Selling An Inherited House In San Antonio Made Easy

Selling An Inherited House In San Antonio

Selling an inherited house in San Antonio Texas is something that is actually quite common.  When you are first considering the sale of an inherited house, you will likely have many questions about how the sales process will work since the house or property is inherited. Each inherited property situation is slightly different however, there are general guidelines you can follow in order to sell your inherited property in TX.  Most inherited houses in San Antonio are in need of repair and get sold as-is.

Can You Sell A House You Inherited?

Yes!  You can sell a house you inherited.  If you have made the decision to sell an inherited property, there are steps you can take to make the process easy and fast. Many people are unsure if they can sell a house they inherited from their parents or another family member.  Most of the time the process is fairly simple, especially if there was a will in place.  However, even if there wasn’t a will, you can still sell an inherited home.

Hear From Evelyn Who Inherited Her Brother’s House That Was In Need Of Repairs

“I was liquidating my brother’s estate. All my questions were answered, he was upfront, we had good conversations, and I would do business again with Colby”

click here to see Evelyn’s review video (and lots of others!)

Sell Your Inherited House

Selling a property you inherit is similar to selling any other property.  As the seller, you have options like listing the property for sale with a realtor or selling to a professional home buying company.  If the property is outdated or in need of repairs, selling to a home buying company is likely the better option.  Many people who buy houses have experience buying inherited properties and can help you with the probate process and may even be able to save you money on attorney fees.  

Determine if there is a will and if you are going to probate the will

If there is no will, identify the heirs (if you need help with this reach out to us)

If the home needs repairs or updates, decide if you will update the house or sell as-is

Contact an experienced home buyer to have the process put on auto-pilot

Close the sale in as little as 2-3 weeks

If there is no will in place for the inherited home, selling a property is still possible.  In this case, working with an experienced home buying company will be key.  They will walk you through how to sell your inherited house without a will.  When you work with the right company, this process can actually be easier than the traditional probate process if the only thing that needs to be sold is the home. 

No, you don’t need a will to sell an inherited property in Texas.  These cases are typically more complicated and usually need guidance from a professional.  If you find yourself in this situation, one of the best things you can do is work with a great home buyer. 

The right home buyer will make sure that you have everything you need in place in order to sell your inherited property even without a will.  Often times in these scenarios, other family members may be involved as well.  Again, a professional home buyer will know how to best navigate this situation so that you can make sure the property is sold quickly and with the least amount of hassle. 

Are The Proceeds From The Sale Of An Inherited House Taxable?

When you inherit a house and plan on selling, one of the first questions you likely have is surrounding taxes.  Of course, you would like to know if you have to pay taxes on the sale of the inherited house.  The answer to this question isn’t quite so straightforward.  Selling inherited property does come with possible capital gains tax implications.  However, the taxes are only applicable on a stepped-up basis.

What this basically means is that you are only taxed on the increase in property value from the time the previous owner passed to the time the house is sold.  For example, if when the family member passed the house was worth $100,000, and when the house sold it was worth $110,000 your taxable amount would be the difference of $10,000.  The good news is that you can actually get a tax credit if the value has gone down.  This can happen if a house falls into disrepair in between the time when the family member passed and when the house was actually sold.  

What Do You Need To Sell A House You Inherited?

Liquidating an inherited house is often times a fairly simple process. If there is a will, you will need a copy of the will.  You will also need a copy of the death certificate for the title company.  If there was no will, you will want to work with a homebuyer who can guide you through the process of an affidavit of heirship.  A reputable home buyer will have experience in this process and can guide you along the way.  Capstone Homebuyers has an attorney on retainer to help with this process free of charge to our clients. 

Avoiding capital gains tax on an inherited or probate house is often the goal of the new homeowner.  While there is no way to avoid being subject to capital gains tax, most sellers in this situation aren’t actually taxed.  You are only taxed on the amount the value has increased.  People who are looking to sell an inherited house typically sell as-is.  When you sell as-is, there is usually no increase in value therefore you avoid paying capital gains tax.

How Long Do You Have To Sell An Inherited House?

There is no set time to sell an inherited home.  However, if there is a will that needs to be probated as a part of the sales process, there are time limits and restrictions for probating a will that will have to be followed.  Under normal circumstances, you have four years from the time of death to probate the will.  After that, it will be treated as if the person died without a will.  Speak to a professional home buyer to get more details about your specific situation.