Selling an inherited home in is not as easy as people think! Read on to learn how to sell a house you inherited in Floresville …
First of all, there is always that emotional bit of preparing a loved one’s house ready for sale – which most likely includes depersonalizing his or her rooms and also clearing out all the belongings… Then there is the cost of marketing the house in order to attract potential buyers. Not to mention the cost of maintaining the house – from mortgage payments to taxes to utilities to keeping the grass cut.
Usually heirs get to deal with the high costs of liens and other issues. Consequently, disagreements may arise.
Therefore we at Faye Y Taylor with StepStone Realty have compiled a few points that should help steer you in the right direction, if you ever find yourself in such a dilemma. Here are a few tips on how to sell a house you inherited without having to sweat as much.
Making the probate process go smoothly
Get some advice
The first step you should take is to get some professional advice. You must understand the status the house is in. Make sure that you verify the heirs ownership. Seek advice from a real estate attorney. Get info from other experts too. And completely utilize this site too of course. We can also give you information about the options for your inherited house. Fill out the form here to get started.
Next Step: Begin the probate process in Floresville
Before you embark on the selling process, your house must go through a probate. If there is a will the process normally is fairly straightforward. It will go through probate – which is just a simple process that takes a very short time such as a couple of months and involves less legal processes. Once your house passes the probate process, you can then put it on the market. If there is no will, it can be more complicated. The heirs must be determined and the estate is then divided based upon the laws of the state of Texas. Every heir has to be contacted and notified. Once that has been settled, then someone will be appointed to handle the estate and its disposition.
The tax basis of your property is the house value on the date that the person died. The difference between the amount you realize from the sale and the value is basically the gain/or loss on which you owe the taxes. So it is a good idea to get a formal appraisal of the house for the date of death.
How to sell a house you inherited
Agreeing to sell
If you are ready to sell your house, you can inform the executor to petition the court in order to get the “go ahead” sign and proceed with the sale from the there. Problems always arise when siblings who share the inheritance have different views – for instance others may want to sell the house while others may not be for the idea. If and when this happens to be the case, it is important to “disagree to agree”. That is one of the reasons it is important to involve your estate lawyer in this stage. In this case, the court will determine when and how the sale can proceed.
Preparing to sell
Some houses especially homes that have been in a family for many years may require repairs and a bit of updating before you can put it on market for sale. You will need to get rid of everything in the house! Clear it out of clothes, furniture but not necessarily appliances. Appliances can affect the financing that a buyer can obtain when you sell so ask a real estate agent what must be in the house to get financing. You could choose to hire an inspector to note down potential issues and recommend possible repairs. Although you can sell a home in Floresville “as is” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning. Some homes in an “as is” condition cannot be financed by a buyer so your only option is to sell for cash. Cash limits the number of buyers you will have.
Here at Faye Y Taylor with StepStone Realty however, we will always give you a complete idea of all your options and help you get as much value from your inherited house as possible. We work with investors who can buy local houses in Floresville, repair and fix them up and either rent them out or sell them to someone else looking for a great deal.
If your local Floresville house meets a few simple qualifications, an investor can buy your house fast. But also know that investors are looking for a good deal and do not pay retail for a house. They are buying to fix it up and resale for a profit. That can also be your best option depending upon the condition of the home. If it can be financed and if you have the time to go through the retail selling process, that may be your best option. I have experience in all types of real estate transactions both from the retail side and the investor side so can explain both options fully.
You can fill out the form or pick up the phone and give us a ring anytime at (210) 216-7722
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As the Floresville Real Estate Agent – Faye Y Taylor is here for your questions and to help
**I am not a lawyer nor a practicing accountant. This Website provides general information related to the legal matters designed to help but does not provide legal advice. Although we work to make sure our information is accurate and useful, we recommend you consult a lawyer if you need/want legal advice. No attorney-client or confidential relationship exists or will be formed between you and us.