Inheriting a home from a loved one can be both a joyous event and a significant responsibility. Your decision to make changes must be thoughtfully undertaken as it will affect you and the generations coming behind you.
Depending on the circumstances, you might have multiple options on what you can do with the home—from renovations to renting it out or selling it.
Inheriting a property can be an excellent opportunity, and, for some, inheriting a home means fixing the house so that they can move into it. You’ll likely need to work on the property you’ve inherited or hire a contractor to do this for you. This may mean obtaining a mortgage and other debt. Many variables are involved when someone inherits an asset like a house after a loved one dies.
Many people find it difficult to sell the inherited house, so they often turn to our services for help.
Selling inherited property in Texas can be quite daunting, but here’s a quick guide with all you need to know to confidently manage the process.
What Should I Consider Before I Sell my Inherited House in Houston?
We hear a lot of questions from homeowners who are looking to sell their inherited property. We often field the common question: “How do I sell an inherited house?”
As a Houston house seller, it’s essential to know what Texas real estate agents look for when evaluating your property and determining the list price. Some realtors use market comparisons, while others utilize an evaluation method to focus on what the property could sell for in a tight market.
Of course, it’s crucial to conduct a thorough inspection of your home before you decide to sell the house as-is in Houston. Any significant repairs, upkeep, and maintenance that needs to be done should be considered before any potential sale, and these issues could have a big impact on the market value of your home.
Legal ownership of a property may be an obstacle when purchasing a house. Any title issues and outstanding debts that exist at the time of sale must be resolved before you can move forward with selling an inherited house, but working with a company that buys houses as-is, like PPS Home Buyers, can solve these headaches.
What are my Options? Can My Inherited Property Be Sold in Houston?
As the heir, you may be thinking about selling the home to get it off your hands. Good news! There are options for your inherited home that can give you a solid footing for your future.
Of course, you can choose to move into the property on your own. In this case, homebuyers can save a lot of money on rent or another mortgage. If you’ve no intention of living there yourself, you may choose to rent the house to tenants for some income.
However, when you own a rental property, it’s not just about managing the tenants but also renting it out successfully. Being a landlord isn’t always easy—especially if you are new to owning a property.
The easiest option is to sell the house you inherited. Selling an empty or vacant house will also save you money on holding costs, insurance, and nuisance issues.
How to Sell an Inherited House in Houston
Selling can be a great way to get some money, but it comes with risk and stress. If you want to avoid problems down the line, there are a few things you’ll need to do. It’s important to sell in accordance with state and federal laws (if applicable) and keep up to date with legislation.
State and federal rules can include:
- Inheritance Tax
- Federal Estate Tax
- State or Local taxes
- Capital Gains Tax
- Other Outstanding Taxes
To make this process go smoothly, you will need some important documents, including the death certificate of the person who left you the property. Once you’ve made the required arrangements, you can start the process by filling out an Heirship Affidavit. The Heirship Affidavit is used to validate your association with the family member. It is a crucial part of the probate court process that determines the property’s legal rights. It’s important to understand the probate process in Houston, and this extends to respecting the contents of the home while probate is in process.
Finally, as the inheritor, you must clear the home’s title before selling it. It’s often a time-consuming and lengthy process to locate and claim inherited property from another individual, especially if liens are involved.
On top of the challenges of selling a home, the grieving process can make it even more difficult. While you grieve, practical concerns still need to be dealt with. When you are ready to sell your inherited home, a trusted house buying company can relieve some pressure. When trying to sell your parent’s home, it can be hard to distance yourself emotionally and get a good perspective on what needs to happen.
Luckily, our team of experts will help guide you through the entire process, doing all of the heavy lifting so you and your family can focus on more important matters.
How Do I Sell An Inherited Property In Texas?
It can be inconvenient when you inherit a house if your finances or current situation will not allow you to take advantage of it. Perhaps you live in another area or have another home, or you are not in a financial position to live in or care for a house.
If you do not plan or can not live in an inherited house, you have many options for selling; all come with considerations.
A private sale means you will need to complete paperwork, ensure that applicable debts are paid, and other details. Selling with a realtor or real estate agent means spending a lot of time and money on things like negotiating what is considered fair market value, the closing cost, and the realtor commission. Dealing with a house buying service removes the hassle of extra paperwork and puts more money in your bank account.
Wondering how probate affects a home sale? See this post on how long an executor has to sell a home in Houston.
Can I Sell A House I Just Inherited?
Whether a house has debt or not, you can still sell it. Remember that the additional expenses, such as a mortgage or other lien on your inherited home, will need to be paid off before it is sold. You will need to include these costs in the final selling price. See this post if mortgage payments have been missed and you need to sell it fast.
The decision to sell an inherited house can be difficult, which is why it is essential to work with a company that has experience dealing with removing liens and other encumbrances.
Do I Have To Pay Taxes On The Sale Of My Deceased Parents’ Home In Texas?
When an individual dies, the property is no longer considered theirs creating certain tax implications. In most cases, the new estate or property owners will need to pay any applicable taxes during their yearly income tax returns. This applies similarly to anyone else who buys a property. Texas doesn’t have an inheritance tax, but federal taxes are associated with the house. These depend on the value of the property.
Can You Sell my Inherited Home in Houston?
If inheriting a home feels overwhelming, you’re not alone. We’ve seen hundreds of homeowners in your situation and have heard the same question: “Can you sell my inherited home?” Many homeowners who inherit property are looking to sell quickly while focusing on other personal goals. Since we buy houses fast in Houston, please consider us a great option to help you.
We’ve never failed to work out a settlement on our property deals. We’re a generous cash buyer and take care of everything you need when selling an inherited house. We settle all the concerns you’ll have in buying a home, including:
- Outstanding Liens
- Property Taxes
- Permit Issues
- Structural Issues
- Costly Repairs
And so much more…
The PPS Home Buyers team is a group of experienced professionals with years of experience in the real estate industry. When you work with us to sell your home, we won’t pressure you or rush anything. Selling your house without a traditional realtor might be new to you, but it’s also refreshingly simple. We aim to make this process smoother and less stressful than it can be. Plus, you don’t pay us commissions or closing costs!
Selling your house this way has never been easier. We take care of everything so that you can save the time, money, and frustration that is often wasted during a home sale.
We’ll give you a fair cash offer, no matter what the home’s condition may be.
This includes inherited homes!
At PPS Home Buyers, we have everything it takes to make the sale of your inherited home a success. We’ve been helping homeowners with their needs for many years and know how to navigate the diverse landscape of the industry without problems.
Why Sell to PPS House Buyers?
If you’re looking for a house buyer for your property, look no further. We buy houses in any condition (including those with mechanics liens or before foreclosure) and in any situation—for fast cash. We go the extra mile to make sure you have a smooth, enjoyable experience selling your property and plenty of money in your pocket at the end of it.
PPS House Buyers provide quick, easy, and hassle-free solutions for sellers. With the help of our Houston-area real estate experts, you will never need to worry about upgrades, decluttering, or dealing with tough-to-please market buyers. You can enjoy a hassle-free sale of your inherited home and then move on to the next chapter in your life.