Not everyone knows how to sell an inherited property in TX! Continue reading to learn how to sell a house you inherited in Dallas Fort Worth TX…
First and foremost, there is the emotional aspect of preparing a loved one’s house for sale – which most likely includes depersonalizing his or her rooms as well as clearing out all belongings, deciding what to keep and what to sell, and then there is the repairs, updates, and cleaning. Then there’s the expense of marketing the home to attract potential buyers.
Property in Texas is dispersed through probate when a person dies and leaves property that has not been transferred to another person through a Trust. Probate can also happen when there is joint ownership with the right of survivorship or direct payments to Beneficiaries (such as from insurance policies or retirement funds).
Texas’s state and municipal court rule governs the various time periods that an executor must follow.
Typically, heirs are forced to bear the high costs of liens and other issues. As a result, disagreements may arise.
As a result, we at TMC Property Solutions have compiled a list of points that should lead you in the right direction if you ever find yourself in such a predicament. Here are a few pointers in a short video on how to sell an inherited property in Dallas Fort Worth without breaking the bank.
How to make the probate process go smoothly
Get some advice
The first thing you should do is seek professional advice. You must be aware of the current state of your home. Make certain that you have proof of ownership. Seek the counsel of a real estate attorney. Get information from other experts as well. And, of course, make full use of this website. If your inherited local Dallas Fort Worth house qualifies, we can also give you a fair price for it. Get started and fill out this short form!
Next Step: Begin the probate process in Dallas Fort Worth
Your inherited property first needs to go through probate if you want to sell it. Most countries allow for summary probate. This is a simple process that’s quick and doesn’t need to go through a lot of legal steps. Once the inherited house goes through the probate process, you can now put your house on the market.
The executor has four years from the date of death of the testator (the person who drafted the will) to file for probate in Texas. If the executor fails to file the will within the time limit, the laws of intestacy (where there is no will) shall control the distribution of the estate’s assets.
The full probate process may finish in six months for a simple estate. Expect probate to take a year if someone contests the will though. Because of the increased engagement and oversight by the court, proceedings will become more intricate and take longer.
Taxes are based on how much your house was worth when the person who gave it to you died. The difference between the amount you make from the sale and the value is what you pay taxes on.
A form called Form CA24, which is used to pay Probate Tax, must be submitted to Revenue at the same time. These are deaths that happened between June 18, 1993, and December 5, 2000.
There’s a penalty of one percent interest rate if payment is not made within nine months of the date of death. Any accrued interest cannot exceed the amount owed in taxes,
How to sell a house you inherited in Dallas Fort Worth
Agreeing to sell
To sell your inherited house in Dallas Fort Worth, the executor must go to court and get the “go ahead” sign. Then, you can go ahead and sell your house! Problems always happen when siblings who share an inheritance have different ideas. For example, some siblings may want to sell the house, while others don’t want to do it at all. If and when this is the case, it’s important to “disagree to agree”. This is also a good time to get your estate lawyer on board.
Preparing to sell
Before you can put a house previously owned by an older person on the market, it might need some repairs and a little bit of work. Get rid of everything! You can hire an inspector to look for problems and make suggestions for how to fix them. Even though you can sell a home in Dallas Fort Worth “as is,” you might have to accept a lower price if your house needs a lot of work or cleaning.
What is your other option?
The Texas probate process can be intimidating if you don’t have the assistance of a probate attorney. For starters, certain Courts will not allow non-lawyers to make applications to probate a will or an estate, nor will they allow non-lawyers to represent an estate in court.
A real estate investor can help you escape the hassle of dealing with an inherited residence. Here at TMC Property Solutions, We will always give you a fair price and help you get as much value from your inherited house as possible. Often, we buy local houses in Dallas Fort Worth, fix and improve them, and then rent them out or sell them to someone else who wants to get a good deal. We do this a lot.
TMC Property Solutions is a Veteran owned business and has been helping families across the DFW Metroplex for 20+ years, “Sell Your House Fast“, and providing solutions that work. We are an accredited business and A+ rated member of the Fort Worth BBB.
Be sure to reach out to our office if you have any questions on anything or to schedule an appointment HERE.
Maybe you are not ready to sell your inherited property today, but wouldn’t it be nice to understand your options for when you are ready? Simply fill out our short form here and we will put together your no-obligation options for when you are ready.
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