How to Sell My Inherited House in Houston?
Houston is the most diverse city in America, and its thriving real estate market reflects its widespread appeal. Residents want to stay and newcomers are always pouring in, which means that demand for housing is perenially high. While that’s good news for sellers, it doesn’t necessarily reduce the stress associated with selling an inherited house.
Inherited property comes with unique challenges. If “how to sell my inherited house in Houston” is a question that has been haunting you, here’s what you need to know about navigating the process as quickly and painlessly as possible.
Work Through the Will or the Probate Process
The first step in selling an inherited house in Texas is making sure you have the legal right to do so. This means working through the will or the probate process.
If there is a will, it will specify who the executor of the estate is. Depending on the terms of the will, the executor may be responsible for selling the house or transferring its legal ownership to the correct beneficiary. If you are not the executor, you cannot sell the house until that person has finished transferring ownership to you.
If there is no will, you will need to complete the probate process to gain legal ownership of the house. Once you have ownership, it’s time to check the title.
Check the Title
Knowing the state of your property title is key to selling inherited property in Houston. A clear title is one with no liens or levies. It gives you sole ownership of the property and enables you to sell it whenever you please for the price of your choosing.
If there is a mortgage on the house, the mortgage lender will have a lien on the property. This means that they have partial ownership.
In most cases, this is not a problem. As long as you sell the property for at least what you owe on the mortgage so that you can pay the mortgage off at the time of sale, you are free to sell as you see fit.
Problems can arise when other parties also have liens on the house. For example, the IRS may place a lien on a house if the former owner owed large amounts of money in back taxes or for other legally imposed financial obligations. When this happens, those third parties can interfere with your ability to sell the house.
If you went through probate, you probably already know whether or not your title is clear. If you did not, you can perform a title search yourself or hire a company to do it for you for a modest fee.
Evaluate Your Options
With a title in hand, and your authority to sell settled, you can address the question of how to sell an inherited house. There are two main options; You can sell via the traditional real estate process or you can sell to a cash buyer.
Most Texans are more familiar with the traditional process, but this is not a good choice when dealing with inherited property for several reasons:
Even in a bustling real estate market, selling a house via a realtor can be a slow process. This is especially true when you attempt to sell during off-seasons. This not only drags out the stress for sellers but can lead to huge costs.
For as long as the house is on the market and you are waiting for paperwork to go through, you are responsible for the maintenance, upkeep, taxes, and other expenses associated with the house.
You can face additional expenses in the form of extensive prep work before the house goes on the market. When you sell via a realtor, you usually sell to buyers who need a mortgage. Most mortgage companies will not fund the purchase of a house that needs any substantial amount of work.
Buyers, their mortgage lenders, and their insurers may also require that sellers do some work on the house to bring it up to code or other common standards before a sale can go through. This can be time-consuming and expensive.
Selling a house that does not have a clear title on the open market can also be challenging. Lienholders can interfere with sale pricing and sale timing, and slow the selling process to a crawl.
How to Sell My Inherited House in Houston for Cash
Selling an inherited house to a cash buyer can be faster, easier, and much less stressful on all fronts. When selling to a Houston cash buyer, you do not need to:
Experienced cash buyers can provide you with a quote on the value of your house within 24 hours via a simple phone call or text. Since they do not need to work through mortgage lenders and insurers, they are free from the restrictions those third parties impose.
This allows them to buy houses fast, even if they are in poor repair or have complicated titles. Cash buyers also pay most of the fees associated with a sale, making them a convenient and cost-effective way to sell inherited property in Houston. Sellers who choose cash buyers can save time, save money, and get the best deal for their property with the least amount of fuss.
Get Your Free Quote Today!
If you have lost a loved one and the question of “how to sell my inherited house in Houston?” has become a source of serious stress, we can help. Call or text us now and we’ll get you a free quote on your property right away. With that quote in hand, you can take your inherited house from headache to handled in less than 24 hours!