When an individual or a group of family members inherit a house in Austin, TX, there are different factors they have to consider. A few of the factors that have to be considered are the wishes or opinions of multiple heirs, current and past due taxes, mortgage payments and liens, maintenance and upkeep, liability, emotional ties, and other burdens unique to owning real estate. Oftentimes, especially when multiple heirs are involved, the house is placed on the open market for sale. Selling on the open market is one option, but some inheritance situations are complicated, making the selling process difficult.
An experienced real estate investor is an excellent option for someone who has inherited a house in Austin, TX. However, it is imperative that the heir(s) work with someone well-versed in these types of circumstances to help guide them through the process.
The individual or family is usually dealing with the emotions that come with the loss of the loved one. It can feel overwhelming to be faced with so many difficult decisions on top of the emotions and grief they are going through. Selling an inherited property can be complicated, but it doesn’t have to be stressful. There are several things to take into consideration when selling an inherited home.
- Are there multiple heirs? If so, all heirs must come to an agreement, and there is additional paperwork for each individual that must be filled out, signed, and filed. If any of the original heirs are deceased, the children and/or spouses must be notified and sign off as well. This can sometimes be difficult, especially if the heirs live in other states or countries. This can take time and patience to get everyone on board.
- Have a realistic expectation of what the property is worth. It can be hard when thinking about selling a loved one’s home because there can be no monetary number put on memories or the loss of a family member. However, it is important to have a realistic idea of what the home is worth. When obtaining a value, consider the condition of the house, the amount of work needed, and whether or not the house is out of date.
- Consult a tax attorney. It is important to understand that when an inherited property is sold, the heirs will have to pay capital gains taxes on any profit that is made. The value of the property is determined by the fair market value as of the day the original owner passes away. Any amount over that fair market value at the sale is taxable income to the heirs.
Not only is the team at I Buy Austin Houses well equipped and experienced in the process of selling an inherited property in Austin, but we also work with a team of individuals who understand the legality and complexity of the situation. We work exclusively with a professional title company who handles all necessary documentation and heir-ship issues. Together with the title company and their attorneys, we have successfully assisted many property owners in navigating the waters of inherited property sales in Austin, TX. Additionally, we understand the sensitivity of the nature of a transaction such as inheritance and strive to make the process as simple and quick as possible.