Inheriting a house in Houston can generate a lot of questions, such as, who owns the house?
What if there is no will?
What to do with the house?
Keeping the house may be your first wish, but sometimes you may not have a choice and need to sell the house. Selling an inherited house in Texas can be very challenging, but not impossible.
Arming yourself with the right information and calling on the assistance of Houston House Flip, selling your inherited house should come with ease.
Selling an Inherited House in Houston
When making the decision to sell an inherited house, there are several factors to consider. Some of these factors include…
The emotional roller coaster of selling your inherited house
Although easier said than done, it is important that we try to emotionally prepare ourselves. This can be a very emotional roller coaster and being emotionally prepared will help us make better business decisions.
The financial cost to get the house market ready
One of the hardest tasks to get the house ready to sell is to remove your loved one’s belongings. Then there is the possibility of the house needing repairs or updates. Who is going to pay for this? Who will manage this? These are just a couple of the questions that come up when selling an inherited house.
Dealing with potential costly leins and other hidden challenges regarding title
Who is an heir? Did your loved one have a will? What if your loved one did not have a will? And unexpected costly leins are among some the questions/challenges to deal with when selling an inherited house.
Try not to get overwhelmed. These are just some of the reasons it is important to seek assistance from a real estate professional who has experience buying and selling inherited/probate houses in Texas.
If you have recently inherited a house and are considering selling it, we would love to hear from you and walk with you through the process.
A few more very important things to do…
Checking off the following items will not only protect you, they should help make things go smoother.
Identify Heirs and Leins
We can do this by having a title company do a title search and generate a title report explaining who is on title and/or are heirs. If your loved one left a will, we (title company) will need a copy. If, not, then the title company will supply us with a questionnaire to help determine heirs.
Determining heirship can be a very tricky process and you should not try to accomplish this task on your own without an attorney and/or title company. We work very closely with you and title company to make this process as simple as possible. This report will also show what leins are on the property and in most cases the title company can assist with getting the leins resolved.
Maintenance And Vacant Home Insurance Policy
Maintaining and upkeep on an inherited house can become overwhelming and is sometimes a factor in deciding to sell the property, but it is very important to ensure a minimum of care is in place to protect the home. Maintenance may include obtaining a vacant home insurance policy to protect the estate from liabilities, paying the property taxes, maintaining lawn care, paying the utilities, and removing the contents of the house.
One way to make this easier or less stressful is to have help when possible. If the family is on good terms, then one person could take the financial responsibilities, another can take the responsibility of lawn care, etc…
Find Out How Much The House Is Worth
A realtor,professional real estate home appraiser, or an experience home investor are good sources to reach out to to find out how much the property is worth. Sometimes selling the home on the open market is the right way to go, but most of the time selling to a home investor is the best route.
Top reasons why it may be better to sell to an investor:
- Quick closing
- Peace of mind
- Sell property as-is
Remember: We are here to help you. If you have inherited a house and are considering selling, or just want to know your options, we would love to hear from you. Family members coping with the loss of a loved one is hard enough, and dealing with the estate left behind only adds stress.
Disclaimer: This is general information and is not meant to influence your decision in any fashion as there are other things involved. When signing a contract of any kind, it is always advised to obtain legal counsel. This is just general information and must be verified…
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