Unlike what most people see on TV or in the movies where the hero suddenly receives news about a distant relative who just died and named him his lone heir and left him the keys to an enormous mansion, most inherited properties actually end up becoming headaches for the inheritors.
This is because more often than not, inherited properties have some issue – or issues – accompanying them. Maybe it has not been lived in for years so it’s dirty and unkempt. Maybe vandals have wrecked it. Maybe it’s water-damaged or fire-damaged. Maybe it’s located in Houston while the inheritor is living in Florida. Maybe the house is haunted. Maybe the house has a tax lien attached to it. Maybe the house has some form of debt with it. And so on and so forth.
Whatever the case may be, in order to sell an inherited house, the best bet is to sell it to a local cash buyer. As long as the property has investment potential, cash buyers will be willing to buy these inherited houses and take over whatever headaches they come with. But even so, this may not always be as easy as it looks.
Selling an inherited house takes a lot of work. And you want to get through this the quickest possible time especially if you were actually named in the deceased’s will as the heir but you don’t have any plans of living in the house. Ownership costs, taxes and maintenance costs can pile up pretty fast, so it’s best, in such a situation, to cut through the legalities and paper work and get rid of the house as cleanly, as swiftly and as painlessly as possible.
What are the things you need to do when selling an inherited house?
First, you have to establish who the real owner of the property is. If a will is executed naming the true heir, that’s great. Otherwise, you’re in trouble, especially if the deceased didn’t really keep important documents pertaining to the property and/or if two or more parties are in dispute about the property.
You should also assume maintenance of the property if you are the presumed heir, which includes cleaning it up, making it presentable (especially if you’re thinking of selling it fast. Otherwise, just sell it as is) and in some instances getting the property insured. While you’re at it, you should also get the property appraised. It’s also a good idea to check for back taxes, liens or any debt that may be attached to the house. You can also start talking to a local cash buyer about how the numbers are stacking up against the property with all these things you’re finding out about it. Bottomline is, you’d want to know if the house is really worth all the hassle.
It is in these kinds of situations that Houston Capital Home Buyers can provide excellent assistance. We work closely with lawyers and agencies who handle complicated inherited property issues to make it as smooth as possible for inheritors to settle all pertinent affairs related to the property and sell it quickly. You can call us at 713-581-9075 to find out more.
All the best,
Houston Capital Home Buyers
“We Don’t Buy Every House, But We Help Every Client”