Have you just inherited a house in Tarrant County, Texas? If so, here are some suggestions for first steps and some things to consider.
At a time when you may be experiencing grief from the loss of a loved one, there are a lot of decisions to make. It can be stressful making funeral arrangements, managing your loved one’s finances, and property. Here are some important steps to guide the process when you inherit a property in Tarrant County.
The first step is to get a clear understanding of where the mortgage stands. Find out if there are liens or judgements attached to the property. Also do a title search to find out if there are any issues with the title. If there are mortgage payments to make be sure that you or the executor/personal representative of the will pays those on time. Any missed payments need to be paid as soon as possible too.
The next step is to 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.
If you’re considering renting the house:
- Update your insurance coverage to reflect the new situation.
- Decide who will manage the property
- The property manager should be in a location close to the property.
- What updates or repairs need to be done?
- Do you have the time and money to make repairs now and extra money if needed for repairs in the future?
- What would this property rent for right now? Would it be enough to cover your expenses?
If you want to keep it, here are some things to consider:
- Can you afford any applicable taxes, maintenance, property insurance, utilities, association fees and the mortgage?
- What repairs does the property need? Sometimes one repair can lead to more repairs. Do a thorough evaluation and inspection.
- Consider the emotional impact of living and owning this home of the deceased person and what you’ll do with the home furnishings.
- What benefits would you access by keeping this property?
If you’re thinking about selling inherited property in Tarrant County, here are some things to consider:
- What is the value of the property and how much equity is in it?
- What repairs does the house need?
- Can you afford the taxes, maintenance, repairs, property insurance, utilities, association fees, and the mortgage if there is one?
- If you sell the property, you will only have to pay capital gains tax on the market value amount the property increases in value from the day you own it.
- Do you need to sell in order to split the estate between beneficiaries or to pay off debt or liens?
- Could you benefit in other ways from selling this home now?
Texas Best Homebuyers can help!
Why are we the best? We have multiple options to offer you. If you have inherited a house in Tarrant County, we can provide you the info you need to compare what you’d make from listing your home vs selling it to us directly. We’ll give you a fair cash offer -often in 7 days or less -if you’re interested in selling your property fast! You can take what you like and leave the rest to us. Sometimes it makes sense to keep it simple and move on! If you sell to us directly there are no commission fees and no closing costs. You can close when you want to and have lots of flexibility regarding when you move.
Texas Best Homebuyers will list the property for you if that is what you prefer. We have other special skills to help you keep your home and to give you 100% retail value on your home. Either way we do our very best to make the sale of your home as easy as possible.
Get your best offer here! Fill in the short form below, or call or text us today. 817-808-4911