It’s a situation that happens more often than people might think; a loved one passes away and you inherit their home. Or you might be the executor of an estate which includes a home. While sometimes the person who inherits the home is happy to have it, many times the beneficiaries of the house often find themselves in a difficult situation.
The home might be mortgaged, causing the person who inherited it to suddenly be faced with two mortgage payments because they own a home of their own. Even if the house is owned free and clear of a mortgage payment, the inheriting party might now face having to make two insurance payments and two tax payments.
Adding to the financial challenge, sometimes the inherited house might be located in a different city or state. This can leave someone in the situation of not only dealing with a loss but suddenly dealing with the added stress of suddenly needing to clear out and sell a home as soon as possible – that might also be in a state of disrepair.
If we sound familiar with the situation, it’s because we are – on a personal level. In early 2017 AMI’s co-owner – Rae – lost her father. He had homes in two states, and her brother – the executor of the estate – was suddenly faced with needing to sell the second house which was situated over 1,000 miles away from him. Meanwhile, the water, electric, and PITI all had to be paid on the second home until we figured out what to do with it. So we get it – we do.
If you’ve inherited a home in the Katy or Houston area, we can help you get it sold – fast. We’ll do a walkthrough of the house, present you with comparable sales, give our assessment of the home and any needed repairs, and present you with an offer that details how we arrived at our numbers. We can purchase the home in cash and close in as little as ten days.
Inherited Home FAQs
You’ll find a list of the frequently asked questions we receive from homeowners in general here. You’ll find a list of inherited house specific frequently asked questions below.
What are the tax implications of selling an inherited home?
Unfortunately, the answer to that question varies depending on your situation. We’re not tax professionals, so we can’t advise you on this topic. Our recommendation is to contact a CPA and request a consultation.
If the house is full of stuff, do I need to clean it out?
No. However, we’d recommend that you make at least one trip to the home to take anything with value – be it financial or sentimental. You can also consider having an estate sale to sell anything that might have value to others. That said, our goal is to alleviate stress. In light of that, take or sell what you want and leave what you don’t. We’ll handle clearing out anything left in the house after closing.
What if the home was inherited by multiple people?
If you only inherited a portion of the home – a common occurrence when a parent leaves a house in equal shares to all of their children – all of the inheriting parties will need to be on board with the sale.
What if my brother / sister lives in the home we jointly inherited, but I want to sell it?
If a sibling currently occupies the home and doesn’t want to sell it, but you do, you’ll need to consult with an attorney to find out what your legal rights are regarding the sale of the home.