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A traditional real estate sale can be overwhelming. But selling an inherited property has the added stress of dealing with estate issues in addition to any problems with the house.
Selling a house you’ve inherited is more complicated than selling your personal residence. Often, debts and disrepair come together with the house, and learning about it only after the death of a loved one, makes it especially complicated. If you have siblings sharing the inheritance, they may have differing ideas as to what to do with the home.
If the house was left in a will to you and your siblings, disagreements will probably arise. One sibling may want to keep the family home and live in it. Another one might have an unrealistic expectation of the house’s value. But a mutually acceptable agreement has to be reached before the estate can be settled. And coming to an agreement with your siblings will complicate and delay the sale.
Inherited homes frequently need costly repairs. Unknown to the decedent, water may have been seeping into the crawl space—causing mold. Or the roof may have been leaking—rotting the framing behind the HVAC unit. An out-of-date interior could also discourage a potential buyer from making an offer.
As a part of estate, the outstanding payments make the sale difficult, as before selling the property, you need to satisfy all debts first. If you took care of your mother’s financial affairs before her death, you will know her financial obligations. Otherwise, you discover the debt against her estate and need to find out what to do, while still dealing with the emotional pain.
Whether you are selling your inherited house during the probate, or want to sell it after transferring the title through another procedure, consider a home buying company of real estate investors. Selling the property to an investor is the easiest and most convenient method. You get cash right after a quick and simple real estate transaction.
Sell My House Fast San Antonio TX serves San Antonio and the surrounding areas. Our company has operated in the industry for many years and has a reputation for delivering the best services to home sellers who are facing all kinds of difficult situations, including the death of a parent or a loved one, and complicated probate issues.
As mentioned, inherited houses frequently need costly repairs. Maintenance may have been neglected or just overlooked—resulting in major damage. When you sell a house to us, you sell it AS IS. As professional real estate investors, we make fast cash offers for houses in any condition. Is the basement wet? No problem. Is mold growing behind the hot water heater? Not an issue. The investor takes complete responsibility for the condition of the house. Once you have accepted our offer, you don’t have to fix, update, and even clean anything.
Our real estate investor will buy your house in any condition. And that includes any paperwork issues or financial obligations regarding the house. You won’t have to negotiate with any creditors. The investor will settle all debts, including tax liens, mortgage and utility bills. And you also won’t have to resolve disagreements with any siblings alone. We will help you and other beneficiaries to come to a mutually acceptable resolution.
Because selling to a real estate investor is such a streamlined process, you can have the quickest possible sale. The entire real estate transaction can be completed in 3 to 30 days on average.
The real estate investor will make a cash offer for your house. When you accept their cash offer, you can expect to receive the entire amount at closing. You will not have to wait for the buyer to be approved for a mortgage from a bank, which can take months in some cases. And we don’t charge for closing costs or any hidden fees.
First, find out if the house will have to go through probate, as in some instances probate can be avoided. Also, you need to find out if the deceased left a will, according to which the estate should be distributed between the heirs and beneficiaries.
Probate is the legal process of settling the estate of someone who has died. Normally, when a property is not in a trust or jointly owned with a surviving spouse, it must go through probate.
If a probate is required, you need to get a probate granted by the court. Once granted, you can sell a house under probate through a real estate auction or an executor’s sale. Or you can sell the house after probate—when you become the legal owner.
You can sell a house without probate if certain legal requirements are met.
After the death of a parent, the family home can be transferred directly to you if it’s in a living trust. Or it can be sold while in the trust, and the proceeds transferred to you.
If you are a surviving spouse, your house may be transferred automatically to you (if held jointly with your spouse with the right of survivorship).
An estate valued under a maximum amount as determined by state law ($75 000 in Texas) may be considered as a small estate. The probated house must still go through probate but the process is much faster and less formal than the standard probate process. In this case you need to file a small estate affidavit.
We buy inherited houses every day. It would be highly unusual for you to have a situation that we have not seen before. Our professionals can advise you what you need to do to sell your inherited house. Call us to easily sell your home in probate or outside of it.