Steps to Selling an Inherited Property in Arkansas
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Richard Haddad Executive EditorRichard Haddad is the executive editor of HomeLight.com. He works with an experienced content team that oversees the company’s blog featuring in-depth articles about the home buying and selling process, homeownership news, home care and design tips, and related real estate trends. Previously, he served as an editor and content producer for World Company, Gannett, and Western News & Info, where he also served as news director and director of internet operations.
If you’re selling an inherited property in Arkansas, you may find yourself juggling time, financial considerations, and family dynamics. Selling an inherited home can also be emotionally challenging.
This post outlines the key steps you’ll need to take to help you move forward with more confidence. Whether you’re navigating probate or deciding on the best sales approach, this guide can help you choose a path and a plan that works for you.
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Editor’s note: This post is for educational purposes. If you need help navigating the legalities or tax implications of selling an inherited property in Arkansas, HomeLight encourages you to consult a professional advisor.
1. Review any existing estate plans
If the Arkansas home is part of a formal estate plan, review the will or trust documents to understand how the property is to be distributed. While you might be eager to get the home listed and sold, dedicating time to this first step can help you avoid significant legal and family agreement roadblocks.
If the deceased did not leave clear instructions or if there are disagreements among heirs, hiring a skilled estate attorney can help clarify legal requirements and mediate any disputes. They’ll also help ensure that Arkansas probate laws — the legal process of distributing a deceased person’s assets — are followed properly.
2. Confirm where the mortgage stands
Determine whether there are any outstanding liens, such as a mortgage, home equity line of credit (HELOC), or unpaid taxes, tied to the inherited property. This can be done through a title search, which will reveal any debts or claims against the home.
It’s important to have a clear understanding of the property’s financial obligations before you move forward with the sale. If there is a question about liens or whether the title can be properly conveyed to the heir(s), contact an estate planning attorney. They can help with legal requirements and filing procedures in Arkansas.
3. Anticipate your property ownership timeline
If the property is subject to probate, the process must be completed before you can legally sell the home. In Arkansas, probate timelines can vary based on the complexity of the estate, but typically, it takes six to nine months to resolve.
Until you have court confirmation that you are the new rightful owner, you should not sign a listing agreement or market the inherited home for sale. Listing the property prematurely can create legal headaches and delay or cancel a potential deal.
If the property is held in a living trust or life estate deed, your ownership timeline may be reduced because court approval is typically not required. This can make it easier for you to sell the home faster.
Pro tip: If find yourself paused in the probate process waiting game, use this time to deep clean, declutter, and make repairs to your inherited Arkansas home so it’s ready for listing and selling.
4. Select a personal representative (if multiple heirs)
If there are multiple heirs, you’ll need to appoint a personal representative (or executor) to oversee the property and its sale. In many cases, the deceased Arkansas homeowner will name an executor in their will. If not, the heirs must all agree and legally name someone to handle essential tasks such as paying bills, managing paperwork, and working with a real estate agent.
The personal representative should be emotionally and practically equipped to handle these responsibilities.
5. Open an estate account to manage assets
To simplify financial management, set up an estate account to handle all income and expenses related to the inherited property. This account can also hold proceeds from the sale, ensuring a clear paper trail for all transactions.
Using an estate account can help prevent disputes among heirs and streamline the process of paying any outstanding debts or taxes.
6. Get a property value assessment
Hire a professional appraiser to evaluate the property’s value. For a free preliminary estimate, use tools like HomeLight’s Home Value Estimator. For a listing price assessment, ask a local real estate agent for a comparative market analysis (CMA). Many Realtors will provide a CMA for free as part of a no-obligation consultation.
Pro tip: Depending on how the property has been maintained, you may also want to hire a certified home inspector to conduct a pre-listing inspection. This step can help you avoid surprises down the road. A home inspection in Arkansas typically ranges from $225 to $320 for a 2,000-square-foot home.
7. Select a home-selling method that fits your goals
Decide whether you want to sell the home on the open market with the help of an agent or pursue a faster sale by working with an Arkansas cash buyer. Here’s a quick breakdown:
- Cash buyer: If you’re seeking speed and simplicity, consider selling to a cash buyer. While you will likely receive a lower price, this option eliminates the need for repairs, staging, or extended market time. This is a popular choice when an heir is trying to manage a property sale from out of state, and the distance is costing additional time and money.
- Top agent: If maximizing value is your priority, work with a top Arkansas real estate agent. A seasoned agent can guide you on repairs, marketing, and pricing to help you secure the highest possible sale price. HomeLight transaction data shows that the top 5% of agents across the U.S. sell homes for as much as 10% more than average agents.
To get a no-obligation cash offer, use HomeLight’s Simple Sale platform. You’ll be connected to the largest network of trusted cash buyers in the nation. Receive your cash offer within 24 hours and close the sale in as few as 10 days.
To find a top-rated Arkansas agent, use HomeLight’s free Agent Match platform. We analyze over 27 million transactions and thousands of reviews to determine which agent is best for you based on your needs.
Pro tip: You’ll want to find a top-rated Arkansas agent who specializes in selling inherited homes and has a high sale-to-list ratio, meaning the percentage that a house sells for relative to its original asking price. A proven agent can also reduce the stress of selling an inherited property in Arkansas.
8. Consider a mediator for family disagreements
When selling an inherited property in Arkansas, you may run into situations when heirs don’t see eye-to-eye. For example, one heir might be reluctant to sell the home due to strong sentimental attachments. Another may disagree about what to fix or the home’s list price.
If multiple heirs are involved and cannot agree on these and other key decisions, hiring a mediator can help resolve conflicts. An impartial professional can facilitate discussions about the sale price, repairs, or distribution of proceeds, ensuring the process moves forward smoothly.
Consult With an Experienced Agent in Your Market
HomeLight’s free Agent Match tool can connect you with a top-performing agent to help you make the best decisions about selling a house you have inherited. We analyze over 27 million transactions and thousands of reviews to determine which agent is best for you based on your needs.
9. Donate, discard, or sell unwanted items in the home
Inherited homes often come with a lot of unwanted personal belongings. Cleaning and decluttering can be a significant step toward preparing the property for sale. According to a HomeLight survey of more than 1,000 top agents, removing clutter can help a property sell for as much as $8,000 more, on average.
Pro tip: To earn more proceeds, consider selling some items separately through a yard sale or on websites like Facebook Marketplace, Craigslist, and OfferUp. See eight tips to help you clear out your inherited Arkansas property in our post, “How to Sell a House Full of Stuff.”
10. If listing on the market, prepare the house for sale
Work with your agent to determine which updates or repairs will yield the highest return on investment. Focus on cost-effective improvements that highlight the home’s best features and help it stand out. Arkansas buyers often appreciate move-in-ready homes, so small investments can make a big difference.
Below is a list of some high-impact preparations that will help boost the property’s curb appeal so it can sell faster and for more money:
- Hire a landscaper to clean and beautify outside areas.
- Add fresh mulch and plant flowers.
- Replace or paint the front door for a more attractive entryway.
- Clean or replace dirty or worn carpet.
- Remove scuffs from linoleum floors.
- Remove or replace tattered drapes, blinds, and furniture covers.
- Fill holes and cracks so walls are ready for painting.
- Paint walls in a light, neutral color. (A high ROI ratio.)
- Consider if exterior paint is needed, even if just on the trim.
- Replace or fix broken fixtures, such as light switches, knobs, and handles.
- Fix dripping faucets and apply fresh caulk to showers and bathtubs.
- Deodorize the home if necessary.
Pro tip: Keep in mind that you‘re selling an inherited house, and you may not need to fix everything. You’ll want to balance the cost of repairs with all the other tasks you’re managing. An experienced agent can give you advice on what not to fix. Ask for home prep insights when you interview Arkansas agents.
11. Sell your inherited Arkansas property
Once the property is prepared, your agent will help price, list, and market it to potential buyers. Your agent’s marketing plan should include high-quality professional photos, open houses, and showings. Innovative Realtors will also create virtual or video tours and list the home on multiple social media platforms.
Your agent will handle all the necessary documents and provide insights about any required disclosures (more on this below). Their expertise can streamline the process from negotiating offers to closing the deal.
Alternatively, if speed is your priority, HomeLight’s Simple Sale can send you a cash offer within 24 hours. To get started, answer a few questions about the inherited Arkansas property and your desired selling timeline.
Pro tip: While Arkansas does not require a seller disclosure statement, the state’s real estate commission does mandate that agents “exert reasonable efforts to ascertain those facts which are material to the value or desirability of every property…and thus able to avoid intentional or negligent misrepresentation.” In other words, be transparent about property issues. It’s illegal for a seller to intentionally hide major defects from buyers.
FAQs on selling an inherited property in Arkansas
Arkansas does not charge an inheritance or estate tax. However, as the heir, you will inherit any debts tied to the property, such as unpaid mortgages or liens. Additionally, you may be subject to federal capital gains tax if you sell the property for more than its value at the time of inheritance. To understand your specific tax situation, consult with a qualified tax professional.
The probate process in Arkansas typically takes six to nine months, but it can take longer for complex estates. Factors that can extend the timeline include unresolved creditor claims, lack of a will, family disagreements, or the need to locate additional assets. Planning ahead with proper estate documents, such as a trust, can often shorten the process or eliminate the need for probate altogether.
A common mistake is neglecting to confirm the property’s financial and legal status, such as outstanding mortgage balances or title issues. Other pitfalls include setting an unrealistic listing price, skipping needed repairs that could boost market value, and letting emotions influence critical decisions. Carefully evaluate your options and seek professional guidance when necessary to avoid these missteps.
Selling a home by owner in Arkansas might seem like a way to save on agent fees, but it can be more challenging and time-consuming than anticipated. FSBO homes generally sell for less than agent-assisted homes. According to the National Association of Realtors (NAR), FSBO homes sold at a median price of $380,000 last year, significantly lower than the median selling price of all homes, which was $435,000. By working with a real estate agent, you’re likely to achieve a better overall outcome, even after paying commission fees.
Spring is often the best time to sell a home in Arkansas, as buyers are preparing for summer moves. Listing in March or April can position your property for a closing in June or July. Since the real estate market can vary by location within the state, you can use HomeLight’s Best Time to Sell Calculator to identify the ideal time for your specific Arkansas city.
Ready to sell your inherited property in Arkansas?
Selling an inherited property in Arkansas can feel overwhelming at first, but the right strategies and support can turn a stressful task into a rewarding opportunity. Whether you’re navigating probate, coordinating with family members, or simply trying to maximize your sale price, taking thoughtful steps can make a big difference.
If you need assistance, consider connecting with a top Arkansas real estate agent through HomeLight’s Agent Match platform. A trusted local agent can guide you through the process, offer expert insights, and help you achieve your goals.
Alternatively, if you prefer a fast, convenient sale, HomeLight’s Simple Sale platform can provide a no-obligation cash offer, allowing you to close quickly and move forward with confidence.
Selling your inherited property doesn’t have to be a burden — with the right approach, it can be a smooth and successful experience for you and your family.
Header Image Pexels: (Athena Sandrini/ Pexels)
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