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You asked ‘Can I sell my inherited property in Dallas?’ the quick answer is, YES, you can sell your inherited property with or without the Will of the deceased. Call (214) 723-1304 for more information on this subject. Also, make sure that the executor or executrix is ready to sell. If he or she is not ready to sell, you can sell your portion or percentage of the property and get out of the ownership. We’re in Dallas, Texas helping people who have inherited real estate, but do not want to own the real estate inherited.
This subject has brought many families to the breaking point, with some families broken. A huge part of selling an inherited house is to determine those family members authorized to sell. You first want to take the property through Probate Court as needed in Texas if the deceased had a Will. If there is no Will, the family is left with making the decision as to who will be in charge of not only the real estate left behind by the deceased, but also any bank accounts, life insurance policies that need to be accessed.
With a Will, the deceased appointed an executor executrix to handle all aspects of his or her Estate. An executor holds the legal responsibility to perform all transactions and matters of the deceased Estate, including the real estate. So, when yo ask ‘can I sell my inherited property in Dallas?” yes you can, with or without the executor in place.
Let’s Look at Probate
Realtor’s and attorney’s will tell you that you cannot sell property until it has gone through probate. Not true! Let’s look at probate first. Probate is the legal process with which to settle an estate of the deceased, with a Will and Testament of the deceased. All assets in his or her name at the time of death are now supposed to go through probate court. Keep in mind that every State has it’s own rules and regulations for probate.
In the State of Texas, it is required to have an authorized individual executor to file for probate. That person or executor will begin by filing the Petition to Probate the Will. All documents must be filed in the State and County where the deceased person resided. All interested parties of the deceased estate will be notified of the probate filing, by the probate court. Legal notices are also placed in the Daily Commercial Record in Dallas as well as the Dallas Morning News paper.
As well, through out the probate process, which can take up to 4 years to complete, the executor is also responsible for the up keep and maintenance of all assets to be sure they are safe and secure. Example, any and all real estate must be maintained and insured, any heirlooms must be safeguarded from theft and damage. Executors are also responsible for filing taxes for the deceased and property taxes.
The Texas Probate Courts will notify all creditors and allow those creditors four months to file a true claim for any debts owed by the deceased estate. Any and all debts including taxes and title closings will be paid by the deceased estate once the property is sold. Remember, the executor takes on all responsibility of settling all payables. In all cases where there are no funds to pay creditors claims, the estate assets serve as the currency. Once all creditors have been paid whether by selling the real estate or the executor pays the creditors, the executor can then ask the probate to assist with closing the estate in probate.
Sometimes, the executor cannot or is not available to perform, a family member must step up to the plate and ask the court that he or she be granted the right a formally appointed as the legal appointed as the legal Administrator.
When selling your inherited property, it can become complicated when there is money owed or multiple mortgages on the property. The previous owners might just have unpaid mortgage(s), taxes, liens and/or judgments. All this can be taken care of when selling the at title closing. Again yes, when you ask can I sell my inherited property in Dallas? But let’s look to see what if any mortgage will be passed on to the executor, who will be responsible for paying the mortgage and other debt. All mortgage can and will be settled once you sell the property and at title closing those debt will be paid off. If you intend on keeping the property, then yes, you are responsible for making those credit payments on mortgages, junior mortgages, taxes, liens and judgments.
Most judgments pertain to unpaid bills that were incurred before death or fines that were imposed on the deceased in case they lost a suit in court. Tax liens are the debts of the previous owner or deceased, and were unpaid property taxes or income taxes. Again, the total money owed to all creditors needs to be paid from the proceeds or sale of the property, at closing. Should there be more money owed after the property closes at title, then there is a problem, and the executor has the responsibility to pay those debts. Either way, when asking can I sell my inherited property in Dallas? The answer is the same here, Yes!
Hopefully the deceased had Life Insurance for his or her heirs. Life insurance can be used to help pay for unpaid debts of the deceased. Again, this may or may not be enough to cover the debts. Should that be the case, the executor can contact the creditors in order to negotiate a workable settlement to pay off those debts. Or better yet, simply ask for forgiveness of the debt. This happens all the time and works for those who have asked for the forgiveness of debts.
Should I sell my inherited house?
Here it is again, that question people ask when they have inherited a house, can I sell my inherited property in Dallas? Yes you can! With or without a Will. So let’s look at the sale -vs- rent position. There are two ways you can benefit from inheriting a property. You can either sell the property or rent the property. Which option generates the highest in profit? Renting the house long term will bring you profit, along wit headaches as well. You still need to pay insurance, mortgage ( if there is still a mortgage in place), taxes, repair cost. Do you want that on your back? Sell your house fast is where the most profit will be. You get a one time lump sum without all the headaches I just wrote out for you. Remember, we buy ugly outdated houses in Dallas and we can help you with your probate issues.
There are some cons to renting a newly inherited property. You may need to refinance the property, money need to spend on repairs to bring the house up to standards. So do you sell it or rent it? It’s different for most everybody. Let me say this, unless you are planning to become a landlord with 40 plus properties in your real estate rental portfolio, renting is not for you. Move on to sell that inherited property, we buy ugly outdated houses in Dallas and we want to buy your house too. As soon as the probate process has ended you can sell your inherited house. Or, if there is no will of the deceased, you can sell your inherited house now!
Remember, as I have said already, the property taxes, will be deducted and paid from the proceeds of selling the house. Taxes are a major concern when you sell your inherited house in Dallas. The IRS will impose taxes on the proceeds of the sale, of the inherited property itself. In Texas inheritance and Estate taxes are tow different items. So when you plan on selling your inherited house, you want to know exactly how much you will receive at closing.
There are no inheritance taxes in Texas, but the U.S. will heavily tax larger estates, so if you own property with the value over $5,490,000 to $11,000,000 you should expect to be heavily taxed by the IRS. Folks in the lower income brackets need not worry about this, as we have experienced at Robert Buys Houses DFW, our clients have inherited house with lower values and did not have to pay heavily in taxes.
Stepped Up Taxes Basis
Here is where you can benefit from stepped-up taxes, if your property value is under $11,200,000 at death in 2018 and yo decide to sell the property, you can take the benefit. What is stepped-up tax basis? Stepped-up tax refers to the current market value of the property, (appraised value) at the time of death. So if the deceased bought an house valued at $150,000 with an appraisal at the time of purchase. Let’s say the property was valued at $300,000 at the time of death. That stepped-up value has a new tax amount tied to it. But yes, can I sell my inherited property in Dallas? Yes you can and we buy ugly outdated houses in Dallas. So when you are ready to sell your hosue fast in Dallas, we want to buy it.
So you decided to sell your inherited house, now what? Preparation is in order. Preparing a house for sale is a tough job. Here are some pointers to help those of you who are ready to sell your inherited house in Dallas. Do you sell your house in it’s as-is condition, or do you make repairs to the house in hopes of getting more money for it.
Selling a house in it’s as-is-condition. You have to consider all the heirs to the property with or without interest. When there is no Will, you do not need to go through the probate process. All that is needed for you to sell the property is an Affidavit of Heirship, which can be provided by the Title Company used when buying or selling the house. We use the Affidavit of Heirship every time we buy a house from heris of a property.
Now selling a house in it’s as-is-condition simply means selling the house without making any repairs or remodeling being done to the house or structure. Heirs will only need to clean up the property of all the deceased’s personal belongings. This works best if the house has been kept up and maintained throughout the years. Which makes it a good candidate for fast sell. We buy ugly outdated houses in Dallas. We have been working with heirs to Dallas County properties since 2001. Most of which had no idea as to what to do with their inherited property. So when people ask can I sell my inherited property in Dallas? We buy houses in Dallas.
Sometimes properties are in good shape and only need minor repairs to bring more money at sale. If this is the case, be sure you know which repairs or remodel will bring the most return on your money. Do you update the bathrooms, kitchen? Do you paint the interior and exterior? Do you fix the foundation? Replace the roof? What about the windows? Everyone of those repairs are very expensive to make. Though they will each bring more money at closing, do you really need to make those repairs?
Most inherited properties are never flawless. Depending on how well the owner took care of the property, will determine how much if any money would need to be put into making repairs. Do a home inspections,(which cost money) usually many other problems come to the surface. So be sure you know what can be repaired, that will bring a good return.
Many times, inherited houses need to be totally remodeled because they were not kept well. Prior to assessing all the repair needs, do some clean up first. Whether you do it yourself or hire a professional. The level of detail in clean up will help you determine what truly needs to be repaired. You will be surprised at what you will find with a good clean up. So bring out the best in your inherited house, see all the issues and problems that need to be repaired.
Be sure that have enough money for landscaping. You can do it yourself or hire a professional landscaper for the job. Along with landscaping, you want to increase the curb appeal and not run buyers off. Some buyers will not even stop to see the rest of the house if the curb appeal is not there.
Removing Personal Belongings
When selling an inherited property, it is the responsibility of the realtor to have full disclosure of the property. Which means the realtor must tell all buyers that it’s an inherited property and whether the owner died in the house or not. This can drive buyers right out of the house, fast!
So when removing the personal belongings of the previous owner, be sure to clear everything out. If the deceased was a close family member, it can become an emotional and painful task quick. Once you have had a chance to over come the emotional issues, try clearing out the house to get a better idea of what you have there. You can always hire a professional service to help clearing out.
Once you have done the clearing out, and if you have the time and energy, you can have a garage sale to sell items. Or, you can gather all the belongings and sell them on craigslist.com or on ebay.com quickly. All the collectibles, antiques, jewelry, appliances, furniture can be sold online. What ever you have left over you can sell to second hand stores give away to charities or donate them.
If you don’t have the time or energy to supervise, have an Estate Sale. For a small percentage of 5% to 25% of everything sold, the estate sale company will do all the work for you. You will want to do a little bit of supervision here when going through the important items such as jewelry, collectibles, antiques and the like. An estate sale will usually be held over a weekend and yo will get a few offers from buyers to buy your house too. Should none of these options appeal to you, just donate everything to charity or thrift store and be done with it all, fast.
Providing Maintenance While Selling the House
You must keep in mind that even while selling your house with a realtor, you have to keep up the maintenance until the house is sold. Things like cutting the lawn, trimming the bushes don’t go away. Just because the inherited home is for sale, doesn’t mean your job is done. Not until the house is sold.
Keeping up on the insurance policy is one of the major responsibilities of the property. So can I sell my inherited property in Dallas? Yes, but you must keep up the insurance policy to cover the house for many different items. Because most insurance policies only allow 30 days of vacancy before the policy becomes invalid, you want to buy an insurance policy that does cover vacant property. Or just keep up the current plan.
One Thing That Never Goes Away – Utilities
As much as we need them we want them to go away. Utilities! The longer the property is vacant, the more you need to keep an eye out on it. Why? Because vandals will find it and take everything they can. Especially when utilities are involved. Since there is nobody present at the house to take care of it, many potential issues can arise. Such as, plumbing. Vandals will take the copper plumbing out whether the water is running or not, copper is money for vandals. So yes, someone does need to be checking on the house at least once a week but more often is better.
If you plan on taking these few things for granted, it will come back to bite you, sooner rather than later. We have seen it happen many times to people who don’t take care of the property they just inherited. Be sure that you have turned off all water utilities, heating furnace. Be sure that you have winterized the house. It’s always best to have somebody living in the house while you are selling it. Can I sell my inherited property in Dallas? Yes! We buy ugly outdated houses in Dallas. So you don’t have to hire a realtor and wait months for the house to sell. We want to buy the house from you. There’s a lot to consider when leaving a house unattended or unoccupied and not check on it regularly check on it.
Lawn maintenance is a dead give away that nobody has lived at the house for awhile. After that, it will not take long for vandals or others to get inside and take what they want. While waiting for a buyer, do not let yard go uncut. Don’t let the mail gather either. In most cities, uncut or grass that grown too high, will be cut by the city and you will be charged a judgment.
You must remember that an empty house is prone to vandals, no matter how secure the fence is around the house or how good the locks are on the doors and gates. Vandals, young kids looking for a place to party or steal from, will get in the house. Thieves will break in to steal everything they can sell. I have seen many houses with the electric wiring stripped out for the copper, many copper plumbing pipes stolen. So remember, your absence will tell others that you just don’t care about the house. Your absence will be the cause of thousands of dollars in damage to the house. You can avoid all that, because we buy houses in Dallas so you don’t have to wait for a realtor to sell your house.
Looking for a realtor?
I have never advised anyone to hire a realtor. Why because we buy house in Dallas. Also, realtor want to be paid a commission and fees on top of that. If a house doesn’t sell fast enough for the realtor, they give up on it and move on to newer for sale signs. Knowing full well, that if and when your house sells, they still get they’re full commission.
The success of the house selling rest with the realtor. So be absolutely sure to check the realtor’s credentials, looking for his or her success in your house neighborhood, not the neighborhood blocks away or across town. Is the realtor active in your house neighborhood? What broker does the realtor work for and what is the realtor success rate in your house neighborhood? Confirm testimonials by making contact with the person(s) that gave that testimony. A good reputation is worth it’s weight on paper only. We buy houses in Dallas and we buy ugly outdated houses in Dallas. Can you work with the character of the realtor? If not, move on to the next realtor.
Especially those of you who inherited a property in Dallas and now want to sell it. If you can find a realtor who you can work with, trust, not walk away from the responsibility, and is of good character, then by all means rethink what you are doing. Contact us today at Robert Buys Houses DFW (214) 723-1304, we will buy your house in it’s as -is-condition.
How do you set a price to house? Yes it’s sometimes difficult to set a price to a house. with many references to monitor, when trying to figure out the final asking price to the house. As an professional house buyer in Dallas, Texas we have all the tools needed to set an asking price to a house before and or after repairs have been made.
Using sold comparables to set an asking price is very important, as is an appraisal for final numbers. Another reason that I don’t refer realtors, is they seldom get the asking price correct. Most of them set the price too high because they are trying to get the highest commission they can from that one property. Is that fair to seller? No! So in order to sell the house fast, you will want to set the price just bit lower than comparable prices in the neighborhood. Asking price should entice buyers to come out quick to look at the house and make your best offer to buy. This will create a buying war for that particular house, but with that, you can get the house sold. Can I sell my inherited property in Dallas?
To Make Concessions or not to Make Concessions?
When buyers are eager to move fast on buying a house, they will suggest options to help them buy. Such as sellers concessions or assistance with buying, escrow funds for improvements and repairs, and maybe more in order to get a lower price. This is what happens when a realtor who lacks sales experience and or negotiation experience. So when you price the house correctly these things do not come up. Buyers will realize that it’s priced correctly and a good price at that. If the buyer still needs to ask for any concessions, that’s the wrong buyer. Remind yourself to not settle or reduce the price and stick with the current sale price.
Buyers come in all shapes and sizes. As do buyer negotiations, so be ready for all to show. Be sure to identify the things you are and are not willing to compromise on. Being ready with knowledge will allow you to think carefully before making a final decision. Can I sell my inherited property in Dallas? Yes, and we buy houses in Dallas.
Can I sell my inherited property in Dallas? Yes, but selling an inherited house is neither and easy task nor hard. But as long as you know the process of selling a house, you might be in good standing. While yo can leave it all to a realtor, I would not recommend it. It is best to have a good understanding of the whole process in order to help yourself. Having these steps of knowledge will help you.
Some heirs who live in a different city or different State will want to consult with a real estate services company who also buys and remodels houses. Can I sell my inherited property in Dallas? Yes and we buy ugly outdated houses in Dallas. We buy houses in Dallas.
Yes home inspections are very important and should be conducted before and after a remodel. When a remodel has been done correctly, you will be able to brag about the plumbing, insulation, electrical wiring, foundation and leveling, roof and flooring to the buyers. Let me say, buyers love a great remodeled home and will very often make a higher offer than asking price. This happens for us all the time.
Family, gotta love’em. But when family conflicts go into play, it can cause chaos when trying to sell an inherited house. Settle those family conflicts regarding taxes, legal fees or even the personal issues that will arise when there is a property inheritance involved. Everybody see money there waiting for the taking.
Time to settle all the finances
after the house has been sold. Easy to do, it can be. It can also be a very frustrating task when Family gets involved. This is why I recommend selling your inherited property to Robert Buys Houses DFW. At the closing table, the Title Company will help settle issues of finances. In Texas, there are percentages of who gets what and how much if any. The Title Company has set up plain to see rules for those immediate Family members (son, daughter, step son, or step daughter, niece, nephew ect.). Each will receive a certain percentage of the house sale proceeds. Very simple, very easy.
After the, you must report and file with the IRS. Do not get into trouble here. For those who decided to sell the inherited property and earned cash at closing, you better believe the Title company filed their report tot he IRS, and each of you are included in that filing. The amount of tax to be paid will be dependent on the stepped-up basis, again it’s calculated with the current market value of the property and expenses for all repairs. So if you don’t have an accountant, ask the Title company for detailed taxation per individual to receive payment after the sale.
Here are a few tips to consider when selling an inherited property…
You asked, ‘can I sell my inherited property in Dallas”? Now that you have everything completed, no matter good you planned you will still encounter some negative episodes for which you need to be prepared for. Some of those are…
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