If a loss of a family member has you seeking assistance to sell, please accept our team’s condolences for your families loss. It seems like words don’t do much during these emotional times, and this can be a very challenging time for many reasons. Dealing with property ownership is hard at the best of times. It is our mission to provide you with the best information we have and to offer our teams resources to help.
In the end, you’ll decide if we are a fit for you. If we’re not, that’s okay. We encourage our clients to tell us no during the process. We are here to provide a service. We’re local investors in the Houston real estate market, and we team up with folks like you and in your situation on a daily basis to help them resolve it.
We have researched and some tips we believe to be helpful and to keep in mind when you are in search of “How to sell a property I inherited in Houston Tx.”
1) Keep paying the mortgage.
Continuing to paying the mortgage may seem straightforward, but if the person who left you a property also had a mortgage, you have to make arrangments to pay it (IF you want to keep the property). Some banks may even permit you to assume the loan in some instances, while others may demand you to refinance into a new loan. If you don’t qualify for the new loan, renting is not a viable option for you.
2) Hire a property manager or cash out.
Do you want to handle property management? If dealing with maintenance, tenants, rent collection and all the nuances of real estate management isn’t the best use of your time, hiring a management company to help you is a good start or perhaps you find a way to cash out now.
3) Taking over an inherited property does cost money.
It’s not typical to see a house maintained perfectly. Most inherited properties we see will usually require significant improvements.
Home improvement professionals mostly recommend new owners hire a professional property inspector. Armed with the inspector’s report on what you’ll need to do within the next three to five years, along with costs estimates it will substantially reduce any potential significant repair surprises. Surprises are very, very costly.
4) Selling an inherited property for top dollar requires your cash invested.
Have an extra 10K-40K set aside for the updates and don’t need to worry about a budget to make the repairs?
If you’re unable to or simply just don’t want to deal with the hassle of making general repairs, updating the kitchen or bathroom, making landscape improvements and cleaning up, don’t stress it. We buy Houston properties for cash, any condition.
5) Will the market grow faster than your other options, if yes hang on to the investment?
We can analyze the value of your property today versus the long-term benefits of renting it out. When trying to utilize the equity in your inherited property in a way that outworks the performance of the real estate market, it should be. If you don’t have any other options for the cash and the area is rising in value, stay in – real estate can be a terrific investment if you can read the market accurately.
6) Does it seem like Uncle Sam always get a piece of it?
As a new owner, it’s practical to discuss your inheritance with tax & legal professionals before deciding what action is appropriate. In some cases, there could be property and income tax consequences that may drastically change the investment outlook.What does the IRS say about an inherited house?
7) Weigh your options.
In some instances, we may be able to help you by structuring a lease-option agreement that allows you to rent and sell the house at the same time – effectively capturing the best of both worlds. When working with this kind of deal it can be a challenge, but your Houston Area Home Cash Buyers team will help you get through it.
8) Compare all of the scenarios.
If you decide to call us, we can help you determine prices for any property near Houston. If you sold the house today without doing any work, we would be able to show you the highest price the market will allow and the projected value of holding on to it as a rental (along with the estimated repair costs).