Are you trying to decide whether to sell or keep your inherited property in South Texas area? It can be frustrating spending money on a house in order to sell it, especially one that wasn’t yours. In our latest post, we help you learn more about your selling options!
Whether or not you knew about the inheritance, you might be faced with some unexpected challenges once the property is in your name. Owning a house can be expensive. The bills, the taxes, the maintenance, and the unexpected repairs can come as a shock. As any investor will tell you, the longer you own it, the more it is costing you. Before you make a decision about whether to sell or keep the inherited property, ask yourself a few questions. Take the time to learn about the market and the property in question, to better help with your decision. Below, we will offer some tips to help you determine if you should keep or sell your inherited property in South Texas area. Will will also offer some insight into the best ways to sell. Being an investor / Realtor® give us the full market insight as to the value of your property. Knowing that gives you better information to make a decisions as to what works the best for you.
Ask Yourself These Questions
Do you have a use for the property?
Holding onto it for sentimental reasons is fine if that’s what you want to do, but don’t feel as if you are obligated to keep the house. Only keep the property if you have a sincere use for it. There is no sense in holding onto a property that will just end up sitting there costing you money.
Are there other owners?
If there are other owners of the property, you will all need to sit down and come to a consensus. When you own a home jointly legal issues come into play. Each state has different laws so to make sure you understand how it works, it is best to consult an attorney. Article on Joint Ownership of property in Texas But the owners must work together to decide if the home should be kept or sold. If there is an odd man out, consider buying them out as not to cause further disagreement. Remember, it is just a house, and the person who passed it down to you would never want to see their gift become an argument. It can be common as all the heirs have different needs/wants. It might be possible for one person who wants the house to buy out the others.
If you decide you want to sell, how much can you spend upfront?
If the home has not yet been cleared out, that should happen first and foremost. A traditional property listing will come with some upfront costs. You’ll likely need to make some repairs to the house and have it professionally cleaned. It’s tricky making repairs to a house you’ve never owned. You may not know what you’re getting into. You don’t want to find yourself down a rabbit hole, spending thousands and thousands on a house you want to sell anyway. Depending on how you decide to sell, you could face not only repair costs but costs for marketing too.
Ways To Sell
Listing your inherited property in South Texas area will require you to get the property ready for the MLS. Take a look at what other homes are selling for, and how your property stacks up. Be realistic with your prices, and don’t spend too much over-improving. When you list an inherited home, you may feel frustrated to suddenly have to spend money selling a house that isn’t yours.
Sell On Your Own
Selling the house using an FSBO listing will save you on the commission, but you will still need to pay for cleaning repairs, marketing, and other selling costs. You have to be available for scheduling showings, keeping the house clean for showings, and understanding the paperwork involved not only when the offer is presented but also how to read the information from the title company and knowing deadlines and what happens if they are missed. In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket.
Sell To An Investor
When you sell your inherited property to Rescue Real Estate Help, you will not need to spend a dime out of pocket. Nor will you have to pay expensive commissions, agent fees, or administrative costs. By selling the property directly, you will be able to quickly receive your profits and move on from the house without spending months making repairs and waiting for the property to sell.
To learn more about whether to sell or keep your inherited property in South Texas area, reach out to us! We are happy to answer any questions you have. 830 444-0103
**I am not a lawyer nor a practicing accountant. This Website provides general information related to the legal matters designed to help but does not provide legal advice. Although we work to make sure our information is accurate and useful, we recommend you consult a lawyer if you want/need legal advice. No attorney-client or confidential relationship exists or will be formed between you and us.