Sell My Inherited House: How to Sell My House Fast Houston
Posted on April 14, 2022 by Amanda Gladin
Need to Sell My House Fast Houston? Since we’ve been home buyers in Houston since 2012, we are constantly on the lookout for people who might need our help.
How We Help People With Vacant Houses
When out and about helping a client a few months ago, we happened to pass by another vacant house in the neighborhood.
We find that a lot of our sellers have inherited the property or it was damaged in some way causing them to move out of it and leave it vacant. In this case, our seller was the daughter of the deceased owner.
Once father had passed, unfortunately the house caught on fire. This house was just waiting for someone without an emotional connection to be able to breathe life into it once again.
What Should You Do With An Inherited House
Once we found the vacant house, we reached out. And the heir that owned the property was the daughter of the homeowner who passed away.
She also happened to be a real estate agent. So you might be wondering: why didn’t she just “Sell My House Fast Houston” herself?
It’s common for real estate agents to reach out to investors to sell vacant or damaged houses. This is because a lot of vacant houses have issues that traditional up-to-date houses don’t have.
This agent – the daughter of the previous home owner – is from a much older community of real estate agents. The process of selling a vacant, damaged house in this market and how complicated the process can get leaves someone who isn’t a full time agent a bit overwhelmed, or out of their element.
Should you sell it, or find an investor to buy it
So should you sell a vacant, fire damaged house yourself or find an investor to buy it?
This is one of the main points we face when speaking to someone about buying their property.
They either have a specific time frame they have to work within or have a specific dollar figure they are trying to accomplish. Figuring this out from the beginning helps set both the seller and us up for a useful conversation. Not discussing this with each other can lead to one party being focused on the money aspect and the other party possibly focused on the timeline.
What is the number you want? Having this number determined beforehand will allow a buyer to figure out possible exit strategies that will help you accomplish this goal.
For instance, if the only way to achieve the number you want is to list the property on the MLS to find an owner occupant buyer, we will be happy to tell you that is your best course of action. Not to worry, we can help you cross that bridge if that’s the direction you prefer to go.
What is the timeline for selling the house? If a deadline is looming or maybe you have a goal to be done with the property in a specific time frame, this is going to affect the money aspect. Not necessarily in a negative manner.
Let’s say you have 90 days to wait to get the number you are looking for, I’d say in the present market that it’s plausible. You have time to wait on a loan. You have time to find another buyer if something should happen to the first buyer’s offer. However, on the other hand, if you have to be out in 2 weeks, the number you want may not be feasible as it leaves you with less options for buyers.
What is the work you are willing to do? If you’re willing to do some of the work to make the house more enticing and you have time, by all means, don’t forget the time, effort, and energy matter.
Let’s say you decide to renovate the bathroom to get an extra 10k, you need to be able to see that it is truly worth the time. Only you can determine that. Now if having the flooring redone, could increase the potential by 10K and only costs you 5K, it still is up to you if the risk in time is worth the money your spending.
Potential problems selling vacant, inherited house. Sell My House Fast Houston.
An heirship is one way we can help sellers sell properties they have inherited through circumstances where someone has left no will or it has been too long to probate whatever will was left behind to begin with.
An heirship is an affidavit that states who the heirs are for a particular individual. An affidavit of heirship is a document that can be used in some states to transfer ownership of property left by a deceased person to their family. This allows for property to be inherited without a will or a court proceeding.
Creating an Affidavit of Heirship
Luckily this family had already gone through the process of having an heirship done after his death, and since she was the only child to her father it was a very simple process.
However in the instances where there are multiple children, as long as everyone is on the same page these can either go smoothly or you end up having to go to court to have someone appointed executor of an intestate probate. Intestate just means that someone passed without a will.
Probate is a more expensive procedure leading to the same outcome, so it’s best that everyone is on the same page.
Some of the problems faced during probate are very time consuming. There are issues faced everyday in court and probate courts are no different. Sometimes you have people that will contest a will being probated with a newer will that no one even knew about.
Don’t forget those holographic wills, which take the place of a will if someone writes in their own handwriting and dates, providing a more current replacement to their wishes in the currently presented will.
All too often, death and money bring out the worst in some people. People you always thought would have followed their parents wishes, or maybe even their aunts final wishes, become different people in these emotional states when money is involved.
However, for those level headed families that see the end goal and can work together to accomplish the goal of selling the house, an heirship can prove to be a very useful tool in settling real estate transactions in Texas without a will.
Please be aware that if a person has a will probated in another state, it is not automatically useful in the state of Texas.
Texas has its own governing body and does not recognize probates, along with a battery of other things, done in other states. That probate would either need to be adopted here, or we can assist in getting you set up with someone to help get an order to sell in the state.
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While all of this may sound daunting to you, we do this everyday. Let us make this as stressful as possible for you!