Inheriting a house can be both a blessing and a burden. Along with the emotional weight of losing a loved one, you're suddenly responsible for property taxes, maintenance, insurance, and potentially a mortgage on a home you may not want or be able to keep.
If you've inherited property in New York, this guide will walk you through everything you need to know about selling it - from probate requirements to tax implications to finding the fastest path to a sale.
Understanding Your Inheritance Situation
Before you can sell, you need to understand how the property was left to you:
Property in a Trust If the deceased placed the property in a living trust, you're in luck. Trust properties bypass probate entirely. The successor trustee can sell the property relatively quickly following the trust's instructions.
Joint Tenancy with Right of Survivorship If you owned the property jointly with the deceased and the deed specified "right of survivorship," ownership transfers to you automatically. You'll just need to record a death certificate with the county.
Property Through a Will If you inherited through a will, the estate must go through probate. This is the most common scenario and the most complex.
Property Without a Will (Intestate) If the deceased had no will, New York's intestacy laws determine who inherits. The estate still goes through probate, which can be lengthier and more complicated.
The New York Probate Process
Probate is the legal process of validating a will and transferring assets to heirs. Here's what to expect in New York:
Step 1: File with Surrogate's Court The executor (named in the will) or an administrator (if no will) must file with the Surrogate's Court in the county where the deceased lived.
Step 2: Gather and Value Assets All assets, including real property, must be inventoried and valued.
Step 3: Pay Debts and Taxes The estate must pay all outstanding debts, including mortgages, before distribution to heirs.
Step 4: Distribute Assets Once debts are settled, remaining assets are distributed per the will or intestacy laws.
Timeline Simple estates can clear probate in 6-9 months. Complex or contested estates can take years.
Costs Probate costs in New York typically run 2-5% of the estate value, including: - Court filing fees - Attorney fees (often $5,000-$15,000+) - Executor commissions - Accounting fees
Can You Sell During Probate?
Yes, but with conditions:
With Court Approval The executor/administrator can petition the court to sell real property. This is typically granted if: - The estate needs funds to pay debts - Maintaining the property is impractical - All beneficiaries consent
After Probate Closes Once probate is complete and title transfers to heirs, you can sell like any other property owner.
Important Note Never try to sell inherited property without proper legal authority. Title companies won't insure, and buyers can't get mortgages on properties with unclear title.
Tax Implications of Selling Inherited Property
Understanding taxes is crucial for inherited property sales:
The Stepped-Up Basis Benefit This is the good news: when you inherit property, your cost basis "steps up" to the fair market value at the time of death. This can dramatically reduce capital gains taxes.
- **Example:**
- Deceased bought home in 1980 for $100,000
- Home worth $500,000 at time of death
- Your basis = $500,000 (not $100,000)
- If you sell for $500,000, you owe $0 in capital gains
Capital Gains If Value Increased If the property appreciated after the date of death, you'll owe capital gains on that increase: - Short-term (held < 1 year): Taxed as ordinary income - Long-term (held > 1 year): Taxed at 0%, 15%, or 20% depending on income
New York Estate Tax New York has its own estate tax with a $6.94 million exemption (2026). Estates above this threshold pay 3.06% to 16% on the excess.
Property Tax Considerations While you own the inherited property, you're responsible for property taxes. Long Island property taxes are among the highest in the nation - often $15,000-$30,000+ annually.
Challenges of Selling Inherited Property
Inherited homes come with unique complications:
Emotional Attachment Selling a family home is emotionally difficult, even when it makes financial sense.
Deferred Maintenance Elderly homeowners often defer maintenance. You may inherit a property needing significant repairs.
Outdated Condition Kitchens and bathrooms from the 1970s don't appeal to today's buyers without renovation.
Clearing Contents Decades of accumulated belongings must be sorted, donated, sold, or discarded - an overwhelming task.
Distance Many heirs live far from the inherited property, making management difficult.
Multiple Heirs When multiple family members inherit, disagreements about selling, pricing, or splitting proceeds are common.
Title Issues Old properties sometimes have title defects: boundary disputes, old liens, missing signatures from past transactions.
Your Options for Selling
Option 1: Traditional Sale with a Realtor
- **Pros:**
- Potentially highest sale price
- Professional guidance
- Broad market exposure
- **Cons:**
- 5-6% commission
- 3-6+ months to sell
- Repairs and updates may be needed
- Must clear contents and maintain property
- Showings require access and coordination
- Sale may fall through
**Best for:** Updated properties in good condition when you have time and aren't in a hurry.
Option 2: Sell As-Is on the Open Market
- **Pros:**
- No repair costs
- Less preparation needed
- **Cons:**
- Significantly lower offers
- Still pay commission
- Still takes months
- Fewer interested buyers
**Best for:** Properties needing moderate work when you have some time but limited funds for repairs.
Option 3: Sell to a Cash Buyer
- **Pros:**
- Close in days, not months
- No repairs, cleaning, or updates
- Buy as-is with contents included
- No commission
- Guaranteed sale (no financing contingencies)
- Can coordinate with probate timeline
- **Cons:**
- Lower than retail price (typically 70-85% of ARV)
- Less competitive bidding
**Best for:** Properties needing work, out-of-state heirs, multiple heirs wanting quick resolution, or anyone prioritizing speed and certainty over maximum price.
How We Help with Inherited Properties
At Easy Sell Property Solutions, we specialize in inherited properties. We understand the unique challenges because we've helped hundreds of Long Island families in your situation.
What We Offer - Fair cash offers within 24 hours - Close on your timeline (including during probate with court approval) - Buy completely as-is - no repairs, no cleaning - Take the property with contents included if you prefer - Handle all paperwork and coordinate with your attorney - Up to $10,000 cash advance before closing - Free moving anywhere on Long Island
Our Experience Billy Alvaro has been buying homes on Long Island since 2009. As a former police officer and Air Force veteran, he understands the importance of treating families with respect during difficult times.
Making Your Decision
Selling inherited property is rarely purely financial. Consider:
Your Time Constraints - Are you managing the estate from out of state? - Do you have time to manage a 6-month sales process? - Are you paying property taxes and maintenance in the meantime?
Family Dynamics - Do all heirs agree on how to proceed? - Would a quick, certain sale reduce family conflict?
Property Condition - Does the home need significant repairs? - Is it full of contents that need clearing?
Emotional Readiness - Are you ready to manage showings in your family home? - Would a quick, clean break be easier emotionally?
Next Steps
If you've inherited property on Long Island and are considering your options, we're here to help:
1. **Get a Free Assessment**: We'll evaluate your property and situation at no cost 2. **Receive a Cash Offer**: No-obligation offer within 24 hours 3. **Compare Options**: Use our offer as a baseline to evaluate other paths 4. **Decide on Your Terms**: No pressure, no timeline - your choice
We've helped hundreds of Long Island families turn inherited properties into cash quickly and fairly. Whether you ultimately sell to us or choose another path, we're happy to provide guidance and a clear picture of your options.
About Billy Alvaro
Billy Alvaro is the founder of Easy Sell Property Solutions, a family-run cash home buying company based in Long Island. With over 20 years of experience and $120M+ in transactions, Billy helps homeowners sell their properties quickly and hassle-free.
Learn more about our team →Need to Sell Your House Fast?
Get a fair, no-obligation cash offer on your Long Island home today.