell your inherited house fast, hassle free, and for cash to Denver’s specialist INHERITED HOUSE BUYER.
NO REPAIRS
NO REPAIRS
NO REPAIRS
I can work out the cash value of your inheritance because I specialize in buying inherited houses in Colorado. I can do this today – FOR FREE
Please call us on (720) 738-6020 to discuss your situation. Or you may like to fill out the form below to get a cash offer to sell your inherited house in Colorado.
Cash offer to sell my inherited house in Denver, CO
Selling your inherited house can be as easy. Get started by filling out the form below. NO-OBLIGATION. Let’s get that inherited house SOLD.
Get a fair cash offer today!
Your Guide to Selling Inherited Property in Denver, CO
How to sell an inherited property in Denver, CO. Oh boy. This is a huge topic. But I will break it down into easy-to-understand topics.
Plus I will give you a checklist for selling inherited property. The checklist will make sure you don’t miss anything.
Let’s begin with a few high level frequently asked questions about selling inherited houses.
If you inherited a house recently and want to avoid paying taxes this is what you need to do.
Sell your inherited house as-is. The easiest way to do this is find a company that specializes in buying inherited houses.
If you inherited a house in Colorado we are your solution. We buy inherited property fast and we pay cash.
THE BENEFITS FOR YOU ARE:
- No repairs.
- No hassles.
- AND NO INHERITANCE TAX.
You can sell your inherited house fast by selling to a reputable home buyer like We Buy Houses In Denver.
WeBuyHousesInDenver.org specializes in buying inherited property fast. We can close in less than a week! Is that fast enough?
Selling your inherited house fast in Colorado starts with a cash offer. Follow this link to get a no obligation cash offer to sell your inherited house today.
Selling your inherited house to a cash home buyer is not for everyone. Maybe you would like to fix it up and sell for top dollar.
Either way, selling as-is for cash, or fixing it up, give us a call. Our friendly team would love to discuss all your options.
With over 20 years in the Denver housing market we have some great knowledge we would love to share.
NO LETS GEET THAT INHERITED HOUSE SOLD!
No. When you inherit a house the first thing that has to happen is it goes into probate in Colorado.
Probate is a process to make sure the correct person inherits the property.
Now, once probate has begun the inherited property can be sold. The cash from the sale will be put into the estate account. At this point the cash can be used to pay for bills and other expences.
The cash can even be paid out to beneficiaries to spend however they want. For this to happen all parties involved have to agree.
Follow this link for more information on selling a house in probate.
Here are simple steps to sell your house while in Colorado probate.
Topics I Cover About Inherited Houses
Some topics about selling inherited property are more pressing than others. They are more pressing because more benefactors ** ask me about them (** a benefactor is someone who got inherited property) I’m more regularly asked about:
- Inherited property with family and multiple owners
- Capital gains on an inherited property
- How to sell an inherited property.
- Can I sell my house while in probate?
Because of this, I will dive more into all these areas. However, before we talk about how to sell, let’s make sure you are ok.
Selling Your Loved Ones House
Selling any house can be tough let alone that of a loved one. hOver the years, many people have called me saying “I want to sell my inherited house.” This is a simple statement, but it is filled with highly charged emotions and may cause significant stress.
SELLING INHERITED PROPERTY IS A FABULOUS OPPORTUNITY TOO
On the other hand selling, an inherited property is a FABULOUS opportunity. You can make selling your inherited house an exciting memorable process. PLUS you can use the money to make new memories, right?
While it is 100% ok to be upset, try to also realize the moment that your loved one has bestowed on you.
Inherited property is life changing: You need the facts from legit experts.
Inheriting property from someone who passed away is a life-changing event. Without little warning you are charged with selling inherited property. It is a process that may seem overwhelming.
Because of this, I have gathered ONLY THE FACTS on selling an inherited property. To make sure you get high-quality and up-to-date information I have personally:
- Researched 132 hours online.
- Talked to and interviewed many real estate experts and attorneys.
- PLUS I have had many homeowners sell inherited property to me (I have been doing this a long time).
These experiences and research are all presented here today. They are for you to learn, understand, and be comfortable selling property you inherited.
Sound good?
We Buy Inherited Houses in Denver, CO
Sell AS-IS, No Repairs, No cost to you,
Take what you want, leave the rest.
Skip the stress and make selling inherited property easy. Request a same day 100% FREE cash home offer now
Or CALL us now on (720) 738-6020
Table of Contents
Guide to Selling Inherited Property
This guide on selling inherited property is a MONSTER RESOURCE. Therefore take your time to find what you need.
- Inherited Property Multiple Owners
- Can the majority rule in selling an inherited property?
- Selling share of inherited property
- Selling share of inherited property to siblings
- Capital Gains Tax On Inherited Property
- Selling inherited property taxes
- Rates of taxes on selling inherited property
- Can I avoid capital gains tax selling inherited property
- Selling Inherited Property
- How to sell inherited house?
- When can I sell inherited property?
- Easiest way to sell inherited property
- Who can I sell inherited property too?
Sell Inherited Property: Guide to emotions and feeling overwhelmed
It is normal to feel emotional or overwhelmed when selling inherited property. IT’S OK!
I’m not going to lie to you though. To sell inherited property is a monumental task. You will be hit with a wall of things to do. BUT you’ve got this!
Selling inherited property is a fabulous opportunity
I implore you to focus on your inheritance as a gift and fabulous opportunity. Try not to get bogged down. Take it one step at a time. I know you can sell your inherited house successfully.
Case Study: Inherited Mom's House and How I Sold It
Don’t you think it might be nice to hear how others can be overwhelmed and emotional too? Let’s take a moment to hear how others sell inherited property.
Lisa’s mom passed away leaving her the family home. After initially being swamped she was able to sell the inherited property easily and for a great price!
“I would highly recommend the team at WeBuyHousesInDenver.org.” Lisa K, Denver, CO
“Inherited my mom’s house in Denver, CO. I could sell as-is, selling was fast and very easy in the end.”
Selling Inherited Property to Family
If you inherited a house you can sell it to anyone you want to. This includes anyone in your family.
PLUS you can sell it to them for any price you want to. But do you really want to sell the house you inherited for a dollar?
Besides if you sell your house for a big discount the IRS will consider the discount as a gift. This could result in you owing a federal gift tax.
If you inherited part of a house you can sell that as well. Let’s discuss that now.
Selling Share of Inherited Property to Sibling
It is not uncommon for more than one member of the family to inherit the same house. This may leave you wondering what to do with part of a house. For example a mother died and left half of the house to her 2 sons. They each get 50%.
One thing you can do in this situation is sell your share of the inherited property to other beneficiary (A beneficiary is someone who inherited some part of a house).
Selling Share of Inherited Property
If you want to sell your share of the house you inherited you can. As with any asset you need to know what percentage of the house you own.
You can sell your share of the inherited house you own even if the other owners disagree. You can sell your share to the other owners. Or you can sell your share to complete strangers.
More often than not a complete stranger will not want to buy part of an inherited house. They would most likely want it all or nothing.
Selling Inherited Property with Multiple Owners in Denver, CO
Anytime there is more than one person involved decisions become more difficult. In-fact in my experience the more people involved the harder it gets. Selling inherited property with multiple owners is no exception.
Inheriting a house is a wonderful opportunity. But it isn’t always smooth sailing. Multiple owners can be a blessing and a curse. Multiple owners can be a blessing because:
- They can share paying the bills.
- Share fixing the house up.
- Combine knowledge and better ideas to come up with sound decisions.
- People can argue about who should pay for what.
- Someone may want to live it.
- Some beneficiaries may want to sell and cash out.
WHAT TO DO WITH INHERITED PROPERTY
That’s the beauty of inherited property. There are so many things to do with inherited houses. Options can include:
- Renovate it and sell it on the MLS.
- Make it a family vacation spot.
- Transform it into a rental house and investment.
However, for today let’s stick with selling an inherited property. AND right now selling an inherited house with multiple owners.
How to sell inherited house with multiple owners
This can be very simple or it can become a nightmare.
The easy way to sell with multiple owners.
If you want to sell inherited property with multiple owners, the easy way to get it sold is when everyone agrees to sell it. If you all agree to sell it then there is no problem, right?
If you don’t all agree? This is when selling with multiple owners becomes a nightmare!
If you want to sell but the other owners don’t then you have a problem. Common sense would dictate that there would be a majority rule when selling an inherited property. But this is just not the case!
Can majority rule in selling an inherited property in Denver?
The majority doesn’t rule when selling and inheriting property. Unless of course, there was a contract that stated that. But as you and your family just inherited the house this is highly unlikely.
Therefore if 2 out of 3 siblings want to sell you think it would be a no brainer, right?
But like I said, legally there is no “majority rules” when selling inherited houses. Instead, the decision will be made by the courts.
The court will look at the circumstances and then decide if one person can legally force the sale of the inherited property. Because of this, if you find yourself in a conflict with your family about selling a home you inherited, I highly recommend you talk to an attorney.
Like I said, selling inherited property with multiple owners can be a nightmare.
Selling Inherited Property Taxes: Capital Gains
If you inherited a house you can sell it and end up with a bunch of cash. And that is an amazing opportunity! If this is you I am terribly excited for you.
However, selling inherited property will potentially mean you have to pay taxes. In the case of selling a house that you inherited the taxes are called capital gains tax.
PLEASE NOTE: You don’t pay taxes when you inherit a house. You only pay taxes when you sell it.
If you inherited a house and you need to sell it quickly we can help you. As a local cash home buyer we can close in less than a week!
If I sell inherited property is it taxable?
Yes, if you sell inherited property it is taxable income. However just because you sell your inherited property doesn’t mean you will pay taxes and here is why.
The day you inherit the house the IRS considers that day zero. One day zero, they will determine the current value of the house. Now, going forward if the house goes up in price you have made a gain. This gain is called a capital gain. If you sell the house after it has made capital gains you will have to pay capital gains taxes.
So how can you avoid paying capital gains tax on inherited property?
This is how…
How to avoid paying capital gains tax on inherited property
The way to avoid paying capital gains tax on inherited property is to sell it when you inherit it. That is of course if you don’t want the house as a rental or to live in.
Remember capital gains are made as the house increases in value. If you sell it before it increases in value then you have no taxes to pay.
Capital gains tax on inherited property
Of course, as we all know, the tax code is a complicated beast. Couple regular taxes with Capital gains tax on inherited property and your head can spin.
Because capital gains on inherited property is such a large topic I invite you to check out the article entitled:
Capital Gains on Inherited Property: Everything you Need to Know!
Selling Inherited Property: Making the Sale
Selling inherited property, when you break it down to the nuts and bolts, is no different than selling any other house.
“Now wait a minute!” you might say. We were just talking about all sorts of nightmare situations that can occur. I agree that there can be some trickiness to navigate but once everyone is on the same page the process is the same.
Process of selling inherited house
The process will vary depending on the method you choose when of selling inherited property. Typically people will either:
- Fix it up then sell.
- Sell inherited house as-is.
Selling Inherited Property in Denver Without Fixing Anything
There are many benefits to sell inherited property without making repairs. The main benefits are:
- You save a ton of cash.
- You don’t have to deal with contractors.
- There are no delays because of the supply chain either.
- Sell your inherited property faster.
PLUS many people have found that selling as-is actually means they walk away with more cash in their pockets because of the price of lumbar, building materials and contractors!
For in-depth information and expert advice check out our complete guide on how to sell a house as-is.
Who buys inherited houses as-is?
The most common person to buy your inherited house as-is is a real estate investor. A real estate investor can also be known as a:
- Fix and flipper.
- Cash home buyer.
- We buy houses person.
WeBuyHousesInDenver.org AKA We Buy Houses in Denver is a company that specializes in buying inherited properties for cash. Not only do we pay cash but we can close fast.
Sell My Inherited House Fast
The fastest way to sell your inherited house in Denver is to contact us. We Buy Houses in Denver specializes in buying inherited properties fast. We buy inherited homes faster because:
- We pay cash for houses.
- You don’t have to fix anything.
- We eliminate all middle people.
- You choose the closing date.
Because of these reasons you can sell your inherited house fast in Denver, CO!
Documents Required for Selling Inherited Property
The documents required for selling inherited property are:
- Executors deed (if the house was left to you in a will).
- Administrators deed (of the probate court grants you the house).
In either case, the deed must include you as the new owner of the house, the legal description, and anything else that is required on a deed.
Probate : A Succinct Guide
A legal process controls a house when it is inherited. This legal process is called probate. Probate occurs even if there is a will that was created by the deceased. However, a will often means you can inherit and then sell the house more quickly.
Who, where, what, when why and how
For greater detail and more practical information I invite you to check out:
Can you sell a house in probate?
AND
Colorado Probate: 6 Simple Steps to Sell House Successfully!
In the future we will also provide you access to:
Probate in Colorado: Selling a House in Probate [Expert Advice]
Topics include:
- What happens when you inherit parents house in Colorado?
- What does probate mean?
- Colorado Probate Process and Timeline
- Can I move into a house while its in probate
- Can I sell a house in probate?
- What to Do with house after probate (leading to article on What to do with inherited house.
Who controls probate?
The state the house is located in has a set of rules that governs the probate process. Most states have the local court take care of the proceedings.
It is up to the court to decide that everything is done according to the will of the deceased and according to the law.
Where does probate take place?
Probate takes place in the city or county where the property was located in. For example, if you inherit a house in Denver then the probate will go through the Denver Courts.
Alternatively, if the house is in Edgewater, Lakewood, or Arvada your inherited property will go through the respective court system.
What happens during probate?
This is what happens during probate:
- After a person dies the local court will create an estate.
- Anything of value will now belong to the estate.
- Commonly the estate will be called the same as the deceased person.
- The courts will ask for and review a will if one exists.
- Anything of value that is named in the will, will be passed from the estate to the new owner (beneficiary) by the court.
- If there is anything of value not named then it is up to the court to decide who gets it. Of course, various interested parties may present their arguments.
The probate process is a relatively simple process. Most often that hard part is finding out what the deceased person had that is worth anything. It is not uncommon for valuable items to be hidden away. For example:
- Life insurance policies.
- Out-of-state investments.
- Gold or precious stones.
- Family heirlooms.
During probate, there are many forms involved. For this reason, many people choose to involve a probate attorney.
When can I sell the house in probate?
There is a lot of misinformation about when a house can be sold when it is in probate. Most articles state that a house cannot be sold when it is in probate. But that is incorrect!
A house can be sold during probate.
A house can be sold during probate. The money obtained from the sale will be put into the estate. This would be a bank account that you or your attorney set up in the estate’s name.
If the courts say it is ok the money can even be handed out to the beneficiaries. Typically it is a good idea, and prudent, to leave some money in the estate account. The money you leave in the account can be used to pay any future debts that may pop up.
Why does the house go through probate if there is a will?
The house goes through probate to make sure there is no skullduggery. For example what if a member of the family found the will and changed it?
Probate is a legal process that also gives interested parties, maybe a brother, sister, son, or daughter the opportunity to contest the will.
If a family member feels the will is not fair they can appeal to the courts for it to be thrown out. At this point, the court would decide 100% on who gets what.
How can I sell the house during probate?
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Checklist for Selling an Inherited House
As I have pointed out there are many steps to selling inherited property. Because of this I have created a checklist for selling inherited property.
Do not be overwhelmed. You can do this! Just take each step as it comes. You can download the checklist here. The checklist for selling a inherited includes:
- Locate the deceased persons last will and testament
- Determine who is the executor.
- Determine who is a beneficiary.
- Communicate with family that are not legally entitled to the estate.
- Come up with a plan for the inheritance:
- Sell as-is.
- Fix it up then sell it.
- Renovate and then rent it out.
- When selling decide how to sell:
- Sell with an agent
- Sell on your own (FSBO)
- Sell house for cash
- Determine how quickly you want to sell.
- Probate: Process yourself or pay an attorney.
- Does the inheritance have outstanding liens or owed debts?
- Mortgage balance
- Property Taxes
- City Fines or any other liens
- Capital Gains Tax: Will you have to pay and how much?
- Find a home buyer that specializes buying inherited houses and can do all this for you (Guess what… we buy inherited houses and would ABSOLUTELY love the opportunity to give you a fast cash offer – just let me know…)
We Buy Inherited Houses: Trust Me, I'm an Expert!
SUMMARY: My name is Barry. As a real estate expert that specializes in inherited houses I will share my knowledge and reveal any industry secrets with you today.
Trust me when I say I have a lot of experience with inherited houses. As a company, we buy inherited houses. In fact, I have bought many inherited homes, in Denver, over the years. I have learned many things about inherited houses like:
- How probate works
- Whether you can sell a house while in probate (you can)
- Selling inherited property jointly owned by siblings or with other family members
- e.g. Can majority rule in selling an inherited property? (FIND OUT SOON)
- Capital gains taxes, selling inherited property taxes
- and any other cost or taxes on selling your inherited house.
The first thing to selling inherited property is to break it down into bite-size pieces.
Let’s do that shall we?
