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

How To Sell A Property In Probate In San Antonio

Colby Hager on August 13, 2022

How To Sell A Property In Probate In San Antonio

We buy houses in San Antonio, Texas. We are local home buyers at Capstone Homebuyers and help provide residents with the ideal way to sell their homes fast by offering cash for houses.

After facing the loss of a loved one, probate can mean long drawn-out proceedings, especially with larger estates. Should you find yourself in this position, read on for information and how to sell a probate property in San Antonio.

Probate can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets, will, and who will handle the estate of the deceased are analyzed and determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds among those beneficiaries.

What Is Probate

Probate is a process by which the courts legally recognize a deceased person’s (the decedent) death, settle their outstanding debts, and distribute remaining assets to their heirs. The process is designed to facilitate the transfer of a deceased person’s estate, and when necessary, to protect both beneficiaries’ and creditors’ interests in the decedent’s estate. In Texas, probate is handled in Texas’ Probate Courts. In Bexar county, there are two probate courts and each handles things slightly differently.

Do You Need An Attorney To Probate A Will In Bexar County

In Texas, you do need an attorney to represent the estate in probate court. While there are some cases where an attorney is not required, there are instances where the executor or executrix of an estate must have representation in front of a court. There are some instances when selling a house is the only goal of the heirs to a property where probate isn’t required and therefore an attorney isn’t required.

Common Documents Needed To Sell A House In Probate

Original documents are required to be filed with the probate court. The courts will not accept photocopies and they do not return original documents so make sure you have copies prior to providing them to your attorney or to the probate court.

How Long Does It Take To Sell A House In Probate

The probate process isn’t known for its speed or convenience. For many heirs, the process can be grueling and time-consuming. A situation that is already painful and difficult can become even more so when it is drawn out.

You will want to make sure that you and your fellow heirs are on the same page to avoid any disagreements in the process. Between the legal waiting periods, and disagreements between family members, the probate process can become incredibly drawn out.

When you are able to establish an agreement beforehand, the process will be much easier when it is actually time to get things done. Once a person dies, it is important to file for probate as quickly as possible. Not doing so will likely raise the costs of holding the home.

If you are responsible as the executor of the estate, you may find yourself dealing with paperwork, phone calls, and court hearings that can take up a good amount of time.

Some probate cases can be wrapped up in a matter of months, while some can go slightly faster. Keep in mind, that the courts have cited the Covid-19 pandemic as having caused delays due to various issues. Having everything together ahead of time will make the process go much more smoothly.

If a will is needed to sell the house from the estate, probate must be complete before the sale can occur. This is because the title company needs a document from the court called Letters Testamentary. This document is what allows the title company to properly convey the deed from the estate to the new buyer. Preparing to sell a probate house can be different for each estate.

Listing A Probate House For Sale

If you have never worked with an agent to sell a house in San Antonio, you may not know exactly how the process works. First, the house will need to be repaired to be competitive with others on the market. You’ll need to clean and stage it in order to attract as many people as possible.

While you are waiting for it to sell, you or the estate will have to cover the taxes, utility bills, and insurance. When you use a real estate agent to sell your inherited house in San Antonio, you will also have to pay out a hefty commission when the house sells. The time and money spent on listing an inherited house might not always be worth it, especially if there are repairs needed to be done prior to the sale.

Selling A Probate House For Cash To An Investor

By selling your house directly and avoiding the MLS, you will be able to skip the repairs, showings, cleaning, commissions, closing costs, and waiting! You will save thousands on the holding costs alone. Selling a house you inherited doesn’t have to be complicated. Working with Capstone Homebuyers will save you time, and money, and make a difficult process that much easier.

Selling a house can be a long and complicated process. Most people don’t have the time or patience to go through with a traditional sale. Plus, you might not even know where to start.

Capstone Homebuyers is here to help. We are experts in buying houses in probate or pre-probate, and we can make the process quick and easy for you. We will handle all of the paperwork for you and close on your timeline. You won’t have to make any repairs or clean up before closing, and you can leave any personal belongings in the home. Contact us today to learn more!