Selling an inherited house in Houston is not as easy as people think! Read on to learn how to sell a house you inherited in Houston Texas…
First of all, there is always that emotional bit of preparing to sell the house of a loved one – 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 an attempt to get a fair market value and attract potential buyers.
Usually, heirs get to deal with the high costs of liens and other issues associated with selling an inherited property. Consequently, disagreements may arise.
Therefore we at Millennial Home Solutions 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 in Houston, whether you’re on the fence about selling with a real estate agent or on your own.
Making the probate process go smoothly
Get some advice
The first step you should take when you want to sell an inherited house is to get some professional advice. You must understand the status your inherited home is in. Make sure that you verify your ownership. Seek advice from a real estate attorney. Get info from other experts too. Often times a real estate agent can give you some advice on the value of the inherited house, either what it would be worth in tip-top condition or its current value as well. Aside from that, you can completely utilize this site too of course. We can also give you a fair deal for your inherited property if it qualifies. Fill out the form here to get started.
Next Step: Begin the probate process on the inherited house in Houston
Before you embark on your journey to sell an inherited house it first must go through probate. Most countries allow for a summary probate – which is just a simple process that takes a very short time and involves fewer legal processes. Once your inherited property passes the process in Houston, you can then put it on the real estate market.
The tax basis of your property is the house value on the date that the person who willed you died. The difference between the amount you realize from the home sale and the value is basically the gain on which you owe the taxes. You might need to speak with a real estate or tax professional to see what sort of tax implications may arise. Ask them about inheritance tax and capital gains tax to make sure you are prepared. You wouldn’t want to be surprised once you sell the property and you have to pay capital gains taxes! That is one of the biggest tax implications you will face when selling an inherited house or any house for that matter.
How to sell a house you inherited in Houston
Agreeing to sell
If you are ready to sell your house in Houston, you can inform the executor to petition the court in order to get the “go ahead” sign and proceed with the sale from there. Problems always arise when siblings who share the inheritance have different views – for instance, others may want to sell the inherited property while others may choose to keep the home. Another most common situation that occurs is not all siblings will agree on a purchase price. If everyone is not on the same page about selling the house there will be some friction. If and when this happens to be the case, it is important to “disagree to agree”. It is also important to involve your estate lawyer in this stage.
Preparing to sell
A house that belonged to an elderly person may require repairs and a bit of updating before you can put it up for sale on the real estate market. You will need to get rid of everything! Before you sell the home, you might have to have an estate sale if you want to liquidate items in the house faster. You can also choose to hire an inspector to note down potential issues and recommend possible repairs. Although you can sell an inherited house in Houston “as is” you may be forced to accept an offer less than market value, especially if your house requires extensive repairs or cleaning.
Here at Millennial Home Solutions however, we will always give you a fair deal if you decide to sell and help you get as much value from your inherited home as possible. We often times buy local houses in Houston, repair and fix them up and either rent them out or sell them to someone else looking for a great deal.
If your local Houston house meets a few simple qualifications, we can buy your house fast.
You can fill out the form or pick up the phone and give us a ring anytime at (281) 640-0447
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