Selling an inherited property is not easy. We’re not referring to the money you need to spend on a local realtor or other transaction expenses like title insurance or legal fees. We’re talking about the emotional and mental price tag of losing your loved one and taking their place in the family home. The house where their kids grew up. The house they raised their family in.
Words don’t do justice here! However, we can help you navigate this challenging time. Maybe you’re stressed out because of the probate process. Or you might have inherited a home with siblings or other relatives who disagree with your opinions. You need to resolve personal issues as well as property matters. Perhaps you need help fixing up the property so it can sell for a better price. We buy houses in Houston, Texas, and we can assist with your particular situation.
I Have Inherited a Home Mortgage
If the property has a mortgage, it will be offered for sale to the bank. The bank then decides whether they choose to foreclose on the loan or accept your offer. If they get your request, you could arrange to pay off the past-due amount in installments. You may also decide just to sell the house at an appraised value and forget about paying off the loan altogether. Most of the time, beneficiaries can’t pay for another mortgage, and thus the only option left is a sale.
Small Real Estate Procedure in Houston
What’s the probate process in Texas? In most cases, the real estate will have to go through the probate process before you can sell your inherited home. The only exception is when the estate’s total value is less than $75k (excluding real estate). You’ll need to file a petition with a court to start the probate process in other cases. The court will then appoint an executor to administer the estate of your loved one. Here in Texas, the probate process can take anywhere from 3-12 months. However, in some instances, you can avoid probate if all the involved parties agree to sell the property. This is the fastest and most economical way if everyone is in agreement.
The Role of the Executor
Your property administer has some crucial things to do, including:
- Bringing everyone on the same page regarding the estate.
- Informing all heirs about major decisions.
- Protecting the will and wishes of the deceased person.
- Paying all pending debts and taxes.
- Ensuring that any asset (including the home) is sold for a fair price.
- Making sure that the surviving spouse and any dependents will receive a monthly expenditure until the estate is settled.
- And other jobs…
If the court has issued an order to sell, it’s your responsibility to sell for a fair price. The executor is also responsible for the safekeeping of property. Most of the time, a surviving spouse or a close relative fulfills the executor’s duties. That’s why the probate process can be such an emotional turmoil. Most people don’t prefer living in the same home again, and it’s best to sell the inherited house.
If you want to sell an inherited home, we can make your job easier. We live right in Houston. We’re local investors, and we can buy your inherited house for a fair cash price. We don’t want you to deal with repairs, cleaning, and maintenance of the property at this time of stress. Hiring an agent is an expensive choice, and you’ll deal with contractors, appraisers, property inspectors, and strangers. We can help you avoid this scenario.
We’re here to help! If you’re planning to sell your inherited home or just researching for your options, call us now for a no-obligation offer at 713-866-4000. We’ll collect some critical information from you and get you a fair cash offer fast.