• During the probate process, either by the executor or the administrator. They will allocate the proceeds of the sale to the recipients and heirs at the end of the probate. The executor may be the nearest relative of the deceased or of some other person mentioned in the will, such as a paid professional lawyer.
• After the title has been passed to you via a probate or other process, and you become the rightful legal owner.
• If the property is held in trust by the trustee, without proof. The trustee will sell the house while it is still in trust and pass the proceeds to you.

• Repairs to sell: just like any home you'd buy for yourself, it's always a good idea to get a home inspection when you inherit a home. You're going to want to hear about any major ticket upgrades that need to be made before selling your home—think of the boiler, the foundation, the roof and the walls. Home inspections are between $250-$700, depending on the size of the home.
• Rental repairs: Renters think less about the long-term condition of the property and more about creature comforts, such as new carpet and fresh paint.
• Alternative: Consumers would want major repairs done prior to purchase. If you are interested in selling your home without major renovations, consider selling it to We Buy Homes Near You as-is with a free no obligation deal.

It is very normal to inherit property from another stakeholder, such as a sibling or other family members. Of course, several stakeholders are making it more complicated.

Consider the following options:

• Buyout: If one sister wants to keep her home and the other wants to sell, one will buy the other out, either in cash or by financing half of the value of the home. Out-of-pocket expenditures cover closing costs and valuation.
• Promissory note: If you want to retain the house, your sibling wants to sell it, and you don't have access to a mortgage, you can record a promissory note that specifies how you'll pay your half of the home value back to your sibling—in monthly installments plus interest. You're basically going to buy your sibling over time, and they're going to get some interest income along the way.
• Sale and dividing profits: possibly the most straightforward alternative, you and your sibling agree to sell your house, pocketing half of the proceeds after expenses and commissions.
• Rent and share profits: if the real estate market is not solid, you may decide that it makes more financial sense to rent the house. You and your sibling will have pocketed whatever benefit is left over from monthly rent, repairs and property management costs.
• Suit for partitioning: If the parties cannot agree on what to do with the house, you would have to get the courts involved by filing a partitioning case, which effectively asks the judge to order the selling of the home. This can be a timely and costly operation, with legal costs lowering your earnings well below what you would have pocketed from selling in the first place.

As the beneficiary of the inherited property, you will benefit from a step-up tax base, which ensures that you will inherit the home at fair market value on the date of the inheritance, and you will only be taxed on the profits between the time you inherit the home and the time you sell it.

For example, let's assume that the house you just inherited from your grandma was originally bought for $25,000 in 1960. If the house is now worth $425,000, does that mean you're going to be taxed on a $400,000 profit when you sell your home? Luckily, no, no. You will only be taxed on profits in the brief period of time between inheritance and sale.

What you intend to do with your inherited property is linked to the financial status and physical condition of the property, along with any time constraints.