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, meaning housing demand is perenially high. While that’s good news for sellers, selling an inherited house doesn’t necessarily reduce the stress.
The 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 estate executor 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.
If there is no will, you must 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 an 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 your chosen price.
The mortgage lender will have a lien if there is a mortgage on the house. 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. Those third-parties can interfere with your ability to sell the house when this happens.
If you went through probate, you probably already know whether or not your title is clear. If you did not, you could perform a title search or hire a company do it for you for a modest fee.
Evaluate Your Options
Once you have a title in hand, and your authority to sell is settled, you can address the question of how to sell an inherited house. There are two main options: selling via the traditional real estate process or selling 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;
Timing
Even in a bustling real estate market, selling a house via a realtor can be slow, especially when you attempt to sell during the off-season. This drags out the stress for sellers and can lead to huge costs; while the house remains on the market, and you’re still waiting for the paperwork to go through, you are responsible for the maintenance, upkeep, taxes, and other expenses associated with the house.
Prep Work
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 a buyer who needs a mortgage, and most mortgage companies will not fund the purchase of a house that needs substantial work.
Buyers, mortgage lenders, and 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.
Titles
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:
- Do any work on the house, regardless of its condition
- Spend money on staging or modernizing touches to appeal to buyers
- Pay realtor fees
- Prepare the house for showings
- Wait for months to get your property sold
- Pay most of the other fees commonly associated with sales, such as inspection fees and closing costs
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 cash buyers 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 an inherited property in Houston.
In short, sellers who choose cash buyers can save time and money and get the best deal for their property with the least fuss.
Conclusion
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 today and we’ll get you a free quote on your property right away.
With a quote from Selling.House in hand, you can take your inherited house from headache to handled in less than 24 hours!
