Selling an inherited home in TX is not as easy as people think! Read on to learn how to sell a house you inherited in Fort Worth TX
First of all, there is always that emotional bit of preparing a loved one’s house ready for sale – 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 order to attract potential buyers.
Usually heirs get to deal with the high costs of liens and other issues. Consequently, disagreements may arise.
Therefore we at Texas Best Home Buyers 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 Fort Worth, and some tips on the probate process, to help you avoid some of the stress.
Get Professional Advice If Needed
Find out the status of the mortgage and get some advice if needed.
The first step you should take is to find out the status of the mortgage. Are there any liens on the property such as unpaid taxes? Is the mortgage paid off or does someone need to keep paying the mortgage? If there are multiple heirs sometimes it can be complicated. If there isn’t already an executor of the will or a personal representative then the heirs may need to nominate a person take this role. If there are conflicts among the heirs about the sale of the home hiring a mediator may help you to resolve the issues a lot quicker than going through the process in court. A real estate attorney with probate experience is also a valuable resource. The point here is to get some professional advice in all the areas where you have concerns. Make sure that you verify your ownership. And completely utilize this site too of course. We would be happy to discuss your situation with you. If you are considering selling the property we can walk you through first steps and your most likely options. If you are sure you want to sell we can also offer you a fair deal for your inherited local Fort Worth house if it qualifies. Fill out the form here to get started.
The Probate Process And Taking Ownership
Next Step: Begin the probate process in Fort Worth
Try to get a sense of when you will actually take ownership of the property. If you inherited the property via a living trust or life estate deed the process will be much faster than if you have to go through probate.
There are two types of processes for probate in Texas. The first one is Dependent Administration where the court is much more involved. The second one is Independent Administration, a much easier process. Consulting with an experienced probate attorney or a certified probate real estate advisor could be a helpful first step. They can assist you with all the steps of the process if you need to go through the courts to transfer the property.
First, unless the property is to be transferred by a trust or joint ownership with a right of survivorship, the executor of the will needs to file for probate. If there is no will, the closest relative will need to file an heirship affidavit. A Texas Affidavit of Heirship
is a form used to transfer property instead of going through probate when a person dies without a will and the heirs agree to not probate the will.
When the transfer of property or the probate process is complete, and the estate is settled, you’ll be able to decide what you want to do with the inherited property.
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 sale and the value of the house on the date the original homeowner passed away is basically the gain on which you owe the taxes. If you plan to sell the property in a few years you might be able to get a home sale tax exclusion if you live in the home as your primary residence for a total of at least two of the previous five years. It is best to discuss the sale and any proceeds with your tax professional so you don’t end up owing.
How to sell a house you inherited in Fort Worth
Agreeing to sell
If you are ready to sell your house in Fort Worth, you can inform the executor to petition the court in order to get the “go ahead” sign and proceed with the sale from the there. However, problems arise when heirs who share the inheritance have different views – for instance some may want to sell the house while others may not be for the idea. If and when this happens to be the case it is important to involve your estate lawyer and/or a mediator in this stage. Probate can take one week to six months. Once probate is settled you can move forward to the process of selling your property.
Preparing to sell on the open market or to a cash buyer.
Selling on the MLS Multiple Listing service will take time and effort. A house that belonged to an elderly person may require repairs and a bit of updating before you can put it on sale. Although you can sell a home in Fort Worth “as is” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning. But to sell on the open market you will need to get rid of everything! You can choose to hire an inspector to note down potential issues and recommend possible repairs. You’ll need to declutter, deep clean, spruce up your curb appeal, stage your home and have showings to get the top price for your home. Finding a buyer and completing the sale can take a significant amount of time anywhere from 3 – 6 months.
If you’re pressed for time selling for cash to a cash buyer if your house qualifies can be faster, easier and a lot less stressful than selling on the open market.
Here at Texas Best Home Buyers 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 Fort Worth, repair and fix them up and either rent them out or sell them to someone else.
If your local Fort Worth house meets a few simple qualifications, we can buy your house fast. We can close on the sale in as little as a week. And you can move whatever you want to take with you on your schedule. We can take care of everything else. There’s no need to declutter, clean, make repairs or have showings. We do our best to make the process as easy on you as possible and there won’t be any real estate commission fees or closing fees to come out of your proceeds. Let us know if you’d like to discuss your situation. We look forward to hearing from you!
You can fill out the form or pick up the phone and give us a ring anytime at (817) 808-4911