4 Things to Consider When Selling an Inherited Home in Texas

selling inherited home in Dallas Texas

According to a recent survey, 70% of Americans would rather sell their inherited property than keep it. This is because maintaining a property in today’s economy is not an easy task. You will have to pay for the water and electricity of an additional house every month. 

Even if you turn these supplies off, there is still the cost of repairs and the caretaker. You will also have to visit the property to check everything’s okay, which takes a lot of time and energy – especially if you live far away. 

So, selling an inherited house is the right choice to make. But how should you sell it and what factors should you consider? If these questions are in your mind, we have got you covered!

In this post, we’ll share our expert tips and insights about selling an inherited home in Dallas Texas. Let’s dive in!

4 Things to Consider When Selling an Inherited Home in Texas

 

1. Probate

A deceased person’s Will dictates who is the heir of the property. If you have read the Will, you will automatically know whether you have the right to sell it or not. However, knowing that you are the heir of the property isn’t enough for the sale process. 

You must initiate the probate process. It is the legal process of administering the estate of a deceased person, which ensures the debts are paid and assets are distributed according to the will or state law. 

In Texas, probate is mandatory to sell an inherited house. The process involves several steps, like filing the will, appointing an executor, inventorying assets, and paying debts. This can take up to 6 months. 

 

2. Documentation

Proper documentation is the key to selling your house easily. With complete paperwork, your potential buyers won’t doubt the ownership and will be confident in their purchase. They also won’t try to devalue the property or request additional inspections. 

So, when selling an inherited house in Dallas Texas, here are the documents that you should have for a smooth and legally sound transaction:

  • Probate Documents 

If the estate went through probate, you’ll need to gather and provide documents such as the will, letters testamentary (granting authority to the executor), and any court orders or judgments related to the property distribution.

  • Title Documents

These include the deed to the property, title insurance policy (if available), and any documents related to prior transfers of ownership. Ensuring a clear and marketable title is crucial for a successful sale.

  • Property Tax Records

Gather current property tax statements and records to provide to potential buyers. This helps them understand the property’s tax history and obligations.

 

3. Mortgage & Other Debts

A mortgage specifically refers to a loan secured by real estate, typically used to purchase the property. It is common to inherit a house that still has a mortgage attached to it. Others also come with tax liens, judgment liens, etc. 

However, the bad news is that these debts aren’t waived. Once the property owner is deceased, the debts must be paid by the heir. 

So, mortgage and debt associated with an inherited property must be carefully considered. You will have to assess the total amount of debt owed and ensure that the sale price is sufficient to cover these obligations. Failure to do so can lead to complications during the sale

 

You May Also Like: A Guide to Successfully Selling Your Dream Home in Dallas

 

4. Property’s Condition

A property in good condition typically attracts more buyers and can command a higher sale price. So, assess it – focusing on the structural integrity, systems (such as plumbing and electrical), cosmetic features, and any necessary repairs or renovations.

You can also hire a professional inspector or real estate appraiser for an unbiased assessment and help uncover hidden issues. Please note that Texas law requires sellers to disclose certain information about the property’s condition and history, including any known defects or issues.

 

Sell Your Inherited House Fast with DTX Equity

Looking to sell your inherited home quickly in Dallas Texas? Wondering how to navigate this process smoothly? You’re at the right place!

At DTX Equity, we specialize in hassle-free property sales in Texas. With our experienced team and fair cash offers, we make selling your inherited home a breeze. Contact us today for a seamless experience tailored to your needs!

 

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