Need to Sell an Inherited Home or Probate Property?

When you have recently inherited a home in Texas, it can be a daunting task to determine what to do with the property. Between hearing appearances, estate sales, appraisers, speaking with real estate sales professionals, and preparing for a possible listing, an executor can be left physically and emotionally drained by the process. The team at Whitestone Acquisitions has provided some helpful tips on selling an inherited property. Please note that this is not legal advice, and it is highly recommended that individuals who are managing the assets of an Estate seek legal counsel.

1. Determine when/if you have the right to sell. At this point in the process, you have most likely been nominated Executor of the Estate, or you know who has been appointed Executor. The most common type of asset transfer in Texas is by Independent Administration of the Estate. There is also Dependent Administration, which requires more court oversight in the division and subsequent sale of assets owned by the Estate.  What is considered the "fast track" of selling property owned by the Estate is when a Muniment of Title can be filed. It requires that the will spells out precisely what the Executor is allowed and not allowed to do with the property owned by the Estate. The courts can rule that there is no need for probate administration based on the will as evidence. With the Independent and Dependent Administration, the court grants "Letters of Testamentary" after viewing evidence and after proof that all potential creditors have been notified about the pending probate case.  If you have been appointed Executor of the Estate you have every right to begin researching potential buyers. In Texas, the title company will need a copy of the will, Letters Testamentary or Muniment of Title, and the Order Approving Inventory and Appraisement. An Affidavit in Lieu of Inventory and Appraisement can often be provided if the Estate needs more time to file.  This will need to be provided before the actual closing, but the Executor has the right to execute a sales contract with a buyer before this point. Whitestone Acquisitions is very familiar with the probate process and we even provide a provision in the contract indemnifying the Executor if for some reason the probate process goes awry.

 

1. Establish Value. You should learn the value of the property. The first place to start for a general idea is a basic internet search using sites such as Trulia or Zillow. Please note that these sites are rough computer generated algorithmic estimates and do not take into consideration current condition of the home, as well as other important factors. Also, you can determine the tax assessed value at the County Appraisal website. Similar to Trulia and Zillow, this assessment is a mathematic equation attempting to come close to the actual value and should not be mistaken for the actual value. You can also elicit the help of a local real estate agent however; you may feel pressured into signing a listing agreement. Additionally, please be wary of agents quoting inflated sales estimates in attempt to secure the listing. If you want to avoid the listing route and 6% commissions as well as other pricey closing costs, please contact the Whitestone Acquisitions team at http://www.whitestoneacquisitions.net/sell-your-home/ for a Free, No Obligation home value analysis. While websites can give you a ballpark range to expect, Whitestone Acquisitions pulls comparable home sales in the exact neighborhood of the property you are trying to sell.  We will happily provide this information for you to review.  You can also seek the help of a local Appraiser. However, be warned that costs generally range from $250-$400 for this service.

 

1. 3.      Prepare for sale. If you choose to go the listing route, you may also want to prepare for the inevitable repairs, item removal, cleaning and providing unlimited access to the property. Having an Estate Sale is a very popular and sometimes profitable option, but be prepared to make arrangement for the items that will be left over.  Many real estate professionals will recommend that repairs be made to a home before listing, or at the very least, the home be clean and void of all items left over.  Clutter and accumulated grime can detract from value, and smells such as cigarette smoke and pet odor can be especially detrimental.  Even after accepting an offer from a potential buyer, if they are using lending there will be an inspection and appraisal required by their lender. Frequently older properties do not pass inspection and the seller is often required to pay to have the repairs done, or give a "seller concession" at closing for the new buyer to complete the necessary repairs. This is money directly out of your pocket. Investment companies like Whitestone Acquisitions, specialize in the purchase of inherited homes in Houston and Dallas, and will purchase the property truly AS-IS.  Since we completely remodel the properties we purchase, factors such as interior damage, cigarette/animal smells, mold and other common issues with vacant houses are unimportant and are factored in to our "AS-IS" cash offer. We can also assist with item removal either through sale or donation to the charity of your choice for a tax rebate.

 

We would love to show you how effortless it can be to sell your probate or inherited property. Please feel free to call us today at 1-844-207-8857 to speak to a team member about our process. You can also visit us at, www.whitestoneacquisitions.net. We promise to give you a fair offer based on comparable sales information in the area. Furthermore, you are saving money on commissions, and time that the property will sit listed with an agent. In cases that the Estate is currently completing probate, Whitestone Acquisitions can give you an offer that is based on successful completion of probate, protecting all parties involved. We will work with your special situation and offer unparalleled support along the way.

 

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