If you are selling an inherited property in Portsmouth, you may be balancing a shifting plate of emotions, time, and money. You’re likely eager to get a signed purchase contract and move forward as quickly as possible.
“It’s kind of like moving puzzle pieces around,” says Tamara Bahadar, a top Virginia real estate agent serving the Hampton Roads region. “Sometimes it takes longer than other times. I’ve had sales [of inherited homes] close in sixty days from start to finish, but sometimes it’s taken up to ninety days just to get all the heirs on the same page.”
In this post, Bahadar will provide real-world insights on how to sell an inherited house in Portsmouth. She’ll also suggest clear steps and share expert tips to help you decide which selling path is best for you.
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Editor’s note: This post is for educational purposes. If you need assistance navigating the legalities or tax implications of selling an inherited home in Portsmouth, HomeLight encourages you to consult a professional advisor.
Here are the steps to selling an inherited property in Portsmouth, Virginia:
1. Confirm the status of the mortgage
As the new owner of an inherited house, experienced agents like Bahadar advise pausing before taking any action so you have a clear picture of what’s been placed in your position, both physically and financially.
“When the property is inherited, you have to get all the information in order, paperwork-wise,” Bahadar explains, adding that it’s essential to fully understand the status of the mortgage.
You need to know the outstanding balance, monthly payments and due dates, the loan interest rate, and other existing lender terms. You’ll also need to know if the inherited Portsmouth home has any other liens or judgments, such as unpaid taxes, a home equity loan or line of credit (HELOC), or a reverse mortgage.
“If there are things owed on the property, like back taxes or judgments, they’ll first need to be paid off, and then you can list the house for sale,” Bahadar says.
A title search is also essential to determine the status of the property. If there is any question about whether the title was properly conveyed to the heir(s), you will want to contact a qualified estate planning attorney. They will be able to assist with legal requirements and filing procedures in Virginia.
2. Anticipate your ownership timeline
Even if you know you’ll inherit the Portsmouth property, it may take some time before you legally own it outright. Your ownership timeline can vary depending on how you inherited the house, whether through a probate inheritance, living trust, or a transfer on death deed, sometimes called a beneficiary deed.
Bahadar explains that you’ll take ownership faster if you’ve inherited the property through a living trust or life estate deed because no court approval is typically required. The trust can make it easier to sell the home almost immediately or at a time that fits your schedule and objectives.
On the other hand, probate inheritance, the legal process of distributing a deceased person’s assets and debts to their beneficiaries, is more complicated. This judiciary maze can take anywhere from a few months to a year or more. The length of the probate process will depend on the complexity of the estate.
Bahadar cautions that you should not sign listing paperwork or market a property until you have court confirmation that you are the new rightful owner and have the legal right to list and sell the property. Listing prematurely can stall or cancel a potential sale.
3. With multiple heirs, select an executor
When multiple heirs are involved, you’ll need to identify all parties and pick an executor, also known as a personal representative. In some cases, the deceased homeowner will name a personal representative in their will. If not, the heirs must all agree on who this person should be and legally name them as the executor.
In Virginia, the executor is usually known as the personal representative. This individual will have the authority to make financial and legal decisions about the home and is tasked with its overall upkeep and security until it is sold.
The chosen representative should be someone who is emotionally and practically equipped to handle all the responsibilities involved. They must also be prepared for disagreements among heirs.
4. Open an estate account to manage assets
One way to avoid disagreements is good record-keeping. The personal representative can set up a bank account in the name of the deceased’s estate, which improves transparency and accountability. This account can temporarily hold all inheritance-related funds, including any proceeds from the sale of the home and any other income.
The estate account can also used to pay off any unpaid financial obligations that the deceased may have, such as mortgage loan payments, county property taxes, and any expenses related to the probate process in Virginia.
5. Get a property assessment
Bahadar says it’s crucial to know the value and condition of the inherited Portsmouth property. Once you have officially taken ownership, consider hiring a professional home appraiser and inspector. To get a preliminary estimate of what the home might be worth, start with an online value assessment using a tool like HomeLight’s Home Value Estimator.
Another good option is to contact an experienced real estate agent who can provide you with a comparative market analysis (CMA). This is a detailed report that uses data from recently sold homes in the Portsmouth area to give you a real-world listing price.
6. Select a selling method
A common challenge when selling an inherited property is the need for repairs. Another challenge is managing repairs and preparations from out of state. The personal representative must select the selling method that best fits their circumstance. This typically involves deciding between a fast, convenient method and a slower, more profitable method.
Let’s take a closer look at the two most common selling options:
Sell as-is to a Portsmouth cash buyer: Selling your inherited Portsmouth home on the market typically requires time, effort, and patience. You must plan for repairs, staging, marketing, and back-and-forth negotiations with potential buyers. During this time, heirs are responsible for all ongoing expenses like mortgage loan payments, property taxes, and utility bills.
For a faster, more streamlined sale, you might consider selling your inherited Portsmouth house as-is directly to a cash buyer investor. While this method usually results in a lower selling price, it offers speed and convenience.
HomeLight’s Simple Sale platform can connect you with the largest network of trusted cash buyers in the country. You can get a no-obligation, all-cash offer in 24 hours, allowing you to skip repairs and close the sale in as little as 10 days.
Partner with a top Portsmouth agent: If you’re looking for a more profitable sale, Bahadar recommends you list your inherited house on the market with a seasoned agent who has experience in probate sales. This option can maximize the proceeds for all the heirs. HomeLight’s free Agent Match tool can connect you with local agents who specialize in selling inherited homes and have a high sale-to-list ratio.
A top Portsmouth-area agent can also help ease the stress of selling your inherited property. While any home sale can be emotionally challenging, the right agent can simplify the process and provide peace of mind for you and your family.
Consult With an Experienced Agent in Your Market
HomeLight’s free Agent Match tool can connect you with a top-performing agent to help you make the best decisions about selling a house you have inherited. We analyze over 27 million transactions and thousands of reviews to determine which agent is best for you based on your needs.
7. Consider a mediator
When multiple heirs are involved, disagreements can arise. If your family is struggling to agree on the method or terms of the home sale, a mediator can help provide unbiased communication and help avoid or resolve conflicts. They can also assist in finding solutions to disagreements on which repairs to make, selecting a listing agent, or how to handle tenants.
Enlisting the help of a mediator can also save you time and money. For example, one heir might be reluctant to sell the home due to sentimental attachments or disagreements over the price. A neutral mediator can help the family reach an acceptable compromise and move the sale along.
8. Donate, discard, or sell unwanted items
Another challenge that can arise with an inherited house is figuring out what to do with all the stuff. Top agents like Bahadar often recommend including an estate sale in your decluttering plan.
“Estate sales are usually profitable, but they do take time,” Bahadar says. “But first, the homeowners should gather any items of personal value to them. At the estate sale, they can also sell items that have value and use the proceeds to make repairs and improvements to the property. This will help them get the highest possible return on their investment.”
Depending on the size of the estate, you may want to hire a professional estate sale company to manage and promote an estate sale. “These third-party companies come in and actually run the sale themselves and then take a portion of the profit — the estate itself will get the rest of it,” Bahadar explains.
Although decluttering a loved one’s longtime home can be emotionally challenging, it’s an important step if you are looking for a swift and successful sale (and greater proceeds). According to top agents surveyed by HomeLight, decluttering alone can help a home sell for as much as $8,000 more, on average.
9. If selling on-market, prepare the house for sale
“A common challenge is getting the property ready for the market in a way that will help you get top-dollar,” Bahadar says. “This starts with getting the right agent who can ensure the house is ready to list.”
When preparing your inherited property for sale, you’ll want to focus on lighter cosmetic improvements rather than heavy renovations. A top-rated agent will know what upgrades Portsmouth buyers want and which fixes can increase the home’s value and marketability.
With the right guidance, even small, strategic investments can make a huge difference These might include professional cleaning, painting, landscape work, and enhancing the entryway to boost buyer walk-in curb appeal. An experienced agent can also provide advice on what you don’t need to fix.
Here are some simple, high-visibility preparations to help sell your inherited Portsmouth property faster:
- Hire a landscaper to clean and beautify the lawn areas.
- Add fresh mulch and bright flowers.
- Give the entryway door a fresh coat of paint.
- Clean or replace worn carpet and linoleum.
- Remove tattered furniture covers, faded window valances, and other items.
- Paint walls in a light, neutral color (one of the highest ROI upgrades).
- Replace broken fixtures such as light switches, knobs, or handles.
- Fix leaks and apply new caulk to sinks, showers, and bathtubs.
10. Now you can sell your inherited Portsmouth home
Once the home is decluttered and it’s ready to list on the market, it’s time to work with your agent to set a competitive price and get the home sold. Bahadar says this is where good agents shine
“Once the agent is able to walk through the property, they can sit down with the homeowner and show them comparable [recently-sold] homes and explain the value of the property,” she explains.
By partnering with an expert agent, Bahadar says you are almost to the finish line. “There shouldn’t be too many challenges from there because, if they’re doing the right advertising and marketing, and you get buyers to the door, it should sell quickly.”
Your agent’s marketing plan should include professional photos, virtual tours, open houses, showings, and listing the Portsmouth home on multiple online platforms. They’ll negotiate purchase offers and handle all the paperwork, including assisting you with required Virginia disclosure forms.
If you decide the selling method that works best for you is a convenient all-cash offer through a platform like Simple Sale, you can get started by answering a few questions about the home and your selling timeline. You’ll receive a no-obligation cash offer within 24 hours.
FAQs on selling an inherited property in Portsmouth
Virginia no longer has an inheritance or estate tax. However, as the heir, you do take on any debts attached to the inherited home, such as the outstanding mortgage. Also, depending on how long you hold onto the Portsmouth home or the level of renovations you make, you may be subject to capital gains tax on the proceeds of the sale. Consult a tax professional for specifics based on your situation.
The probate process in Virginia typically takes 12 to 18 months but can take as long as several years. Your timeframe will depend on a number of factors, such as creditor period rules, estate size, assets and debts, the presence of a will and prior estate planning, and the level of family disputes. To avoid probate, many homeowners plan to put their assets into a trust.
A common pitfall is not fully understanding the mortgage status. Others include neglecting proper legal procedures, such as failing to get a court ownership validation. Selling mistakes to avoid include setting an unrealistic list price, foregoing needed repairs that could increase the property’s value, and letting emotions dictate important decisions.
Selling a home For Sale By Owner (FSBO) might save you up to 3% on Realtor fees but will likely be far more time-consuming and challenging. Ultimately, you may not save the money you expected. According to the National Association of Realtors (NAR), FSBO homes sold last year at a median of $310,000, much lower than agent-assisted homes with a median of $405,000 ($95,000 less proceeds). If you decide to FSBO in Virginia, you’ll want to carefully research the Portsmouth market and all legal requirements.
The best time to sell an inherited house in Portsmouth depends on your objectives. Based on the transaction data, October is the best month to sell for the highest proceeds (10.57% more), so you would list the home in July. If the goal is speed, list your Portsmouth home in August for a November sale, which tends to be 22 days sooner. Check the best time to sell in any city using HomeLight’s Best Time to Sell Calculator.
Top agents like Bahadar recommend sellers avoid extensive renovations. Instead, they advise their clients to focus on appealing cosmetic upgrades like replacing fixtures, painting, landscaping, and minor repairs that offer high ROI. See our post, “Don’t Fix These 7 Things When Selling Your House.”
Ready to sell your inherited property in Portsmouth?
Selling an inherited house in Portsmouth might seem daunting, but with the right expert guidance, it can shift from a time-consuming burden to a financial blessing — and possibly bring you and your family emotional healing and closure.
Whether you need an experienced agent or are looking for a simple, quick cash offer, HomeLight can help.
Use HomeLight’s Agent Match tool to connect with top-rated Portsmouth agents experienced in selling inherited homes. Or, if you prefer a fast, less complicated sale, use HomeLight’s Simple Sale platform to request a no-obligation cash offer.
Bahadar says you don’t need to carry the burden of selling an inherited house alone. “Get familiar with the current market, and then start interviewing agents to find the best fit. They’ll guide you from list to close.”
To learn more, see our agent interview posts:
- How to Interview a Realtor in a Brief 15 Minute Phone Call
- 24 Questions to Ask a Real Estate Agent Before You Hire One
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