Sometimes, when a loved one passes away and leaves you a piece of property as part of your inheritance, it’s a blessing. Other times, it can be more of a burden. If you find yourself in a situation where you’ve inherited property that you don’t want, don’t feel like you are stuck with the property. You have options. The death of a loved one can be an emotional time, so it’s important not to make any rushed decisions. Give yourself time to process the death and then take the first steps towards managing the property in a way that makes the most sense for you.
Hurry Up And Wait
If you plan to sell the property that you’ve inherited, you’ll have to wait until the probate process is over. In Texas, the probate process can take six months if everything is in order and the will is not contested. If the will can’t be located or there are issues with the previous owner’s wishes about what happens with the property, the probate process could take up to a year. Be prepared for this process to take a little time, so you’re not expecting to inherit the home and turn around and sell it the same week.
Another reason why you should give yourself a window of time before selling an inherited property was that you want to make sure you understand your options and the processes. Adult children who are in a rush to sell their parent’s property often make costly mistakes, such as not knowing the property value and selling it for far less than it’s worth.
Check with a real estate professional or an attorney to learn more about the Texas probate process and how it impacts your home selling timeline.
Understand Property Value
Once you have the title, you can take the steps to find out the value of the home. This is a critical step so that you can sell the property for what it’s worth and not get scammed into selling it for far less than it’s worth. Scheduling an inspection is also a good idea to help you understand exactly what you’re getting into. This third-party analysis of the home will help you understand all the issues the home has, any maintenance it requires and repairs it needs. Armed with this information, you can decide whether to sell the home as-is or invest in the repairs.
If your goal is to sell the property quickly, you may be leaning more towards selling the home as-is. This is a popular option for adult children who do not have the time or finances to upgrade their late parent’s properties to get ready to sell. If there is little emotional attachment to the property, selling as-is can be a quick way to get the property out of your hands and a cash offer in them.
Your Selling Options
Once you complete the probate process, have a thorough understanding of the property value, and have the title in your hands, it’s time to sell. If you are certain that this property is not something that you want to deal with, you have four basic options to sell it:
Sell The Traditional Way
If time is not a factor, you may consider selling the property the traditional way. This looks like hiring a Realtor, scheduling inspection and open houses, and putting money into upgrades to improve the look of the home. This could take anywhere from three to six months. If you don’t live in the same property as your inherited home, prepare to make quite a few trips back and forth to handle the details of the sale. While you may get more for the property selling it this way, you do end up paying more the work of the Realtor.
Rent It Out
If the house isn’t necessarily something you want to live in, you do have the option to rent it out and earn an income that way. Depending on the condition of the home, you may have to do renovations and upgrades to appeal to local renters. If you’ve never managed a rental property before, you may need to hire a property management company to handle all of the legalities and details that come with this type of investment.
Fix and Flip
Maybe the property that you’ve inherited is not in good condition, but you have the skills, knowledge, and expertise to fix it. If you can do most of the fixing on your own, you could make a profit when you upgrade the home and sell it. It’s important to keep in mind that in the state of Texas, capital gains tax is 15%.
If you’d inherited a property that you weren’t expecting, or that you don’t want, chances are you want to get it off your hands as quickly as possible. It’s also very likely that you don’t want to spend a lot of your own money improving it, making repairs, or handling the details of the sale. If you found yourself in a position where you’re handling an inherited property that you don’t want, selling it as-is may be the most convenient option.
If you’re already juggling a busy career, family life, and social responsibilities, handling the sale of a home you never really wanted in the first place can be overwhelming. Texas Home Buyers is a team of experienced real estate professionals that take care of all the details and will buy your home regardless of the condition. When you sell your home as-is:
- You have a cash offer in your hand within 24 hours
- You don’t have to make any repairs or do any maintenance
- The home can be sold in any condition
If you find yourself in charge of a property you never wanted or don’t need, you have options. Contact us today to discuss your property and the benefits of selling it as is. You could walk away with a cash offer in hand without having to do any improvements or maintenance on the house.