Selling an inherited property in Texas can be more challenging than most people anticipate! Continue reading to discover how to sell a house you inherited in Lubbock Texas…
Initially, there’s the emotional challenge of preparing a loved one’s home for sale – which typically involves depersonalizing their space and clearing out personal belongings… Then comes the expense of marketing the property to attract potential buyers.
Heirs often face unexpected costs from liens and other property issues. These financial surprises can lead to disagreements among family members.
That’s why we at Electrum have assembled these practical guidelines to help navigate this difficult situation if you find yourself inheriting property. Here are straightforward tips on selling an inherited house in Lubbock, without unnecessary stress or complications.
Making the probate process go smoothly
Seek professional guidance
Your first step should be consulting with professionals. Understand your property’s status and verify your ownership. Consult with a real estate attorney and gather insights from other experts in the field. And of course, utilize the resources on this site. At Electrum Properties, we can offer you a fair cash deal for your inherited Lubbock house if it meets our criteria. Fill out the form here to get started.
Next Step: Navigate the probate process in Lubbock
Before you can sell, your inherited property must go through probate. Many jurisdictions offer a summary probate option – a simplified process that requires less time and fewer legal procedures. Once your house clears probate in Lubbock, you’ll be free to place it on the market.
Tax implications
Your property’s tax basis is its value on the date of the previous owner’s passing. The difference between your sale proceeds and this value determines the gain on which you’ll owe taxes.
How to sell a house you inherited in Lubbock
Coming to consensus
When you’re ready to sell your Lubbock property, the executor must petition the court for authorization to proceed with the sale. Complications frequently arise when multiple heirs have conflicting wishes – some may want to sell while others prefer to keep the property. In these situations, it’s crucial to find common ground through compromise. Having your estate attorney involved during this phase is highly recommended.
Getting the property market-ready
A home previously owned by an elderly person often needs repairs and modernization before listing. You’ll need to clear out all belongings! Consider hiring an inspector to identify potential issues and suggest necessary repairs. While you can sell a Lubbock home “as is,” you may need to accept a lower price, especially if the property requires extensive work or thorough cleaning.
At Electrum, we pride ourselves on offering fair deals that help you maximize value from your inherited property. We frequently purchase houses in Lubbock, renovate them, and either rent them out or sell them to buyers seeking quality homes at competitive prices. Our goal is to create win-win solutions that help homeowners regain their freedom while improving communities.
If your Lubbock property meets a few basic qualifications, we can purchase your house quickly for cash, in any condition, solving your real estate challenges efficiently.