Selling the inherited house isn’t an easy decision. In fact even once the decision is made, selling your inheritance often requires a strategy in order for it to be profitable. Why would an inheritance — a gift! — cause so much trouble?
Sadly, an inheritance is likely to be a big pain in the neck in some ways.
When they pass away, many parents leave their homes to their children. It’s been that way since the beginning of time. If there is more than one child, often times the asset is shared and the new owners must decide what to do with the property (or their portion of the property).
Realistically, in some cases, the home needs to be sold fast to pay off bills. Sometimes the siblings wish to hold on to the property, rent it out or live in it. Or the group, having no intentions of keeping the house, may still decide to retain it for awhile, possibly to avoid short term capital gains taxes or for other personal and financial reasons.
The good news is this: In most cases there are countless options for Texas folks who have inherited property, including selling it. The trick is knowing their best options.
Time stops for no man, even one who’s mourning the loss of his parents. Someone has to keep the pipes from freezing in the wintertime, clean the gutters, and pay the mortgage. What a gift!
On top of that, the inheritance of a house — especially one that has sentimental value and is owned by adult children — can be a subject of disputes and a source of fatigue. More so if one of those children is also the executor of the parents’ estate, or if the house is seen as a liability due to poor condition or financial hardship of the previous owners.
Questions inevitably arise such as:
- Who has the authority to make the final decision?
- Can I buy out my sibling and own their share?
- What kind of taxes are due? Estate taxes? Capital gains taxes?
- If the house is “underwater” and worth less than the mortgage balance, is it possible to sell the house quickly?
- Worst of all, “What would the parents have wanted?”
In far too many situations, the intentions of the deceased are unclear after they pass. Lack of a will or a trust can spell trouble for those left to settle the affairs of their parents.
I must tell you, I am neither a lawyer nor a tax accountant, so I wouldn’t be able to advise any one course of action. I can’t think of a trickier situation than to arbitrate a dispute among siblings regarding a deceased parents’ house. Even a single inheritor is likely to have questions when they inherit and sell a house.
However, as someone who has lived in San Antonio for many years, I can recommend fact-finding tax experts and objective real estate lawyers to help smooth the decision making process.
At Markette Properties, regardless of the type of house, the condition it’s in, or how many siblings are involved in the sale, we can help with one thing. We’ll show you your options regarding the sale of the house and make an offer on it if the family decides to sell the inherited house fast for the best price.
There really are no easy answers. Besides the inevitable sadness after a parent dies, dealing with an estate adds to the stress many children are under.
If you are in doubt, hire a professional team that understands the San Antonio real estate climate and Texas real estate laws. If you do decide to get rid of the house; if it’s draining your resources to take care of it and/or you need to sell the house quickly, make sure your buyer doesn’t charge you a fee for the service. Also, make sure you understand all of your options for a swift and smooth transaction.
Please explore some of the homeowners’ sales and leasing options you can use to make this difficult time more financially lucrative for you, your siblings (if any) and your family. We’re here to answer any questions you may have about the current markets, and the price you could get if you decide to sell the house you inherited.
We can buy your house fast in Texas! Markette Properties presents an unique, simple approach for selling your home! We are real estate investors. We buy houses in Texas just like yours! We are dedicated to the highest professional real estate standards for all of our clients.
Do you want to sell your house fast in Texas for top dollar with the least hassle? Give us a call! (210) 853-2788 or click the button below.
Photo Credit Flickr CC: wroughtcopper