Need To Sell an Inherited House in Austin TX?

selling inherited property

One reason someone may need to sell a house fast is that they have inherited a property from a loved one that they can’t keep. This can be a tough decision to face, especially if the house has sentimental value. The person passing down their house likely did so because they thought the home would benefit you, but he or she may not have realized the time, energy, and money involved for you. In the midst of such events, the last thing you need to be worrying about is how to manage the real estate you’ve inherited.

Sell Your Inherited Property Fast!

If you have to sell property, you’ve come to the right place. We will buy your house as is, in any condition. Not only do we buy inherited houses in Austin, but we buy houses fast, easy, and with a cash offer. We can make you an offer on your house in as few as 8 hours and we usually close within 1 to 3 business days.

When you are selling an inherited home, there can be some complexities involving titles, wills, probate, or multiple heirs. The experts at have years of experience buying inherited property. We can walk you through the entire process to make it as easy as possible. No need for you to do any cleaning, renovation, or staging – all you’ll need to think about is packing your belongings and picking up your cash!

Ready to sell your house? Call today for your cash offer! There are no hidden fees and we can answer any questions you have about the process.

What is Inheritance?

Inheritance is known as the goods, tangible or otherwise, someone receives something upon the death of an individual. If there is a will for an individual who has passed, the stipulations of an inheritance will be included within this document. This helps clarify how the physical belongings of a person are dealt with.

Inheritance can only happen upon the death of a person. If a person is incapacitated for an indefinite amount of time, the belongings cannot be divided up. Only upon an individual’s demise can the person’s belongings be given to those she/he specified they go to when no longer alive.

Types of Inheritance

the word inheritance on top of a stack of 100 dollar billsWhile many people associate inheritance with receiving property, this is actually far from the truth. Inheritance can come in many forms, allowing owners to pass on many things. With these items also comes legally binding stipulations that could cause more harm than good.

  • Property
    As stated above, one of the things most associated with inheritance is property. Upon the death of the owner, something has to be done with the property. Therefore, it is given to someone else to manage. This could be great for the recipient, who is getting a brand new piece of property. This could also hurt them, leading them to pay upkeep costs and new taxes.
  • Titles
    A title is a formal document that shows ownership. Titles are used for primarily real estate, but can also be found with cars and other forms of property, such as mineral, farming, water, or even air rights. These documents state the holder of a title has a stake in some ownership. Having a title does not mean one has direct ownership. You could be only one part of a party that has other parts of a title. To get sole ownership, one would have to be given a legal title that states you have exclusive rights.
  • Debts
    In some cases, those that get items from the deceased could also inherit debts. For the most part, inheriting debt is rare. The law regarding debt inheritance does vary from state to state. For instance, in the state of Texas, the law will create a hierarchy for an administrator of a dead person’s estate. This hierarchy tells the administrator about outstanding bills to pay, beginning with costs related to the estate head’s demise.
  • Obligations
    An obligation declares a person as bound to perform an act. While this may sound a bit odd, this is still very much an active part of the law. For example, if a person driving a car accidentally hits someone, they might be given an obligation to take care of the victim’s hospital bills. If they do not pay the bills, they are violating the law, as the initial person was given an official obligation. Obligations can be passed on as an inheritance.

What is inheritance tax?

Inheritance tax is a payment by someone who has received a portion of an inheritance. This inheritance could be in the form of real estate, money, or one of the intangible forms of property. The tax must be paid or else this could place the inheritance in great jeopardy.

Inheritance tax law varies for each state. There are eight states that have inheritance tax legislation, including:

  • Tennessee
  • Pennsylvania
  • New Jersey
  • Nebraska
  • Maryland
  • Kentucky
  • Iowa
  • Indiana

Additionally, the U.S. government may expect some taxes on large inheritances, regardless of state laws. Texas, for example, may require you to pay taxes on a piece of property exceeding $5 million in worth. If you inherit this, you must pay roughly 40% on its value. Again, this does not apply to every inheritance, but does vary per amount.

While inheritance tax is not a very common practice, people still need assistance. Taking on the inheritance tax could be a significant financial curse, placing a significant burden on the inheritor. Instead of being able to enjoy a new piece of property, you are instead tasked with organizing the financials and, hopefully, making ends meet.