Inheriting a property can be both a blessing and a challenge. While it offers an opportunity to gain real estate value, it can also bring financial burdens like property taxes, maintenance, and legal paperwork—especially if you don’t plan to live in the home. If you’ve inherited a property in Philadelphia and need to sell it fast, you may be wondering what steps to take. Fortunately, with the right approach, you can avoid common pitfalls and turn the sale into a smooth, fast process. Here’s a step-by-step guide to help you sell an inherited property quickly in Philadelphia.
1. Understand the Probate Process (If Applicable)
If the property is still tied up in probate—Philadelphia’s legal process for validating the will—you’ll need to resolve that first. The executor of the estate must get court approval to sell the property. Fortunately, Pennsylvania’s probate laws allow executors to move forward relatively quickly if all heirs agree on the sale.
Tip: Work with a probate attorney who can streamline the legal work so you can get the house ready to sell without delays.
2. Gather Important Documents
Make sure you have all necessary paperwork to transfer ownership, such as:
- The will or probate documents
- The property deed
- Insurance policies
- Utility bills and tax records
This ensures that there are no surprises when it’s time to close the sale and avoids unnecessary delays.
3. Assess the Property’s Condition
Inherited homes often require repairs, especially if the previous owner was unable to maintain the property. Start by evaluating the property’s condition. Does it need major repairs, or is it move-in ready? If extensive repairs are required and you don’t have time or resources to invest, you can still sell the house as-is.
4. Decide Whether to Sell As-Is or Make Repairs
Fixing up the property might increase its market value, but it could also delay the sale by several weeks or months. If your goal is to sell quickly, listing it as-is might be the better option. There are plenty of buyers—especially real estate investors—who are willing to purchase homes in any condition.
Selling As-Is Pros:
- Save time and money on repairs
- Attract cash buyers
- Avoid inspection delays
5. Set a Competitive Price for a Quick Sale
Setting the right asking price is crucial if you want to attract buyers quickly. In Philadelphia, the median home price fluctuates based on location and condition. Pricing the property too high can result in it sitting on the market for months, while a reasonable price will attract offers quickly. Consider working with an experienced real estate professional or investor who understands the local market.
6. Skip the Traditional Listing Process
Selling a home the traditional way—through an agent—can take time due to showings, negotiations, and inspections. If you need to sell quickly, consider alternatives such as:
- Cash buyers: Real estate investors will often buy homes as-is for cash, closing in as little as a week.
- Home-buying companies: Some companies specialize in purchasing homes fast and with minimal paperwork.
- Direct-to-investor sales: You can avoid listing fees and commissions by selling directly to an investor.
7. Work With a Reliable Cash Buyer
Selling to a cash buyer is one of the fastest ways to close the deal on an inherited property. Unlike traditional buyers, cash buyers don’t rely on mortgages or inspections, which removes many common roadblocks. With the right buyer, you can sell your property within days and get cash in hand, helping you avoid the hassle of carrying the financial burden any longer.
8. Understand the Tax Implications of Selling Inherited Property
Selling an inherited home may have tax consequences, particularly capital gains tax. However, the IRS often allows a stepped-up basis, meaning the property’s value is adjusted to its market value at the time of inheritance, not when the deceased originally purchased it. This reduces the taxable gain and can help you avoid a hefty tax bill.
9. Prepare for a Quick Closing
Once you’ve found a buyer, make sure everything is in order to avoid delays during closing. This includes:
- Providing clear title and ownership documents
- Ensuring utility bills and taxes are up to date
- Signing any legal paperwork promptly
Final Thoughts
Selling an inherited property quickly in Philadelphia doesn’t have to be stressful. By understanding the legal process, setting a competitive price, and deciding whether to sell as-is, you can streamline the process. One of the easiest ways to close the sale fast is by working with a cash buyer who can purchase your home with minimal hassle.