In Texas, selling an inherited house can be difficult, especially if the property has problems attached to it. At the same time, it can also be surprisingly simple if you choose the right course of action.
When you are faced with the death of a parent, sibling, friend or your spouse, and have to sell an inherited house, the details involved and stress to follow can be out of this world.
If there are siblings or other heirs involved, some important decisions must be agreed upon. Decision making amongst siblings can become a proverbial arm wrestling match: some of them may not want to sell the house, or they may not agree on the selling price. In a nutshell, with multiple agendas in motion, siblings sometimes have acute trouble agreeing, which complicates and delays the sale.
When you inherit a house in Austin TX with attached debt such as existing mortgage(s), outstanding utility payments or tax liens, these obligations remain in full effect. Whether it’s a trust, small estate or probate house, these attached debts should be addressed and settled first, before the closing of the sale. This problem complicates the selling process and requires more time to complete the home sale.
When illness, tragedy or end-of-life circumstances hit, regular home maintenance and pending repairs for the family home are oftentimes not dealt with. Many times a probate house needs expensive repairs that may not be possible or feasible for heirs to take care of. More importantly, the process of doing costly repairs, complicates and delays the sale of mother’s house, or any family home. Conventional home buyers normally prefer buying homes without perceived problems, and even without a serious past repair history.
Selling a family home after the death of a parent can be difficult. Whether the property is going through probate or you are transferring title via another legal remedy, the easiest and most convenient way to sell the home of a deceased family member is to sell it to a real estate investor.
Austin Cash House Buyer are a group of private Texas real estate investors, specializing in buying homes in any condition. Proudly serving Austin, Texas and the surrounding areas, we’re best known for delivering high speed, convenient home sale closings with zero out of pocket cost, and zero-commission.
Whether you are selling the house left in a will or inherited as a part of intestate estate, whether you are going through probate or avoiding it, selling to us, is your fastest solution.
The best part of selling your inherited house to Austin Cash House Buyer is that we buy it, in any condition. No repairs are needed; you can sell the house as is.
A huge benefit of selling your house to us is that we will buy your house for cash. This is important because selling to us means you can avoid waiting for months and even helping the buyer to resolve a host of traditional mortgage financing roadblocks: property condition requirements, lending regulations and financing restrictions.
In a typical real estate sale, after an offer has been accepted, the sale transaction lasts anywhere from 30-60 days. But, when you sell your home to us at Austin Cash House Buyer, your house will be sold in only 3-30 days! Can you imagine, wanting to sell the probate house you were left in a will, and then miraculously selling it just a few days later? What a relief.
We are expert real estate investors and we can help you. We take care of all the paperwork, transactional details and other problems that arise when you sell a house you have inherited. Seasoned at negotiating with creditors, we can even settle debts that are attached to the home. Don’t worry, here at Austin Cash House Buyer we can also help to skillfully resolve disagreements between siblings.
First thing you need to do is determine whether or not the house is going to be probated. Was there a will left by the deceased? Was the house in a living trust?
Probate is the court supervised process of managing a deceased person’s estate and distributing the assets within that estate to the heirs. A significant part of the probate process is paying the debts owed by the deceased person. In Texas, probate is required for most estates that include real estate property.
When a house is under probate, a pre-selected person—the executor of the will—is appointed to carry out the terms of the will and disperse the inheritance property amongst the heirs. If there is no will, this responsible person is called the administrator of the estate and has similar power and responsibilities to the executor’s. This person is usually the closest relative of the deceased or a paid professional, and is usually named in the last will.
In Texas you are not required to get a probate attorney.
A probate sale can also be called an executor’s or administrator’s sale when the house is sold privately to an interested buyer. The other option is a real estate auction where a house is sold to the highest bidder.
In Texas, probate is not required for a house if it is held in a living trust. When the person passes away, the successor trustee will be permitted to transfer ownership of the house to the trust beneficiaries, or just to sell the house while it’s still in the trust.
You don’t need a probate if the property was jointly owned by you and the deceased with the right of survivorship.
Finally, if the total value of the estate of the deceased is under $75 000 (in Texas), excluding exempt property, and the house is a part of this estate, you can file a Small Estate Affidavit to significantly shorten the probate process.
Please reach out to us to discuss all your options. We are skilled, diplomatic real estate investing professionals. Your situation may be complex; we understand and we can help you. Contact us now and we can give you a big picture understanding of your best plan of action, so your house can be sold easily.