DISCLAIMER: Henry Buys Houses in Tennessee is not an attorney and is NOT offering legal advice here. We are only providing educational information to aid you in the process of selling a home that you may have inherited from a parent or other family member. You should consult an attorney familiar with real estate law before attempting to sell an inherited house in Tennessee.
What is a Probate Property in Tennessee?
Probate Property in Tennessee happens after someone dies and heirs receive property listed in a will as an inherited house. The debts of the deceased estate may or may not already be paid off. It is best to get help from a probate attorney to help you as the process moves through the courts. The attorney will be able to provide you with advice, help you manage debt payments, any tax situations, and guide you through what can be a stressful process. To begin the process, you will need to make an inventory of the estate’s assets and locate all available estate planning documents. Next you will need to notify all creditors and pay off any outstanding debts with the proceeds from the estate. In Tennessee there are no Tennessee Estate Taxes due.
Listen to this short video by Tisha Greene and Marc Duvernay as the talk about the basics of the Probate Process for Real Estate.
Why Might You Want or Need to Sell an Inherited House in Tennessee?
You may be the adult child of a parent or parents who have died and left their home to you in their will. One way to cover any outstanding debts from the parent’s estate is to sell their home. But the inherited house may not be in your name or provided to you in their will, if any. So, you will need to first Probate the home to have the right to sell it. Then, any outstanding expenses owed or ongoing expenses such as a mortgage payment, can be paid from the proceeds of the sale. In some cases the executor of the estate may be forced to sell the probate property in order to avoid a bank foreclosure. However, if the property is not required to be sold by the court, you will need to wait until the probate process is finalized before attempting to sell the property. If you want to get an idea of what to expect after the probate process is complete, contact me.
How Does Selling Probate Property Work in Tennessee?
Selling of an inherited property in Tennessee is similar to selling any other property. You will want to sell the house for the largest profit based on the condition and age of the house. You have at least 3 options to sell the house. You could hire a local real estate agent who is knowledgeable in your market. You could sell the home yourself as a For Sale By Owner (FSBO). Just remember that if you attempt to sell the home yourself you will need to use a local Title Company for all the paperwork. Another option is to sell the house AS using a Real Estate Investor operating as a Property Wholesaler or House Flipper.
Have Questions Regarding Selling Your Inherited Home?
I’m here to help you make the process less stressful at a time when life has given you a big change. Don’t put off the process of selling an inherited home in Tennessee as it could cost you more if you wait. Click the button below and request my help.