Selling an inherited home in TX is not as easy as oh, I just got a house, now I can sell it! Read on to learn how to sell a house you inherited in Dallas / Fort Worth TX…
First of all, there’s no easy way around preparing a loved one’s house for sale. It can be very emotional going through their things, going through each room and decluttering and trying to figure out what to do with all their belongings. Not to mention the cost of selling items or having junk removed, etc. etc. Then there’s the cost for marketing the home once you’re ready to sell it. It adds up!
So if you’re wondering how to sell a house you inherited, you’ll need to know who the heirs are if you don’t already. Maybe there are cousins who’ve been left a property or multiple siblings involved. Getting that figured out is key.
Usually the heirs are the ones who are left with having to deal with the sometimes high costs of liens and other financial issues associated with the property. Consequently, if there are multiple heirs involved, sometimes disagreements arise.
So we at Madison Lea Homes have compiled a few points that should help steer you in the right direction, if you ever find yourself in this kind of precarious dilemma. Here are a few tips on how to sell a house you inherited in Dallas / Fort Worth, that should help get you heading in the right direction.
Making the probate process go smoothly
Get some advice
The first step once you’ve inherited a property is to get some professional advice. You must understand what status your property is in. Make sure that you verify your ownership of the property. There are estate attorneys that can help, and it’s not a bad idea to seek advice from a real estate attorney as well. The more expert advice you can get, the better off you’ll be. And feel free to utilize this website too, of course. At Madison Lea Homes, we offer fair all cash offers on inherited local Dallas / Fort Worth houses as long as the house qualifies. Fill out the form here to get started.
Next Step: Begin the probate process in Dallas / Fort Worth
Before you begin the selling process, your house must go through probate. Many counties allow for a summary probate – which is just a simple process that takes a very short time and involves less legal processes. Once your house passes the probate process in Dallas / Fort Worth, you can then put it on the market. Make sure you look into what’s required in your county and know ahead of time what’s involved with the process.
Tax consideration
The tax basis of your property is the value of the house or property on the date that the previous homeowner died. The difference between the amount you realize from the sale and the value is basically the gain on which you owe the taxes. Make sure you talk to an accountant or tax adviser so that you’ll have a better understanding of what all the tax ramifications are when you sell an inherited property.
How to sell a house you inherited in Dallas / Fort Worth
Agreeing to sell
If you’re ready to sell your house in Dallas / Fort Worth, you can inform the executor of the estate to petition the court in order to get the “go ahead” to proceed with the sale from there. Problems often arise when siblings who share the inheritance have different views – for example, some may want to sell the home, while others may want to keep it in the family, one might decide they want to live there, or there may be one or two that thinks it’s a good idea to rent it out. Whatever the case may be, it’s a good idea if there’s a disagreement to sit down with a third party mediator to help everyone try to get on the same page. The estate attorney can help guide you through this if need be, and they’re a great resource for any questions that arise during 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. You’ll need to get rid of everything! You can choose to hire an inspector to note potential issues and recommend possible repairs. Although you can sell a home in Dallas / Fort Worth “as is” you may have no choice but to accept a lower price, especially if your house requires extensive repairs or cleaning.
Here at Madison Lea Homes however, we will always give you a fair deal and help you get as much value from your inherited house as possible. We often times buy local houses in Dallas / Fort Worth, repair and fix them up and either rent them out or sell them to someone else looking for a home that’s move-in ready. If you sell your inherited home to us, we will buy it as-is, in any condition, will pay for all closing costs, and you can walk away with your inheritance in the bank with as little hassle as possible.
If your local Dallas / Fort Worth house meets a few simple qualifications, we can buy your house fast.