Have you recently inherited a home in Wyoming and aren’t sure what to do next? Whether the house feels like a gift or a headache, we’re here to help you sort it all out — no pressure, no obligation.
When you inherit a property, you typically have three options:
- Move in
- Rent it out
- Sell it
But before you decide, there are a few key things to figure out first. Don’t worry — we’ve broken it down for you step-by-step.
Step 1: Get Organized
Is there a mortgage?
If the home still has a mortgage, find out:
- How much is owed?
- Are the payments current?
Contact the mortgage company to notify them of the owner’s passing. They’ll tell you what documents they need so you can access loan details. And be sure the mortgage is being paid in the meantime.
What if the mortgage is behind or “underwater”?
If the home is behind on payments, this might push you toward selling — especially if there’s enough equity to pay off the loan and late fees. If not, some mortgage companies allow short sales (selling for less than what’s owed). If you’re in that situation, we can help you through the short sale process or connect you with someone who can.
Step 2: Assess the Condition of the Property
Does it need repairs?
Whether the home needs major renovations or just a light refresh, here’s what to consider:
- To sell on the market: You’ll likely need to make repairs (roof, plumbing, furnace, etc.) and pass inspections. That adds time and cost.
- To rent it out: Renters usually care more about livability than luxury. Paint, carpet, and updated fixtures might do the trick.
- To sell to an investor (like us): No repairs needed — we buy homes as-is. No cleaning, no fixing, no hassle. Just a fair offer and a quick sale.
Step 3: Understand Who Owns the House
Do you own it outright, or share it with others?
- If it’s just you: You can sell, rent, or move in without needing anyone else’s approval.
- If there are multiple heirs: You’ll need to make decisions together. Here are common options:
- Sell and split the profit
- Rent it and split the income (and responsibilities)
- Buy the others out
We’ve worked with many sellers in Wyoming dealing with co-inherited properties and can help simplify the process — even when things get complicated.
Capital Gains on Inherited Property
The good news: inherited homes get a “stepped-up” basis, meaning taxes are based on the home’s value when you inherited it — not what your loved one paid for it.
If you sell it right away, you likely won’t owe capital gains taxes. But if the property increases in value over time, and you sell later, you’ll be taxed on that increase. This can get tricky, so we always recommend talking to a CPA or estate attorney before finalizing your plans.
Want a No-Hassle Offer or Just Need Advice?
Let’s talk. Whether you want to sell, rent, or just understand your options better — we’re here to help.
RAHRAH Real Estate 