You are probably asking these three questions in this difficult time.
“I inherited my parent house, what happens now?”
“What do you do if you inherited a house with a mortgage in Tulsa”
“Do I pay taxes on an inherited house”
Losing a loved one is difficult. Not only do you have to grieve over your loss, but you also must concern yourself with the aftermath of their financial and personal affairs. A loved one may have decided to leave you a house in their will. Either that or you’ll simply inherit their house in Tulsa because you’re their next of kin. Whichever way you inherit their house, your newfound homeownership comes with a whole slew of responsibilities.
Once you inherit a house, you must decide whether you want to keep it or sell it fast. Some people choose to live in the house while others want to get it off their hands quickly by selling it.
Most people choose to sell their house fast in Tulsa and move on. If that sounds like you, then give us a call or text and we will guide you through the simple sales process if you should choose to sell to us. We do this without pressuring you or asking for any money. Call us today! 918-297-6222
Your Options After Inheriting a Home in Tulsa
Do you currently own a home already? If you inherit a home, then you have more homeownership responsibilities. You may not want to move into the inherited home either, especially if you have bad memories of it. Being in the home will be a constant reminder of them. Why put yourself through that?
There are much better ways of managing your inherited home. For example, you could rent out the home to a tenant and be their landlord. This choice wouldn’t be for everyone, though, because you need to deal with tenants and their problems regularly. Plus, if your home is not in livable condition because it needs fixing, then you’ll need to pay extra money out of your own pocket for these expenses. What if you don’t have the money to pay these expenses?
As a last resort, you could just sell your home and end all your personal attachment to it. However, it can be tiring to sell your inherited home if you do it the traditional way. Not only will it take months to sell your home on the market, but you’ll need to negotiate with buyers regularly and show them your home. If a real estate agent is involved, you’ll have to pay them a hefty commission once the property does sell.
So once you inherit a house, you can sell it to a buyer, rent it out to a tenant, or live in it yourself. Every homeowner of an inherited property will have to determine which option is right for them. There is no one option that is right for everybody.
Consider every option available for selling your home. More importantly, find a person who is trustworthy, professional, and experienced to assist you in this endeavor. That’s what we do. If you would like to just sell your house fast in Tulsa and get the cash in your pocket to pay off any funeral bills then let us know you are interested in selling. Call today at 918-297-6222.
Live in the Inherited Property or Rent it Out?
You may assume that you can just sell your inherited house and get a quick profit out of it. But what if your inherited property has a mortgage balance still owed? You could very well end up inheriting that mortgage balance along with the property. Once that happens, the mortgage lender will be sending you letters demanding to be paid.
Laws very so check with your local law office about inherited house probate law in Tulsa.
In many cases your relationship to the deceased person determines whether you’ll inherit their mortgage. For example, if the person who left you the home is not a relative of yours, their entire mortgage balance becomes due once the probate period is over.
In another scenario, a relative could leave you a home which has a reverse mortgage on it. If you want to keep the home, you must pay the total amount of the loan. In either case, it’ll cost you tens of thousands of dollars just to retain ownership of the inherited property.
It is possible that neither case will apply to your situation. Maybe a relative leaves you a home which has a regular mortgage contract attached to it. In that case, you simply take over ownership of the home and assume the mortgage loan. But if the home has lost value or is not livable, then it is not in sellable condition for the market.
Once you’ve determined if you can financially manage the inherited property, the next step is to decide if you want to live in it yourself or not. If you’re already living in another home that you own, it can be quite stressful to maintain a second home. You may not have the money to maintain two homes. If you don’t own two homes, that doesn’t mean the inherited house is a good place to live. You need to consider its location, design, condition, and personal memories in which it invokes in you.
So, what option is left? The only feasible option left is to sell your inherited home quickly in Tulsa. But this could be too much work if you don’t do it properly. We want to have the chance to make an offer on your inherited house. Call us today! 918-297-6222
Selling an Inherited Home in Tulsa
A traditional home sale can be challenging. Does your inherited home need repairs? If it does, then you’ll need to invest money and time in getting these repairs done. Only then will you be able to list your home on the market and find interested buyers. But if you don’t have money or time, then this is not a good option for you.
Whether your inherited home is ready to sell or not, there are other steps you need to take before selling it. For example, the probate process must be completed, and the taxes must be filed. If the home has judgments, mortgage loans, and tax liens attached to it, will the sales price cover all these expenses? You must figure that out too.
Selling your inherited home in the traditional way takes several months or more. On top of that, clearing away all these financial obligations might be difficult if you have to wait months for the sale to happen. This will only complicate things further.
Find a Trustworthy Person to Help You
Selling your inherited home may be the only option you have. But if you can’t sell your property the traditional way, what else can you do? Between the time constraints and financial hardships that you may be experiencing, listing your property with a realtor and waiting months to sell your property might not be possible for you.
When faced with this situation, your only option left is to sell your inherited house quickly to a home buying company like Sell Your House Tulsa. You may have considered this option already, but you don’t know which home buying company is trustworthy. Your worries are not helped when you look for testimonials on the internet and read about the dozens of negative experiences that other people have had with these companies.
The trick is to find a home buying company that is reputable and has a positive reputation of serving homeowners in the community. Do your due diligence on these companies, or else you could get scammed and lose your inheritance.
Several homeowners are anxious to sell their inherited homes as fast as possible. Many of them feel just the way you do. They inherited a house which they don’t want, so they’re anxious to sell it quickly and relieve themselves of their ownership responsibilities. However, this anxiousness can make you put your trust in the wrong real estate investor. There are predatory investors out there who prey on people like you with high emotions about their inheritance. Their techniques are so ruthless that they’ll try and take advantage of you and your inherited home without you even realizing it.
It’s called “bait and switch.” A couple of investors will contact you about possibly purchasing your home because they’re interested in homes in your neighborhood. They’ll spend a few days building your trust before they make you a very generous cash offer to purchase your home. They’ll even draw up a contract with the terms that you all discussed and everything.
After you read and sign the contract, a few more days will go by. Suddenly, the investors will come up with an excuse to make a new set of contract documents. They might say the paperwork was lost or some of the minor requirements need to be modified.
As a result, they’ll draw up a new contract and have you sign that. Their hope is that you won’t read over this new contract because it’s supposed to be nearly identical to the original. But what they don’t tell you is the new contract has new terms which you didn’t agree to before. Since you didn’t read over the contract, you’ll never know it.
These investors might repeat this process a couple more times until the contract documents have totally new terms. During the closing of the sale, you sign one more document which further goes against the original terms. Afterward, you end up losing your inherited Tulsa house and all the equity that was in it.
Determining If a Tulsa Home Buying Company is Untrustworthy
Scams like these are quite common. In order to avoid these scams, you must find a trusted home buying company. Meet with them and when they have earned your trust you can sell to them quickly. Here are some ways to tell whether a home buying company is a scammer.
- If a home buying company asks you to do something unusual, then stay away from them.
Avoid a company that asks you to do something unethical. For example, if they want you to keep the mortgage but transfer the deed, then that is a huge red flag. This investor is clearly trying to steal your inherited house without taking on the mortgage responsibility too.
Also, don’t trust any investor who wants you to pay money upfront before the sale. You shouldn’t be paying any money anyway because you’re the seller. In a legitimate transaction, the buyer is the only one who pays, and that’s on the closing date.
- Find out the legitimacy of the company.
Ask for reviews or references on how the company did business. Did they do what they claimed?
- Find out the trustworthiness of the company.
The internet can help you determine the trustworthiness of the company. There are lots of web resources which can assist you. For example, does the company have a website? Does it have a professional design? Do they have good reviews? If they are registered with the BBB are there any complaints.
Also, investigate the social media profiles of these companies too. Go on Facebook, Yelp, and Google to see if they’re on there. If a home buying company has a presence on social media and a registration profile in good standing with the Better Business Bureau, then they’re most likely trustworthy.
Trustworthiness is Key
Trust is the main factor when choosing a home buying company. Sure, you can check out their profiles on social media and other websites, but they won’t tell you everything about them. In addition, try doing some of your own investigative work. Some extra research into their credibility can save you money, stress, and time.
Here are some additional things you can do:
- Find customer reviews and testimonials about the company. Read all the feedback, both good and bad. Hopefully, you’ll find they have more positive reviews and little to no negative reviews. But don’t just settle for one testimonial website. Sometimes these companies post up fake reviews of their own services to try and trick people. That is why you need to find reviews from several different sources, especially trustworthy ones like Yelp. You could even go so far as to contact some of these other clients. If the home buying company is legitimate, they shouldn’t have a problem giving you their clients’ contact information.
- Look into the track record of the company. Have they purchased homes in Tulsa for at least a couple years? Find out if these homes were inherited by the sellers. Online court records can help you determine this. If it looks like the company purchased homes from people who inherited their property, then that is a good sign.
Sell Your Inherited Home Tulsa! We are a Trustworthy Home Buying Company with a Good Reputation!
There are several paths you can take after inheriting a house from someone you loved. You could rent it out, live in it, or sell it.
Most people will decide to sell their house quickly and move on. If that sounds like you, then give us a call and we will help guide you through the sales process without pressuring you or asking for any money.
Contact us today and see how much cash we’ll offer you for your inherited house in Tulsa! Call 918-297-6222