Delaware County PA Estate Sales

Most families don't owe as much as they expect. When you inherit a house, the IRS generally resets its value to what the property was worth on the date of the previous owner's passing, not what they originally paid for it decades ago. This is called a stepped up basis, and it means capital gains tax is usually only calculated on the increase in value between the date you inherited the home and the date you sell it, not the home's full appreciation over the years. Every estate is different, so I always recommend confirming the specifics with a tax professional, but this is why selling relatively soon after inheriting often results in little to no capital gains liability.

Your cost basis is the fair market value of the home on the date your parent passed away, not the price they originally purchased it for. If your parent bought their Delco home in 1985 for 40,000 dollars and it was worth 350,000 dollars when they passed, your basis is 350,000 dollars. This step up is one of the most misunderstood parts of inheriting property, and it can significantly reduce what you owe when you eventually sell.

There are two separate taxes to understand. Pennsylvania inheritance tax applies to the transfer of the property itself and is based on your relationship to the person who passed away. Capital gains tax, which is separate, only applies later, when you sell the home, and only on any increase in value from the stepped up basis I mentioned above. Most of the families I work with are surprised to learn these are two different things, and that the second one is often much smaller than they feared.

This is one of the most common questions I get, and one of the most stressful for families who weren't expecting it. An existing mortgage on an inherited property doesn't disappear, but you're not personally responsible for it just because you inherited the home. The mortgage is typically paid off out of the proceeds when the home sells. If there's a home equity loan, a reverse mortgage, or other debt attached to the property, we work through those numbers together early in the process so there are no surprises at the settlement table. If (and when) we do our job, settlement day should be the easiest day of the entire process.

You don't need to fully resolve inheritance tax before listing the home, but the estate does need to be properly opened through probate first, and the executor typically wants inheritance tax obligations addressed before the estate can be closed out. I coordinate with families and their attorneys throughout the timeline so that selling the property and settling the estate's tax obligations move forward together rather than one holding up the other.

That means I have to explain the same story multiple times. Just kidding. This happens more often than people expect, and it's honestly some of the most important work I do. Every heir usually has a different schedule, a different comfort level with the process, and sometimes a different opinion about timing or price. I regularly set up group Zoom calls, shared email updates, and group texts so that every sibling, even ones living in different states, stays informed and has a voice in the decision. Good communication early on prevents most of the disagreements that could otherwise slow down or derail a sale.

Generally yes, the estate needs to be opened through probate before the property can legally be sold. The Delaware County Register of Wills and Clerk of Orphans Court is located at the Government Center, 201 West Front Street in Media, and their probate line can walk you through scheduling an appointment. For smaller estates, Pennsylvania also allows a simplified small estate affidavit process when the personal property involved is valued at 50,000 dollars or less, though this doesn't apply to the real estate itself. I regularly help families figure out where they stand in this process and what needs to happen next.

To be clear, I am not a licensed attorney, and I always recommend partnering up with a local estate attorney.

Yes. Many inherited homes are sold exactly as they sit, especially when the property has been in the family for decades and heirs don't want to manage renovations from out of town or during an already difficult time. We evaluate the property honestly and figure out whether repairs would meaningfully increase your return or whether selling as is gets you to closing faster with less stress. Both are legitimate strategies, and the right one depends entirely on your goals.

This is extremely common, and it's actually a large part of why I built this side of my business. Through video walkthroughs, digital document signing, and virtual meetings, I regularly help heirs who live hundreds or thousands of miles away sell homes throughout Delco without needing to fly in more than once, if at all. Whether the property is in Media PA, Broomall PA, Havertown PA, Springfield Delaware County, or Newtown Square PA, distance doesn't have to slow the process down.

It depends on the strategy. Families who need to move quickly and minimize out of pocket costs can often reach settlement in under a month by working with our trusted investor. Families who want to maximize exposure and get the strongest possible offer usually plan for a more traditional listing timeline, generally 30 to 60 days from listing to closing, sometimes longer depending on the property and market conditions. I always start by understanding which of those two goals matters more to you before recommending a timeline.

The process starts with figuring out where things stand legally, whether probate has been opened, who the executor is, and what condition the home is in. From there, I walk you through pricing, whether any preparation makes sense, and how to keep every family member informed if you're not the only one making decisions. Whether you're the one asking how to sell your parents house or you're helping a sibling sell their parents house, the process is the same, and I handle it with the same care either way.

You contact me, Mikey Parisano, the owner of Estate Sales Philadelphia. I’m a Philadelphia Realtor and Delco Realtor who was born and raised in Delaware County PA. I specialize specifically in helping families sell inherited property throughout Delaware County PA. You can reach me directly at 610-348-9931 or fill out the contact form on this page, and we'll start with a conversation about your situation and your goals.

A lot of people search for estate sales expecting a tag sale, an event where a company sells off the furniture, belongings, and personal items inside the home. That's not what I do. My focus is exclusively on the real estate itself, pricing the property, preparing it for market, and negotiating the sale. And during that entire process, my #1 goal is to take away as much stress from my clients as possible and do whatever it takes to get them to the settlement table.