Help! I just inherited a home…now what?

Did you inherit a property and don’t know how to start selling it?

We at American Home Buyer are not attorneys and cannot give you legal advice, but we have put together a guide that should help shed some light on how to sell an inherited house.

The Process of the Sale

  • Seek advice
  • Determine if you need to file for Probate or heirship affidavits
  • Decide whether you will sell through a realtor, on your own, or to an investor
  • Prepare the home for sale

Sell an Inherited House

Step 1: Seek advice

You should always seek legal advice if you are unsure of how to proceed, especially if the ownership of any property is disputed. However, in Texas, you may not have to probate a will to sell an inherited property. You may have an alternative called “heirship affidavits.”

Step 2: Do I need to file Probate or Heirship Affidavits?

If the title has already passed to you through a trust or other means, then you may not need to file anything. Otherwise, you will need to determine if you should file for probate proceedings or if you can use heirship affidavits instead. Texas allows for Heirship Affidavits – a simpler process that takes a very short time, involving less legal processes.

What is probate?

According to the State Bar of Texas, “Probate is the process of winding up the business affairs of a person who has passed away (the decedent). A court determines whether a will [or other testamentary document transferring assets or property] is the true last and valid will of a decedent through the completion of certain requirements.” In Texas, the executor has four years to file for probate, and you should use a probate attorney to handle this process.

What are heirship affidavits?

An heirship affidavit is a sworn statement used to establish ownership of property when the original owner dies. These are generally used when the decedent did not leave a will, or did leave a will, but the will is not being probated. You will usually need two heirship affidavits from disinterested parties who knew the decedent for ten years.  Click here for more information regarding heirship affidavits.

Note: You can actually begin the selling process while the will is being probated or you are obtaining heirship affidavits.

 

Step 3: Should I Sell to an Investor, on my own or use a Realtor?

Investors vs. Realtors

Selling through a realtor may get you a higher retail price; however, selling through a realtor would mean having to pay commissions and closing costs. Before you can put your house on the market, realtors usually ask that you make renovations and improvements. Consequently, you end up spending more money, and the house can sit on the market for months.

If the home needs major repairs or needs cleaning, selling to an investor may be the route you want to take. Investors purchase homes “as-is” and will remodel the home for resell. This route is also the quickest, since investors can close immediately without any contingencies. Just make sure you are dealing with an investor like American Home Buyer that can actually close quickly with a cash offer. It is recommended that you check references like the Better Business Bureau or previous client testimonials.

For Sale By Owner

The biggest advantage of selling the home on your own is you will not have to pay commissions. However, marketing your home on your own can be costly and may not produce a buyer. Further, you will need to know how to write the contract and arrange the closing with a title company.

Step 4: Prepare the Home for Sale 

Houses that are “well lived in,” require repairs and a great deal of TLC. If you sell your property through a realtor or on your own, you will likely need to do any needed repairs before beginning the marketing phase. However, if you sell to an investor, they will almost always take the property as-is.

American Home Buyer can help

American Home Buyer has been purchasing inherited properties in the Houston area for over 20 years now, and we also have an A+ rating from the Better Business Bureau. Here are some of the ways we can help:

  • Guaranteed cash offer
  • We buy the home as-is
  • Help with heirship affidavits
  • We take care of major repairs and renovations
  • We clean up and can donate leftover items to local charities

We understand that losing a loved one can be difficult, more so when you are left with the responsibility to maintain the home. However, if you are interested in selling your home, as-is, or quickly, American Home Buyer may be your perfect choice!

To receive a No -Obligation Offer for Your Houston Area Home Today, Please fill out the form below….    or give us a call at (713) 255-9850.

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