Selling Inherited Property in Nevada
Inheriting a house can be a confusing time. Should you keep it or sell it? Our emotions often guide us to keep real estate as keepsake of all the memories we have tied to it. Unfortunately, what guides the heart is not what is most prudent financially. An inherited property brings costs for its maintenance and taxes at the very least. So, if you’ve already got a place of your own and you decide instead to sell this inherited home, you’ll need to be apprised of what needs to be done.
Going Through the Probate Property Process
Selling an inherited house in Nevada can be a bit more complicated than when selling a property under normal circumstances. For instance …
Step 1 – Before you can put up a sign for sale of an inherited property, you’ll need to go through the probate process. When the total value of the deceased’s estate including the real estate is more than $100,00 but less than $200,000, “summary administration” may be ordered by the court. This expedites the probate process and will release the property for sale sooner. Beyond this threshold, you’ll have to wade through the “general administration” process before you can put up that FOR SALE sign.
Step 2 – After the “general administration” process begins, the court may permit the sale of real estate during if:
- the deceased provided specific instructions in his will, and
- notice of the sale is published in local newspapers 3x’s in a two week period prior to the intended day of sale, and
- the sales price represents fair market value, and
- the property was appraised within the last year
Step 3 – Once the property is under contract with a buyer, file a petition in court to approve the sale. Be aware that another buyer could approach the court on the day of scheduled sale and win by providing a higher offer. So, no sale is final until approved by the probate court.
To get a good price for the house, work with a local real estate agent or investor. Local investors typically accept the property in as-is condition which will reduce the need to make any improvements prior to sale thereby maximizing your cash out amount.
If you have inherited a property in Clark County and would like to sell for all cash, e-mail or call us!