To sell an inherited house should be painless since the death of a loved one causes a lot of stress and anxiety as-is, but it’s usually the total opposite. Be forewarned, the 3 hurdles you must get over to sell an inherited house in Houston may come as a surprise…
As crazy as it may sound, people tend to lose the original documentation which proves that they’re the rightful owners of the inherited property. Since most people who have inherited a property never owned a home themselves, they oftentimes don’t know that if you have just one page missing in a document, it could cause mayhem in the entire transaction. So the first order of business is to make sure all of the paperwork is in order. If the paperwork isn’t right, you can bet your bottom dollar you’ll have a better chance of getting rich at the casino than to sell an inherited house.
Typically, the more people involved, the more likely they are to disagree on whether the house should be sold to a private party or rented out to your cousin Ken or maybe it should be given to Aunt Bessie who needs a place to stay. I’ve seen family members hold out for reasons which had nothing to do with the house. For instance, I witnessed a lady refuse to sign the transfer paperwork to the sale of a home simply because she didn’t want to see her cousin get any money from her mom’s estate. This type of anger runs deep and is all too common in these types of transactions. To sell an inherited house, these types of reactions should be expected, but not tolerated. The better the family is at putting out these fights, the easier it will be to sell the home.
- More Family
Ok. So everybody’s finally on the same page and they agree to sell the property. Low and behold not a week later a solid cash offer comes in and everyone agrees that it’s not the best price, but given the updates the property needs, it’s definitely acceptable. Uncle Ben sees things differently. He feels that it’s a lowball offer and that the 1940’s retro tile is making its way back into style so you shouldn’t take a discount on the house just because they say the kitchen and bathroom need to be updated.
Whether it’s a disgruntled Uncle or a long-standing argument between family members. It all tends to surface when money is the topic of discussion. So whoever controls the estate should call a meeting BEFORE the house is put up for sale so that everyone can agree on a price. This method starts with the end in mind and helps the family better navigate the journey of selling the property. If a higher offer comes in, great. If not, they can still try to entertain more offers. Throughout this process the tone should be set that everyone may not all agree, but that everyone needs to be on the same page with whatever the majority decides. At Next Day Homebuyers we have yet to see a house not get sold when you have family on one accord. God Bless.