Selling an inherited home in Texas is not as easy as you might imagine! Read on to learn how to sell a house you inherited in Wichita Falls Texas…
First things first – it helps to acknowledge that there is an emotional component to preparing a loved one’s house for sale. Just going through their belongings can be a chore. Who get’s what? And what do we do with the stuff that’s left over? Do we donate it? Should we throw it away? Sometimes, you’ll need a roll-off dumpster, like those offered by Red River Waste Management. Or you can hire a clean-out service to remove unwanted remains. Then there is the cost of marketing the house to attract potential buyers.
Heirs often discover undisclosed assets or hidden liens or other issues when they start diving into the nitty-gritty of the estate. Consequently, disagreements may arise.
We’ve listed a few points that should help steer you in the right direction if you ever find yourself in such a situation. Here are a few tips on how to sell a house you inherited in Wichita Falls, without having to sweat much.
Making the probate process go smoothly
Seek advice
The first step you should take is to get some professional advice. You must understand the status your house is in. Make sure that you verify your ownership. Seek advice from a real estate attorney. You might consider contacting attorneys in Wichita Falls that specialize in the area of probate, such as John Perry Brooks or Hank Rougley. Get info from other experts too. And completely utilize this site too, of course. If it qualifies, we can also give you a fair deal for your inherited local Wichita Falls house. Fill out the form here to get started.
Next Step: Begin the probate process in Wichita Falls
Before you start the selling process, your house must go through probate. Probate is the legal process of determining the assets and liabilities of the deceased and who are the rightful heirs of the estate. Most states allow for a summary probate – a simple process that takes a very short time and involves fewer legal processes. Once your house passes the probate process in Wichita Falls, you can offer it for sale.
Tax consideration
The tax basis of your property is the house value on the date that the person who willed you died. The difference between the amount you realize from the sale and the value is the gain on which you owe the taxes.
How to sell a house you inherited in Wichita Falls
Agreeing to sell
If you are ready to sell your house in Wichita Falls, you can inform the executor to petition the court to get the “go ahead” sign and proceed with the sale. Problems always arise when siblings who share the inheritance have different views – for instance, some may want to sell the house while others may want to keep the house. If and when this happens to be the case, it is important to “agree to disagree.” It is also important to involve your estate attorney in this stage of the process.
Preparing to sell
A house that belonged to an elderly person may require repairs and a bit of updating before you can put it on sale. You will need to get rid of everything! You can hire an inspector to note potential issues and recommend possible repairs. Although you can sell a home in Wichita Falls “as is,” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning.
Here at TruTex, however, we will always give you a fair deal and help you get as much value from your inherited house as possible. In fact, we help you with the final disposition of the contents of the house. We can put you in touch with trusted estate sale companies that can come in and sell the remaining valuables. Plus, we even handle the final cleanout- leaving you more time to handle more important matters. We often buy local houses in Wichita Falls, repair and fix them, and either rent them out or sell them to someone looking for a great deal.
If your local Wichita Falls house meets a few simple qualifications, we can buy your house fast.