You Inherited A House But Don’t Know What to Do: Here Are Your Options

Colby Hager on October 24, 2022

You Inherited A House But Don't Know What to Do: Here Are Your Options

If you’ve recently inherited a house, you may be wondering what your options are. You have several options at your disposal which can make deciding what to do with your inherited house a difficult decision.

Before you do anything with the house, you need to make sure you take the proper steps to establish your ownership. Additionally, you will want to make sure you get insurance to sufficiently cover the house. If the home will be vacant, make sure you let the insurance company know because they treat vacant houses a little differently. Once this is done, then you can review your options, like selling the house for cash and moving on. Weigh the pros and cons and then choose the option that best fits you and your situation.

Probate The Will For Your Inherited House

The first step you need to take is to probate the will. This will give you legal ownership of the property and allow you to take the next steps with what you want to do with it. You may want to consult with an attorney to help you with this process as there may be some complexities involved, especially if the estate is large or there is a dispute over the will.

If the inheritance is strictly the house, you may be able to skip the probate and use the inheritance laws in Texas to establish your ownership without the time and costs associated with probating the will.

Once you have established your ownership of the inherited house, then you can take the next steps.

Determine if the Inherited House Needs Repairs

The condition of the inherited house will play a role in what you can do with it. If the house is in good condition and does not need any repairs, then you have more options available to you. However, if the house needs repairs, this may limit your options and what you can do with the property.

If the property needs repairs and you don’t have the money to make those repairs, then selling the property may be your best option. You can sell the property “as is” and let the new owner deal with making any necessary repairs.

Your Options For Your Inherited House

#1 Refinance the Inherited Property and Move-In

If you’ve inherited a house that is in good condition and you’d like to move in, then your best option may be to refinance the property. You’ll need to get an appraisal of the property to determine the value and make sure there is enough equity to refinance.

You may be able to take advantage of the low mortgage rates available and get a lower monthly payment than you are currently paying. This can free up some extra money each month which can come in handy, especially if you are inheriting other debts along with the house.

If you have good credit, you may even be able to do a cash-out refinance on the inherited property and use some of that money for upgrades or other personal projects.

#2 Renovate the House and Sell For Top Dollar

If the house needs some repairs, you may want to consider renovating it and then selling it for top dollar. This can be a great way to get more money out of the sale of the property and use that money to help with your other financial obligations.

Of course, you’ll need to factor in the cost of renovations as well as the time it will take to complete those renovations. You don’t want to end up spending more on renovations than you will ultimately make from the sale of the property.

If you are handy and can do some of the work yourself, this can help keep costs down. However, even if you hire contractors to do the work, there is still the opportunity to turn a profit.

Make sure to budget for things like closings costs and Realtor fees unless you plan on selling your house without a Realtor.

#3 Rent the Property Out

If you don’t need the money from the sale of the property right away or you want to keep the property as an investment, then renting it out may be a good option. This can provide you with a steady income each month and can help offset some of your other financial obligations.

Of course, being a landlord comes with its own set of responsibilities. You’ll need to find good tenants, collect rent, and deal with any maintenance or repair issues that come up. If you’re not prepared to handle these responsibilities, then this may not be the best option for you.

#4 Sell the House With Owner Financing

If you need to sell the inherited property quickly and you value a monthly income stream, then selling it with owner financing may be the best option. This means that you will essentially act as the bank and provide financing for the buyer.

The downside is that you will be responsible for making sure the buyer makes their payments each month and if they default on the loan, it will be up to you to evict them from the property.

#5 Donate the Property to Charity

If you’re not interested in selling the property or dealing with any repairs that need to be made, then you may want to consider donating the property to charity. This can provide you with a tax deduction and can help you get rid of the property without having to go through the hassle of selling it.

Of course, you’ll want to make sure that you donate the property to a qualified charitable organization in order to take advantage of the tax deduction. You’ll also want to get an appraisal of the property so that you can determine the value of the donation.

#6 Sell the Inherited House As-Is For Cash

If you need to sell the house quickly and don’t want to deal with making any repairs, then selling the property as-is for cash may be your best option.

Selling as-is for cash can be a good option if you’re looking for a fast and easy sale. You also won’t have to worry about evicting tenants or dealing with any other responsibilities that come with being a landlord.

These are just a few of the options available to you when you inherit a house. Be sure to consider all of your options. If you have a house in San Antonio, consider contacting Capstone Homebuyers. We can cover all of your options and help you if you would like to sell your inherited house. We can help with the probate or heirship process and will handle all of the paperwork. Contact us for more information!

Selling Your Inherited House Fast

Dealing with an inherited house can be tough. You don’t know what to do with it and you don’t want to spend the time or money on repairs.

Selling your inherited house doesn’t have to be stressful. Capstone Homebuyers will take care of everything for you- from repairs to paperwork. We pay all cash, so you won’t have any headaches waiting for a check in the mail.

Contact Capstone Homebuyers if you’re looking for a fast, easy sale of your inherited property

Selling A Probate House In San Antonio

Colby Hager on September 2, 2022

Selling A Probate House In San Antonio

If you have recently inherited a house in Texas, you may be wondering what to do with it. Selling a probate house can be complicated, but with the help of a qualified real estate professional, it can be done. In this blog post, we will discuss the process of selling a probate house in Texas and provide some helpful tips for homeowners who are looking to sell. Stay tuned for more information!

Do You Have To Probate A Will To Sell A House

No, you do not have to probate a will in order to sell an inherited house. However, there can be reasons why going through the process is beneficial despite the cost and the lengthier process. If you are selling your house to a cash home buyer, they can guide you through the pros and cons of probating a will to sell a house versus using alternative methods to get the house sold quickly.

Hiring An Attorney To Help Start The Probate Process

If you decide you ultimately do need to probate the will in order to sell the house, you will need to hire an attorney. Most probate attorneys are willing to handle a relatively simple probate matter for a flat fee.

Most attorneys will ask you to pay some amount of money upfront. They will want at least a portion of their fee and all of the filing fees and other costs upfront.

Some real estate investors have existing relationships with attorneys and can get the attorney to take 100% of the cost out of the proceeds from the sale of the house. This can be helpful because it means there is no money required out of pocket from the executor or the family that is selling the house.

Either way, an attorney is required in order to file and appear in court. Depending on which probate court your case is in (there are two) will depend on how the case is handled because each court has slight differences.

Small Estate Affidavit

Selling a probate house in San Antonio can seem complicated and challenging. Many people wonder if instead of going through the process of probate if they can use a small estate affidavit. This can be an option but there are some very strict and specific rules in place in order for this to be used effectively.

In order for a small estate affidavit to be used the right way, we encourage you to still seek the advice of a lawyer. For this reason, small estate affidavits can still be costly to prepare and put into use.

Can You Sell A House Without Probate

You can sell an inherited house without going through the probate process. There is more than one way this can happen. If there is no will, then normally, the heirs will all need to be in agreement as to what happens with the property. The most common way this is handled is with what is known as an affidavit of heirship. If you are working with a competent home buyer and title company, they can explain this in detail and guide you through the process.

How To Avoid Probate To Sell A House

Avoiding the probate process to sell a house quickly can be done. However, certain conditions must exist in order for this to be a viable way to sell a house fast without probate. As mentioned above, one of the most important aspects is that all of the heirs must agree with the house being sold.

How Fast Can You Sell A House In Probate

The speed at which a house in probate can be sold depends on numerous factors. First and foremost, has the probate been filed with the court? If not, this will need to be done before any sale can be finalized.

Secondly, is the primary asset the house or are there other assets involved? If there are multiple properties or a complex financial portfolio, it may take longer to sell the house. In contrast, if the only asset is the house itself, selling it may be much quicker.

Additionally, is the will being contested by a family member? This can significantly delays the sale of the property.

Finally, does the executor already have letters of testamentary? If so, they will be able to move forward with selling the house much sooner.

Ultimately, working with a cash buyer in San Antonio can help you sell your house fast, regardless of the probate situation. We’re experienced in working with estates of all sizes and can help you navigate the probate process. Plus, we can close on your property in as little as 10 days. So if you’re looking for a quick and easy sale, we’re here to help.

Sell Any Probate House For Cash

Selling a probate house can be complicated and stressful. You may not even know if you need to go through the process of probate in order to sell your house. Selling a probate house can be complicated and time-consuming. You have to worry about finding an attorney, deciding if you even need probate, and wanting to sell quickly.

You don’t have to go through this process alone. We’re here to help you every step of the way, from deciding if you even need probate to getting cash for your house in any condition.

Capstone Homebuyers is the answer. We’re experienced in buying and selling probate houses, so we know exactly what needs to be done to get the sale closed quickly and smoothly. Plus, we pay cash for houses in any condition, so you can walk away with money in hand.

The Probate Process And Selling A House In Texas

Colby Hager on September 1, 2022

The Probate Process And Selling A House In Texas

The probate process in Texas can be a complicated and stressful time for anyone who is selling a house during probate. Typically, there are several steps that must be completed before the property can officially be transferred to the new owner. This may include appraisals, inspections, and other necessary evaluations in order to determine the property’s value. Additionally, any outstanding debts or liens will need to be taken care of before the sale can go through.

Selling a house during probate can be a complex process, but there are steps that can be taken to make it as smooth as possible. With the right guidance and support, selling a house in probate can become significantly less stressful and time-consuming than it might otherwise be. So if you’re looking for a way to sell your property quickly and efficiently, consider selling during probate to a direct cash buyer. With the right strategy and guidance, you’ll be well on your way to completing this crucial transaction with confidence and ease.

What Is Probate In Texas?

Probate is the legal process following a homeowner’s death if the property was not in a trust or owned by another person that did not have full rights of survivorship. In most cases, the real estate that needs to go through probate will need to be sold so the proceeds from the sale can be split up between the beneficiaries if it was not indicated in the will to go to anyone or more people.

The first thing to do is to determine where the probate needs to occur. The best place to start is the municipality where the property is located. Then, you will need to hire a lawyer to analyze the will and then draw up the paperwork. The paperwork is then taken to the courts. The judge determines who is the rightful owner of a piece or portfolio of real estate usually based on the previous owner’s will. Very rarely does the judge rule against the will.

How To Begin The Probate Process in Bexar County

The probate process begins after a person dies. Soon after this, the executor of the estate is expected to inform the court, through an attorney to take care of the probate proceedings.

Once this is done, the attorney will handle all of the legal aspects regarding putting the estate through the probate process. Once letters of testamentary are received, the property should be legally ready to be put up for sale (the attorney will confirm).

Many attorneys charge upfront fees in order to begin the probate process. Sometimes these fees can be too much for the executor to handle.

At Capstone Homebuyers, our attorney will handle the probate without any upfront charges when you are selling the house to us. Sell Your House Now by filling out the form, and we’ll help you get started now.

Avoiding Scams Surrounding Houses In Probate

When selling a house during probate, it is important to be aware of potential scams. Probate is the process of selling a house after someone has passed away, and it can be a difficult time for family members and loved ones.

Thus, there are often unscrupulous individuals who take advantage of this vulnerable period in order to scam money from sellers. Some common tactics that scammers use include promising quick or low-cost sales but failing to follow through on those promises, misrepresenting or falsifying information about the house, or presenting themselves as representatives of official bodies like estate agents or lawyers even if they are not authorized to do so.

To avoid these scams, it is important to do your research and ask for proof of credentials from any potential buyers or sellers. You should make sure that you work only with reputable real estate companies that have experience buying properties in probate.

Additionally, you should always read contracts carefully and never sign anything until you are certain that it contains accurate information and protects your best interests. By being vigilant and prepared, you can avoid scams when selling a house during probate.

Here are some scams we have seen in the past:

1. Probate Avoidance Scam

The perpetrators of this scam usually target the elderly. It involves persuading victims to buy fraudulent products that purport to help them avoid probate, for example, a very expensive living trust kit. Once the scammers have the money in their hands, they either never deliver or provide a product that is actually legally useless.

2. Inheritance/Estate Tax Scam

Some states still levy an inheritance or estate tax. Using a trusted person’s or organization’s name, scammers contact potential executors/personal representatives informing them that they stand to inherit a bunch of money. The only catch is that – because in these states the tax must be paid before probate can go forward – the victims must first send the scammers an inflated tax.

3. Fraudulent Listings Scam

This one owes its effectiveness to the popularity of sites like Craigslist for home shoppers, especially renters, and applies particularly to probate property. Scammers research the property of recently deceased individuals and advertise it for rent. Then, when the scammers collect the deposit and first month’s rent, they disappear, leaving the people engaged in probate to deal with the upset victim.

Who Pays For The Probate Process?

You can either pay for the probate out of pocket, or you can arrange that the probate costs be taken out at closing. The executor of the estate will determine a sales price for the property, negotiate the sale price and execute the sale contract.

When you work with a direct buyer like Capstone Homebuyers, the lawyer that is handling the probate for you will then send their invoice to the title company handling the real estate transaction. The probate will be subtracted from the proceeds of the sale of the property. Their fee can range from a few hundred dollars to well over a thousand dollars.

If you aren’t working with an experienced buyer, the executor will likely be paying for the probate attorney out of their own pocket prior to the sale.

How To Sell A House During The Probate Process

Selling a house in probate can be difficult, emotional, and expensive for those involved.

When you’re selling a house in probate, it’s important to find a buyer who understands the process and can help make it as easy and pain-free as possible.

Capstone Homebuyers is that buyer. We are direct buyers with years of experience in the industry. We understand what needs to happen during the sale of a house in probate and we won’t charge any fees or commissions. Plus, you won’t have to worry about cleaning or repairs.