If you need to sell an inherited home, you are likely in the middle of a difficult and heartbreaking process. Inheriting a home comes with a mix of emotions. On one hand, you are dealing with the pain and stress of loss. As you are probably realizing, handling someone’s estate after they pass is both a physically and emotionally draining.
On the other hand, sometimes an inherited home can be a valuable asset, but even then you have to bear in mind that a number of difficult financial decisions come with holding a property.
It’s stressful enough to sell your house under normal circumstances. When you are dealing with an inherited house or probate, it adds additional layers of difficulty. Moreover, it makes the situation vastly more complex.
We want you to know that our team is here to help guide you through your options during this emotional and trying time. If you have or are currently deciding what to do with an inherited property, here are a few things to keep in mind.
Take it one step at a time. This is probably the most important thing to keep in mind. The next few months may prove to be quite challenging for you and your loved ones. Try to focus on one step at a time to keep from becoming overwhelmed or making brash decisions.
Find the will that lists the house. If the owner of the house you inherited had a will, the process becomes much easier. The will establishes someone as the executor of their estate. That individual is then in charge of settling any debts before executing the will for beneficiaries.
Settle through probate. If the deceased did not have a will, you will need to go through probate. Probate is the judicial process where the court tries to “prove” a will and settles the estate without a pre-existing will. Unfortunately, this process is long and drawn out. Moreover, it is one of the reasons so many inherited houses are left vacant for an extended period of time.
When you want to sell an inherited house, ensure you know what type of scenario you are working with and the respective laws surrounding it. Per the property laws in Houston, TX, there are two types of will scenarios that may occur. Testate and intestate both have specific sets of rules and obligations. Below is how the courts in Texas attribute these two types.
Testate
If the deceased leaves a valid will with their legal advisers, the will is Testate. Oftentimes, this form of will is self-explanatory and does not require a court to settle the estate. Texas courts recognize a testate will as a binding legal document. Upon the individual’s passing, they distribute the estate according to the document. Typically, the will appoints an executor to oversee the probate process distributing the property, assets, and other inheritance.
Intestate
In more complex cases, the deceased does not leave behind a will. In these cases, the legal system takes control of the properties after their death. Once they take control, the courts distribute the assets according to the legal procedures established by Texas state laws. In such cases, it’s advisable to hire a property lawyer or legal consultant. They can draw up documents to help locate anyone entitled to the property.
Real estate agents list properties and show them to prospective buyers (if there are any). If they’re able to make a sale, they take a percentage of the sale price as their commission. In many cases, a real estate agent’s commission is 3 to 6%. This means, if your house sells for $100,000, you have to pay between $3,000 to $6,000 in commissions. If you don’t have the time, patience, or ability or sell through a traditional agent, that’s where Square One Offer can help. We’re not agents – we’re home buyers. Since we’re buying the house directly from you for cash, we can buy your house fast. We make our living by taking the risk to buy the house with our own cash, fix it up, and market it ourselves to find a buyer.
The closing date is flexible most of the time. If we sign a contract and you need several months to prepare for your move we are willing to work with you. There is NO PRESSURE from us to close by any particular date and we will accommodate your needs to the best of our ability. Also, we may be able to lease the property back to you after closing for a short time.
Once we can set a date for closing you will know the exact date to schedule your move. Closing is when the final papers are signed, you receive your money, and when ownership transfers out of your hands. By this time, the house should be empty and vacant unless we make other arrangements based on your specific needs. We begin the process of repairs and maintenance on the property immediately after closing and anything left behind will be donated to charity or disposed of.
At Square One Offer, we are professional home buyers. we buy houses that meet our purchasing criteria. Once we have purchased a house, we spend the time and money to repair the house and resell it to another homeowner. Although we have licnesed agents that can help list your home our primary strategy is to give you a cash offer. Sometimes the home or situation the homeowner is in doesn’t constitute a quick closing where the homeowner can wait more time to get more money by listing the house on the open market.
We are 100% transparent with our process! The houses we purchase are below market value so we can resell them at a profit after we make the necessary repairs and updates. In our experience, our clients aren’t looking for a large “windfall” on their property. They want to be able to sell their house fast, for a fair cash price, and with as little hassle and stress as possible. They are not looking to spend the time or money to fix up the property or pay agent fees and closing costs. If this sounds like you, give us a call today, and let’s see if we can come to a fair price that’s a win-win for both parties. Our no-obligation offer means that we won’t hassle you once we make you an offer. Whether you decide to move forward or wait, the process is up to you
No, not unless there is a major repair that is uncovered during the inspection that was otherwise unknown. Our buyers have years of industry experience and know what issues to look for.
Please beware of other companies who offer to purchase your home without physically seeing it. These companies are likely to change their offer and/or pull out of the contract all together leaving you in a poor position. Similarly, read the language in the contract. Check for contingencies, verbiage that allows them to reduce the offer and or an option period.
This is why we visit every home in person when we make free cash offers on homes to give the highest and most fair offer.
While walking the property with you, our agents will ask about the condition of certain items while visually inspecting them. The more honest you can be with them the better. This will ensure that there are no ‘gotchas’ in the inspection period and that your offer stays the same.
Square One Offer home buying process is simple we look at four things when valuing your home.
Property condition
Repairs needed
Property location
Value of comparable renovated properties in the area
Great question, you’ll sign a purchase agreement, we open title at a reputable title company, received pay off’s, clear any title defects, and close once title is clear.
