Inheriting property in Myrtle Beach comes with mixed emotions. Along with grief over losing a loved one, you’re facing important financial decisions. Should you keep the beach house? Sell it? Rent it out? Let’s walk through your options.

First Things First: Probate

Before you can sell inherited property in Myrtle Beach, you’ll likely need to complete probate. This court process typically takes 6-9 months in South Carolina and transfers legal ownership from your loved one’s estate to you.

The good news? Once probate is complete and you have clear title, you can make decisions about the property’s future.

Do All Heirs Have to Agree?

When multiple siblings or family members inherit property together, disagreements happen. In South Carolina, unanimous agreement isn’t legally required, but it makes everything easier.

If heirs can’t agree, you have options:

Partition action forces a court-ordered sale
Mediation with a real estate attorney
Buyout where one heir purchases the others’ shares

A real estate attorney can help navigate these family dynamics professionally.

The Tax News Gets Better

Here’s something to celebrate: South Carolina has no inheritance tax and no state estate tax. That’s zero state taxes on your inheritance.

For federal taxes, you only face estate tax if the total estate exceeds $13.99 million. Most Myrtle Beach inheritances fall well below this threshold.

Capital gains tax works in your favor too. Thanks to the “stepped-up basis” rule, your cost basis equals the property’s value when you inherited it. If you sell quickly, you’ll have minimal or even zero capital gains.

Example: You inherit a Myrtle Beach condo worth $350,000. Six months later, you sell for $365,000. You only pay capital gains tax on the $15,000 increase, not the full amount.

Your Three Main Options

Option 1: Keep and Rent It
Myrtle Beach’s vacation rental market is strong. Short-term rentals can generate excellent income, especially during summer months. However, consider:

Property management costs
Maintenance and repairs
Insurance (higher on the coast)
HOA fees
Property taxes (about 0.56% in Horry County)

Option 2: Sell It
Get immediate cash and eliminate ongoing expenses. This works best if:

You need money now
You live far from Myrtle Beach
Multiple heirs want to cash out
The property needs expensive repairs

Option 3: Move In
If you’ve always dreamed of beach living, inheriting property might be your opportunity. Just budget for coastal insurance premiums and hurricane preparedness.

What About the Mortgage?

If your inherited property has an outstanding mortgage, it must be paid before or at closing. The “due on sale” clause typically requires immediate payoff when ownership transfers.

Contact the lender immediately to discuss your options. The mortgage debt reduces your proceeds from the sale but doesn’t prevent you from selling.

Selling Timeline After Probate

Once you have clear title:

Preparation: 1-4 weeks (cleaning, minor repairs, staging)
Listing to offer: 30-90 days (Myrtle Beach market average)
Closing: 30-45 days
Total: 2-5 months

Pro tip: Spring and summer are peak selling seasons in Myrtle Beach due to the tourist market.

As-Is vs. Making Repairs

Sell As-Is if you:

Live out of state and can’t oversee renovations
Need money quickly
Can’t afford repair costs upfront

Make Repairs if you:

Want to maximize sale price
Have time to wait
Can fund improvements from the estate

Cash home buyers specialize in “as-is” purchases and can close in as little as 7-14 days.

Avoid These Common Mistakes

Waiting too long to start the probate process
Not maintaining the property while deciding what to do
Pricing based on emotions instead of market value
Skipping the seller disclosure requirements
Not consulting a tax advisor before selling

Myrtle Beach-Specific Considerations

The Grand Strand market has unique factors:

Hurricane insurance costs more on coastal properties
Vacation rental income potential is substantial
Seasonal market means timing matters
HOA fees are common in beachfront communities

Resources for Inherited Property Owners

Horry County Property Records: Tax information and assessments
SC Bar Association: Find probate attorneys (803-799-6653)
Local estate planning attorneys in Myrtle Beach
Flat Fee MLS services like Houzeo for FSBO options

Moving Forward with Confidence

Selling inherited property in Myrtle Beach doesn’t have to be stressful. Take time to process your grief, communicate openly with co-heirs, and consult with professionals who understand South Carolina probate law.

Whether you decide to keep, rent, or sell your inherited property, make the choice that’s right for your financial future while honoring your loved one’s memory.