How Do I Sell an Inherited House in Dallas, TX Area?
Updated: Sep 17, 2023
Selling an inherited house in Texas can be a complex and emotional process, especially if you have inherited the property from a loved one. In this blog, we will provide you with a comprehensive guide on how to sell an inherited house in Dallas, Texas area.
Table of Contents -
Step 1: Determine Your Ownership Status
Before you start selling your inherited property, you need to determine your ownership status.
This means figuring out who owns the property and if there are any other parties involved in the sale.
If you have multiple heirs, you'll need to make sure everyone agrees to sell the property.
In Texas, you can do this by creating a will that outlines who gets what but the will must be probated. If there isn't a will, Texas laws of intestacy will dictate who gets the property.
Step 2: Determine the Value of the Property
The second step in selling an inherited house is to determine its value. This can get tricky if you want to sell a house as-is and not make any repairs.
Is the foundation level? When was the roof, HVAC, and water heater last replaced? If it’s an older house, has the electric panel been brought up to code and the cast iron sewer lines replaced with PVC?
These are the major components of the home, you will also need to assess the cosmetic items such as paint, flooring, cabinets, countertops, kitchen, bathroom, and more.
The easiest way to determine the value is to talk with a Dallas cash house buyer who has experience in determining property values and knows what items will need to be repaired.
Step3: Determine the Legal Requirements
Before you can sell an inherited house, you must determine the legal requirements for transferring the property.
In Texas, the probate process is required for the transfer of an inherited property if the decedent had a will or you can use an affidavit of heirship. If the decedent did not have a will, then the property will pass through intestacy laws, which can be more complicated.
It is recommended that you seek the help of an experienced we buy homes for cash company that also has a good legal team to ensure that the transfer of the property is done correctly.
Step 4: Clear Any Liens or Debts
Before selling the inherited property, you should check for any liens or debts associated with the property. If there are any outstanding debts, they must be paid before the property can be sold.
This can be done by using the proceeds from the sale of the property or by negotiating with creditors to pay the debts in exchange for a portion of the sale proceeds.
Any liens on the property will be public record and can be accessed by trusted we buy homes for cash companies.
Step 5: Clean and Prepare the Property for Sale
Once the property has been legally transferred to the correct heirs and any debts have been cleared, the next step is to prepare the property for sale.
This may include cleaning and repairing the property, updating the interior and exterior, and landscaping the yard. The goal is to make the property as attractive as possible to potential buyers.
If all of this sounds like more time and money than you want to spend on the property, you can always sell your house fast for cash to we buy houses for cash company.
Step 6: Market the Property
Once the property is ready for sale, you will need to market it to potential buyers. This can be done by hiring a real estate agent, placing ads online, or listing the property on websites such as Zillow or Realtor.com.
A real estate agent can sell the house for you after you have completed the first 5 steps, but you will be required to pay them 6% of the sales price as a commission. This can have a big impact on the amount of money you actually receive for the property after all of the repairs have been made.
Step 7: Negotiate and Close the Sale
Once you have received offers from potential buyers, you will need to negotiate the terms of the sale. This may include the price, closing costs, and any other terms that are important to you.
Once the terms have been agreed upon, the buyer will hire a licensed home inspector to review the condition of the home.
During this process, the home inspector will look for any defects or items that are not in good working order. The buyer will want you to make these repairs before closing on your home.
Once the repairs have been made, the sale can be closed, and the property transferred to the new owner.
Step 8: Pay Any Taxes Owed
After the sale of the property, you may owe taxes on the sale proceeds. The taxes owed will depend on several factors, including the sale price, the value of the property at the time of inheritance, and your state and federal tax liability.
It is recommended that you seek the help of a tax professional to ensure that you are in compliance with all tax laws.
Conclusion
In conclusion, selling an inherited house in Texas can be a complex process, but with the help of a knowledgeable and experienced we buy houses for Cash company, you can navigate the process with confidence and quickly.
By following the steps outlined in this blog, you can ensure that the sale of your inherited house is as smooth and stress-free as possible.
