How to Sell an Inherited Property Nationwide
A loved one has passed and now you are faced with the decision and task to sell your inherited property. Understandably this could be a very emotionally and stress charged task to deal with for anybody. Managing not only the loss but expectation on how to properly and justly manage the estate sale of your inherited property in Nationwide, .
Understanding what happens when you inherit a house, as well as addressing the tough financial and emotional decisions on what to do with the house, can be intimidating.
Here we explain to you some options that you may or may not be aware of when on the specific topic of how to sell an inherited property in Nationwide, .
There are many factors to consider… Some popular questions are:
- What will it cost to actually sell an inherited property?
- What if title is not clear?
- Do I have to hire an attorney to be able to sell my inherited house?
- What s my will has not been probated?
- Who has to be involved in the decision and sale of our inherited home?
1st Step: Property Title
In order for a sale of the property to occur a clear title will need to be achieved that is insurable by a Title Company. In the case of a deceased party the first possible step is to perform and understand a title preliminary research with a reputable title company, this step can also be done free of charge as part of a purchase and sales agreement between a buyer and seller during the escrow process. Based on the preliminary title research results all of the details of title that need to be addressed for it to be considered clear will arise and working together with the title company and attorney clear title could potentially be achieved.
2nd Step: Managing The Estate
No what about the status of the Estate… What if there was no will? Even if there is a Will, does it have to be probated? What are our options with an unsettled Estate?
Affidavit of Heirship
An “Affidavit of Heirship” is witnessed declaration by heirs attesting to the possible heirs of the deceased property owner. As long as all the parties and siblings are aligned on the sale of the house and cooperate with the itle company and buyer in pushing forward the Affidavit of Heirship hindering the potential sale of the home it is very cost effective approach to selling the property even if there was no probated will completed.
Usually, there is no requirement in involving an attorney nor paying legal or retainer fees. This instrument is used very commonly to sell properties that are inherited but have not been probated or settled.
It is definitely an option as long as all the heirs and siblings that could claim rights to the estate are aligned and cooperate to move the sale forward.
Executrix with a probated Will Appointed by the Court
At this stage of the estate, the property under the estate has the Executrix appointed by either the court or a probated will and should be able to manage the sale of the property very much like a traditional sale. It is not mandatory in most cases to complete the probate process to sell residential real estate process as mentioned earlier by the “Affidavit of Heirship” approach and this route is usually less cost-effective and lengthier but if there are any discrepancies amongst the heirs and siblings it may be the only option available. We highly recommend seeking services of professionals that manage this type of cases in a daily basis since it is a focus area that deserves the utmost highest regard of competency and quality of service in such a situation like an inherited home in Houston, TX.
3rd Step: Consider All Factors
When you inherit a house, you need to consider these three things:
- The financial and legal responsibilities of the inherited home, including debt obligations.
- The tax liabilities of the inherited home, including federal estate taxes or capital gains.
- What you’ll do with the home, which could include moving into it, renting it out, or selling it.
What is the condition of the property?
The condition of an inherited property often impacts what people decide to do with it. If the property hasn’t been maintained, it could need expensive and time-consuming repairs. Coordinating a renovation is a big task and should be carefully considered before deciding whether to keep the house or sell it.
Additionally, the new owners are now responsible for paying taxes, insuring the property, and maintaining it on an ongoing basis. For some, these responsibilities are too much, it may be easier to sell the home as-is. For others, it may make sense to fix up the house and keep it.
Selling the house
As difficult as it may be, sometimes the best option is to sell the house. This can provide cash immediately and remove legal and financial responsibility related to owning the house.
While you may be able to sell the house for a profit, you need to take into account the costs associated with the sale of the property, which can include:
- Any outstanding debt obligations, such as a mortgage, that need to be paid.
- The cost to fix up the house to get it ready to sell for top dollar.
- Closing costs and fees.
- Real estate agent commissions.
If you are considering selling your inherited home, let us help you make an informed decision. We deal with inherited property cases on a daily basis and would love the opportunity to point you in the right direction.
Let’s find out if a Move On Cash Offer is right for you…