Selling Inherited Property in Colorado

Where do you turn when someone you love dies?

Losing a loved one is so hard... the last thing on your mind is selling their house...

But, we are here to help!

How to Sell Inherited Colorado Property

Selling a house that you have recently inherited from a family member in Colorado can be an extremely time consuming and difficult process, especially if you aren’t armed with the knowledge and skills that are necessary in order to complete the transaction in a swift and effective manner. Understandably, property owners may become extremely emotional with regards to the property, as it will likely have some sentimental value relating to the family member that gave it to them. Also, there may be concerns about preparing the property for prospective buyers and this will likely include a lot of repairs and/or updating. Additionally, there may be existing liens against the property that will need to be cleared or perhaps another family member has a vested interest in obtaining equity in the home. All of this can be very confusing and overwhelming.

There are so many things that need to be handled after the death of a loved one that it is hard to know where to start. Having a step by step game plan will be essential to your overall success when selling your inherited property and setting a course of action will make the process much easier and less stressful for you in the long run.

Here are the steps we recommend for you:

1. Learn the initial critical steps to take following the death of a loved one.
2. Contact local Attorneys and Tax Professionals for expert advice.
3. Get a Broker Price Opinion to find out the actual value of your property.
4. Make repairs and update the property, if needed.
5. Research local Realtors who are Probate Specialists to list your property for sale.

Step One:

It is important that you are knowledgeable with the inheritance aspects and the probate process, not to mention all of the various required documentation. You will need to tackle tasks such as making funeral arrangements; having the court review the will or irrevocable trust; getting copies of the death certificate and letter of testamentary; gathering financial docs; etc.

We realize just how easy it is to get overwhelmed at this early stage. Fortunately, we have made the first step easy for you. All you need to do is fill in the form to the left of this and you will instantly receive our guide which will spell out the critical steps to take in the first few weeks following the death of a loved one.

Step Two:

Identifying and addressing the transaction’s legal nuances can be the most difficult part of this procedure. Do you know how to go through probate court? Do you know what to do if an additional waiting period for “creditor claims” is needed, which will extend the overall length of time the process takes to come to fruition?

We recommend that you contact a local real estate lawyer, as sometimes these situations can be extremely complicated and you may need the advice or assistance of a professional to handle the process for you. Although it is tempting to complete the process on your own, it is likely beneficial to pay a fee to have a professional handle the headaches for you. Typically, they can save you a lot of time and money in the long run.

The same goes for tax professionals, who can also be an excellent addition to this process. They can quickly advise on matters such as whether or not you will have to pay capital gains taxes on an inherited property and if you will have to file final tax returns for the decedent. It is best to speak with a qualified CPA or tax accountant so you can put the numbers into perspective and are aware of what the various tax implications are when selling your inherited property.

Step Three:

Figuring out the true market value of your property is one of the most important parts of selling your inherited home quickly in Colorado. You might spend a lot of time looking at other similar properties in the area to see how much they are listed for and have recently sold for, but the number you come up with may be completely wrong if you don’t understand the differences of price based on condition, location and other important factors that an a licensed Appraiser would know how to calculate.

So your options are:
1) Pay around $500 for a licensed Appraiser to perform a professional appraisal on the property OR…
2) Contact an experienced Realtor to perform a Competitive Market Analysis or Broker Price Opinion for you.

We offer this service to you free of charge. Simply click here to fill out specifics about your property on our BPO form and we will get back to you with our value. It is very important to follow through on this step, as this part of the process will have the greatest impact on the final sales price.

Step Four:

If your property is in bad condition, you may consider making repairs and updates before listing it for sale, or you can list the property in “As Is” condition with a Realtor who will likely sell it to an investor to make the repairs themselves. If the home has too many repairs needed, it may not be eligible for a traditional mortgage and will have to be bought outright with strictly 100% cash.

A seasoned Realtor can help guide you in the right direction. The Realtor should personally inspect the property from top to bottom and present you with a list of suggested improvements and home staging ideas, if necessary.

We have extensive experience in this area and would be more than happy to assist and guide you in the right direction. Just contact us and we will give you our expertise!

Step Five:

Selling inherited property requires a number of unique and specific facets, specific to Colorado Probate Law. You may think that your neighbor who is a Realtor, or your family friend who has been selling homes for the past five years, is qualified for this job. But nothing could be further from the truth! In actuality, an additional level of education and skill is required in this circumstance to avoid lengthy mishaps and ugly lawsuits.

It is important to make sure that you chose to work with a Realtor who is knowledgeable with the inheritance aspects, the probate process, court proceedings, handling unexpected liens, and a whole lot more. In addition, the process of buying and selling Probate Real Estate requires a thorough understanding of Colorado Probate Law and Probate Code.

Therefore, you should hire a Realtor who is not only educated in this arena but whom is also comfortable working closely with Probate Attorneys. The Realtor’s primary role in this situation is to help the Personal Representative or Executor successfully manage and close the sale of an Estate’s Real Property.

It is imperative that you seek experts in the field and that you rely on a first-rate team to handle the sale of your inherited home for you. It is your job to find the help of such experts who thrive on serving others.

Catherine DeGeorge, Probate Specialist, stands ready to help. Get connected with answers and solutions here!

Ensure the Property Remains an Asset, Not a Liability

We understand what you face in these often difficult cases and the intense scrutiny that you may be under.

It is our goal to make the probate sale of the estate as simple and hassle free as possible.

We strive to:

As you trust me to manage the sale of your inherited property, you will be freed up to focus on successfully managing your responsibilities.

Providing you a smooth transaction will be our top priority!

Additional Help

We encourage you to browse through our website to get a better understanding of the probate process, trusts and conservatorships. We have provided a glossary with a list of common terms used in these procedures. You will also be able to find out more information about our company and browse the MLS at your leisure.

If you need to sell your inherited house in the Front Range of Colorado we are here to help, whether it’s in:

Our team of professional Realtors are standing by to help you with your needs!

Selling inherited property in Colorado is not so difficult...
if you know the right steps to take!