Inheriting a house is a blessing that comes with complications. At an often emotional time, it can be difficult to work through the financial aspects and paperwork of inheriting a property. You may decide to sell the house if you live far away or don’t want the responsibility of the upkeep. Let’s look at the costs of inheriting a house, what the legal process is, and what to do if you want to sell the house.
What happens when you inherit a house?
When you inherit a Houston house, you may find the process intimidating, especially if you live far from the property or don’t know how the inheritance process works. Dealing with the financial aspects can be difficult and costly. Is the house paid off or does it have mortgage payments that must be paid by the heirs? Are property taxes due? What sort of repairs and maintenance are needed on the property? Costs can add up quickly.
Understanding the process and potential costs of an inherited house
Let’s look at the necessary actions and potential issues of inheriting a Houston house, so that you can manage the inheritance efficiently.
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Property taxes: When you inherit a house, you become responsible for paying property taxes. Houston property taxes often have higher rates than most of the rest of the country and can be quite costly. These taxes are due every year on January 31st and can be paid in a single payment or monthly. Not paying the taxes can result in fines.
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Mortgage: If the inherited house has a mortgage, contact the mortgage company to let them know of the change in ownership and to go over the terms of the loan. As the new owner, you’ll have to continue to make the mortgage payments. If you can’t afford to pay them, it may be possible to refinance, or you can consider selling the house.
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Utilities: Some utilities should be continued even if the house is uninhabited, especially during severe hot or cold weather, to prevent heat damage or busted water pipes. Utility payments can add up, even with low usage.
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Upkeep and maintenance: It’s important to perform regular maintenance of the property, such as lawn care, general repairs, cleaning, and pest control. Neglecting upkeep can lead to fines and more serious problems down the road.
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Repairs: Take a good look at the Houston property to figure out what needs to be repaired. Often, inherited houses need some fixes. It could be simple repairs such as leaky faucets or major issues like a bad roof. Deciding which are most important and in what order to do them helps keep the house safe and prevents more damage.
The probate process
Probate is the legal procedure that transfers the ownership of property from the deceased to the heirs. This process can be time-consuming and may involve court fees and attorney costs. It involves filing the will in probate court, paying off taxes and debts, and distributing assets to the heirs.
If there are complications or disputes between heirs, the case may need to go to court, which would include more court costs and attorney fees.
How We Buy Ugly Houses® can help with your inherited house
We Buy Ugly Houses® can be an ideal solution if you want to sell your Houston inherited house. We can provide a fast offer for a quick and hassle-free sale, and you don’t have to make any repairs. If there are items in the house that none of the heirs want to keep, you can leave them, and we’ll take care of them for you.
We are the go-to Houston off-market house buyer, and we understand the unique challenges that come with selling an inherited property. Nationwide, we’ve bought over 150,000 houses over the last 25 years and have earned glowing reviews and a 95%* customer satisfaction rating from sellers who responded to a post-sale survey.
We handle all logistics with our streamlined process so that you won’t have to. Our goal is to give you a stress-free sale and step-by-step guidance. We take care of everything from evaluating the property to closing the deal and provide clear communication throughout the process.
We buy houses “as is,” meaning you don’t have to do any repairs or cleaning. Simply reach out to us for a free, no-obligation consultation at your property. One of our friendly Houston property buyers will take a tour and answer your questions, and we can sometimes even provide a fast offer the same day. We charge no commissions, have no hidden fees, and pay typical closing costs. If you decide to accept our offer, we can sometimes close in as little as 3 weeks. If you need more time, we will try our best to accommodate that.
Contact us today to learn more about We Buy Ugly Houses and how we can help you with your inherited house.
This blog is for informational purposes only and should not be considered legal advice.
