Sell an Inherited House in South Carolina in 2024

Introduction 

South Carolina homeowners sold their inherited homes for a typical duration of 14 to 16 months. According to an analysis of the current condition of the South Carolina real estate marketplace, it takes about 2 and a half months in general to sell a house there. The number of days for your home in the marketplace may rise depending on elements such as location, dimension, state, and so on. 

An inherited home requires the probate procedure to hand over ownership lawfully. Conflicts and several heirs can cause delays, but it requires up to 11 months to complete the inherited home sales. Follow this comprehensive article to learn the essential aspects of selling an inherited house in South Carolina. 

Understand Probate Process 

Probate is the formal recognition of a decedent’s free will. The real estate is distributed to its descendants and benefactors with the assistance of probate. Through the probate procedure, you must provide the deceased person’s certification of death and confirmation of ownership. After the probate process ends, you will require to settle several obligations, including unpaid loans and real estate taxes. 

Once an inheritor gains possession of mortgaged assets, an ‘Alienation Clause’ is put in motion. Therefore, the entire mortgage must be paid off by the inheritor. In South Carolina, all inherited real estate must be processed through the probate procedure. Up to 11 months may pass during this matter. Depending on the total number of descendants and the state’s laws, this time limit fluctuates across the country. 

Real Estate Not Subject to the Probate Process 

If your real estate meets these requirements, it will be exempted from probate: 

• South Carolina Shared Possession of Real Estate: An asset that has a right of survivorship condition can be owned jointly. As long as your legal surname appears on the real estate description, you will inherit the real estate upon the death of its previous ownership. 

• Acquire a South Carolina Home through Charitable Organization: A real estate trust is a type of legally binding arrangement that permits the person who establishes it, or the owner, to transfer the title to an asset to the beneficiaries. When the owner has put the home in a charitable organization, you can inherit it straight away without having to go through probate. 

Tips for Selling an Inherited House in South Carolina 

Selling an inherited home is like selling another kind of real estate. Selling your home as a homeowner or with a real estate professional is the greatest way to maximize the sale price. 

• Hire a Local Realtor: The professional property brokers are skilled agents with a sound knowledge of the present state of the real estate market. To obtain a fair value for your inheritable home, they list it to buyers through the Multiple Listing Service (MLS) and help you sell your house fast. Brokers can also provide you with advice once you begin to receive proposals. However, realtors demand substantial fees, ranging from 5% to 6%. 

• FSBO: Advertising your home for sale by owner can spare you a lot of money on large fees. However, you are responsible for handling the closing process and documentation while selling FSBO. You are in full command of how you interact with the prospective buyer and buyer’s representative during the sale. Additionally, For Sale by Owner websites expedite the listing process, usually taking only one to two days. 

South Carolina Taxes on the Sale of Inherited Homes 

In South Carolina, taxes are due when selling an inherited property. 

• Transferring Tax: At the moment of title transfer, the inheritor must pay an initial tax to the region’s government, known as the transferring tax. South Carolina imposes $1 on every $1,000 in real estate value. 

• Real Estate Tax: In South Carolina, the standard real estate tax is taxed at the rate of 0.81% of the entire transaction cost. 

• Capital Gains Tax: This daunting tax is imposed progressively by the Internal Revenue Service (IRS) on your real estate assets whose value has increased over time. Therefore, capital gains tax is restricted to the increase in value of the real estate following an inheritance. 

Streamline Your Inherited Property Sales in South Carolina by Consulting Birddog Investment Group 

Selling an inherited house in South Carolina is a challenging task that requires a lot of effort and patience. By carrying out this procedure, FSBO or businesses that offer ‘We buy houses for cash’ can lower your financial margins, and best cash offer for your home. 

On the other hand, speaking with Birddog Investment Group can improve the margin of profitability and selling procedure. They help with promotion, advertising, show management, and concluding the transaction with an appropriate margin of profit. Unlike conventional cash home buyers, they do not charge fees, which can increase your total earnings and minimize stress. For a lasting insight into selling your inherited property, you can reach them by phone or on their website. 

Bottom Line 

In South Carolina, selling an inherited house is a difficult and drawn-out procedure. It could take up to 11 months for an inherited house to be out of probate. As you sell the house you inherited, you must cover taxes. The decision to sell an inherited South Carolina home can get financial gains and relaxation from managing your house’s rights. However, a sound knowledge of local market conditions and the fair value of your home is required in this regard. 

Consulting a professional real estate agent is necessary to execute this process stress-free with reduced time. They help to list, manage shows, advertise, and close the deal. Moreover, they assist in speeding up the selling procedure with optimized profit rates. 

FAQs (Frequently Asked Questions)