Home sellers in Greenville, SC spent an average of 11 to 15 months selling their inherited property.
Analyzing the current South Carolina real estate market, the average time to sell a house in South Carolina is 76 days. Factors like house location, home size, condition, etc. can increase your home’s days on the market.
For an inherited house, the probate process is necessary to legally transfer the property. It typically takes up to 11 months but can be delayed by multiple heirs and disagreements.
To Sell My Inherited House
- How Long Does It Take to Sell? It takes an average time of 11 to 15 months to sell an inherited property, depending on the probate process.
- Taxes to Sell an Inherited Property: You need to pay transfer tax, property tax, and capital gains tax to sell an inherited property.
- Fastest Way to Sell: Selling to a cash buyer is the fastest way to sell your inherited property as is.
Can I Sell an Inherited House in Greenville, SC?
Yes, you can sell your inherited house in Greenville, SC. Your property must undergo a probate process before you sell it.
What Is a Probate Process?
A probate is a legal validation of a deceased person’s will. Probate helps to distribute the property amongst its heirs and beneficiaries.
You need to submit the owner’s death certificate and proof of ownership during the probate process. After the completion of probate, you have to pay for several expenses such as outstanding mortgages, taxes on the property, and other bills.
An ‘Alienation Clause’ triggers when the ownership of a mortgaged property is transferred to an inheritor. So the inheritor has to pay off the full mortgage.
Almost every inherited property in Greenville, SC must undergo a probate process. This can take up to 15 months. This period varies state-wise and depends on the number of inheritors and state laws.
Properties Exempted from Undergoing Probate Process
Your property will exempt a probate under the following conditions:
- Joint Ownership of Property in South Carolina: A property in joint ownership comes with a “right of survivorship” clause. If the other owner dies, you inherit the property and your name is mentioned on the title of the property.
- Receive a House in Trust in South Carolina: As a legal heir, you can inherit a house directly without probate if the owner has placed the home in trust.
How to Sell an Inherited House in Greenville, SC?
Selling an inherited house is similar to selling any other property. The best option to sell your house for the most profit is either sell it through a real estate agent or sell it yourself.
1. Hire a Local Real Estate Agent
Real estate agents are well-versed in the market conditions. They market your property to buyers via MLS or other real estate networks to get you the most possible money for your property.
Moreover, agents can also advise you after you start receiving offers. But, agents do charge hefty commissions from 5% to 6%.
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2. Sell For Sale By Owner (FSBO)
You can save on hefty commissions by listing your house for sale by owner. But when selling FSBO, you must handle the paperwork and closing yourself.
You have full control over your transaction to engage with the buyer and buyer’s agent. Moreover, SC For Sale By Owner sites help you get listed faster, typically within 24 to 48 hours.
Flat Fee MLS companies like Houzeo offer advanced technology to streamline your listing process. Houzeo’s mobile app helps you manage offers and showings at your fingertips.
Alternate Ways to Sell Your Inherited House in Greenville, SC
You have other alternatives to sell your inherited home:
- List with a Discount Real Estate Broker: South Carolina Discount real estate brokers offer all the services that traditional Realtors do but at discounted rates. You can also opt for a flat rate Realtor to list your home.
- Sell Your Home to an iBuyer: An iBuyer can instantly make a cash offer and help you sell your house quickly. They make offers close to fair market value. However, iBuyers have strict purchase criteria.
- Sell Your House to Cash Buyers: South Carolina cash companies can help you sell faster if you have a distressed property. However, cash home buyers typically offer 50% to 70% of the property’s fair market value.
- Sell Your House to a Flipper: You can sell your inherited property to professional house flippers in South Carolina. They offer up to 70% of the fair market value.
Taxes on Selling an Inherited Property in Greenville, SC
Yes! The Palmetto State does not impose an inheritance tax or estate tax. However, you have to pay taxes while selling an inherited property in South Carolina.
- Transfer Tax: Transfer tax is a one-time fee that the inheritor pays to the local government at the time of transferring the ownership. South Carolina imposes $1.85 per $500 of the property’s sale price.
- Property Tax: The average property tax in Greenville, SC is 0.70% of the total sale price of the property.
- Capital Gains Tax: The IRS (Internal Revenue Service) authority levies the capital gains tax on a stepped-up basis. So, this tax would only apply to the property’s appreciation after it was inherited.
» Capital Gains Exemptions: Know how you can exempt capital gains tax.
Selling a House in Greenville, SC with Multiple Inheritors
Multiple inheritors can be close family members like siblings, cousins, or anyone the deceased person chooses. So, selling a house in South Carolina with multiple inheritors is a real curve ball.
In such cases, the first step is to agree on selling or buying the property with the other inheritors. So, you can appoint a neutral party (non-beneficiary) as the head person for the sale.
The neutral party will ensure a transparent home sale process. They will ensure a fair distribution of proceeds amongst the inheritors.
What if All Inheritors Don’t Agree to Sell?
If all inheritors do not agree then the property cannot be sold. Chill! If the majority of the inheritors are willing to sell the property they need to go through a probate court.
The inheritors can file a ‘partition action’ lawsuit in the probate court. In such cases, the court enforces the sale. As a result, the inheritors have to divide the proceeds among themselves as per the will.
Let’s Sell Your Inherited House
Selling your inherited house in Greenville, SC is a complex and time-consuming process. Your inherited home might remain in probate for up to 11 months. You also have to pay several taxes while selling your inherited home.
To get the best price for your property, we recommend you list your home on South Carolina MLS. This provides exposure to your property to buyers and real estate agents.
With an SC Flat Fee MLS company like Houzeo, you can list your property on the MLS right after the probate. An MLS listing via Houzeo will give your house maximum exposure, and you may even attract cash offers.
» Selling an Inherited Property with a Mortgage: Learn what to consider and what not when selling an inherited property with a mortgage.
Maximize your inherited property’s value with insider knowledge! Subscribe now for tips on minimizing taxes, expediting probate, and listing on SC MLS.
Eager to Know More About Houzeo?
We’ve got you covered. Check out the following video to understand why Houzeo is one of the best for sale by owner websites in the U.S.
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(8,000+ reviews)Houzeo is real estate company headquartered in New York.
Houzeo offers 4 Flat Fee MLS packages.
- Bronze Package – $399: This package offers Houzeo listing only for 6 months with 24 photos.
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👉 Our Take: We recommend the GOLD plan. You’ll have access to Houzeo tech, making managing showings and offer negotiations easy! Confirm all prices on your particular state’s pricing page before you list.
» Houzeo Reviews: Houzeo is 100% online. You can finish listing formalities in less than 60 mins.
Houzeo is America’s #1 Flat Fee MLS service because of 4 reasons:
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- 100% Online: Houzeo is high-tech platform with its easy listing, fast changes, online showings, and online offers. Houzeo mobile app is also very powerful.
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There are no dealbreakers with Houzeo.
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» NEED MORE CLARITY? Watch exclusive Houzeo reviews and learn why it is one of the best FSBO sites in America.
Frequently Asked Questions
Can you sell inherited property in Greenville?
Yes, you can sell the inherited property in Greenville. Houzeo can help you to list your inherited house and make the selling process easy & quick.
How can i sell an Inherited Property in Greenville?
You can sell your Greenville inherited property in various ways like selling through iBuyer, selling the house by the owner, or through a Flat Fee MLS company. Houzeo is one of the best Flat Fee MLS companies that would give you a hassle-free experience.
Is there a time limit on selling inherited property?
No, there is no time limit to sell an inherited property. Once the probate process is completed and the legal inheritor is declared, then the inherited property can be sold anytime.
Can you sell a house while in probate in Greenville, SC?
Yes, only if there is a power of sale clause along with the will. Then you can sell the property without attaining an order from the probate court.
How to pay-off the mortgage on inherited property in Greenville, SC?
You can pay the mortgage on an inherited asset in multiple ways:
1. You can sell the property and pay-off the debt.
2. Transfer the mortgage along with the ownership of the house in your name.
3. The Greenville, SC mortgage lender can foreclose the property if no inheritor pays the debt.
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