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How To Sell Inherited Land – What You Need To Know

On August 27, 2020 /

Selling inherited land

Selling Inherited Land

The loss of a loved one often leaves those left behind with more than just grief and sadness to overcome. Many find themselves dealing with family member’s estates that include personal items, houses, and sometimes vacant land.

Unless final plans were made in advance, an unexpected death could cause undue emotional pain, financial stress, and even family feuds when heirs disagree over the estate’s settlement.

Selling property can be complicated, but especially so when emotions are involved. Another issue, heirs may encounter when dealing with estates is the prospect of dealing with vacant land.

Many may have sold family homes or apartments, but vacant land presents other challenges.

In this article, we’re going to provide you with the information needed to make selling your inherited land as easy as possible.

Probating The Estate

You can only sell an inherited property once it goes through probate. Probate is the legal process after someone passes away to settle their estate. This process makes sure the deceased’s wishes outlined in their “Last Will and Testament” are carried out. This list includes personal items going to the correct heirs, property successfully transferred to the new owners, and any taxes or debts owed are paid in full.

Each state has a different probate process. Once an estate is settled and completed the probate process, heirs may begin the complicated process of deciding what to do with the property. Some may choose to keep the inherited property if they want to keep it in the family or perhaps hold onto it to utilize it later.

Others may not want the hassle of dealing with inherited property, especially vacant land, and decide the best thing for them to do is try to sell it

Preparing To Sell The Inherited Land

Wherever your inherited land is located, you can make a few improvements to add value to your property. Some of the ways to improve the value of your vacant land include:

  • Removing dead tree limbs, sweeping away debris, and clearing fence lines
  • Putting in a road for easier access
  • Having clearly marked boundary lines
  • Although it may have significant upfront costs, adding utilities to vacant land can increase the value by thousands of dollars

Now that you’ve made improvements to the land you inherited, you’ll need to find the right buyer.

Finding The Right Land Buyer

If you’ve purchased a house or sold your home when relocating, you will probably be familiar with the real estate process. Selling vacant inherited land is an entirely different process, partly because:

  • There isn’t a structure on the property to entice buyers
  • It’s not on the coast, by a lake, or on a mountaintop, and the average buyer won’t be interested
  • And it’s not something you planned on doing.

The first step in finding the right buyer is also the most critical step when trying to sell inherited land, and that is determining what the best feature is of the property?

Why do you think your ancestor was drawn to the property?

Is it just outside the city limits?

Is it on the way or nearby a resort destination?

Is it at the end of the road?

Or is it 250 acres out in the middle of nowhere?

Any of these comparisons can relate to your vacant land, and once you’ve determined what they are, you can concentrate on them when listing your vacant land for sale.

Sell Inherited Land to a Land Buyer 

Selling property can be very challenging, especially if it’s not something you’ve planned for. Inherited property may bring feelings of guilt, unwanted tax burdens, and family members’ issues left out of the process.

Land buyers are professionals whose primary focus is buying vacant land. They have the experience and resources needed to make selling land fast and hassle-free. The trade-off is their offers are typically less than market value.

Finding a land buyer can help make the sale of inherited property easy which can help ease the loss of a loved one when the last thing someone wants to deal with a vacant land property they have no interest in owning.

A land buyer can offer a solution for selling inherited land fast and can make the process as easy as possible.