19. Should I Sell My Inherited House Dallas?

We buy houses in Dallas, Texas and we want to say we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times. You’re thinking, “I inherited a house, what to do with this?” Should I rent it? Should I sell it?  How should I sell my house in Dallas?

There are tons of options open for you, but…

… we can help.

We’re seasoned investors in Dallas real estate, and we’re looking to buy several houses each month in the Dallas Fort Worth area. Every month we get calls from those who have inherited a home and are looking to sell the property… so the info below are some tips to help you navigate the process.

I Inherited A House In Dallas, What To Do Next?

Here are a few important considerations to help you make the right decision:

1) Make Sure The Mortgage Is Paid For The House In Dallas

This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.

2) The Investment Is Only As Good As The Manager In Dallas

If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now.  Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.

3) Property Ownership In Dallas Costs Money

It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.

Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.

4) Selling The Dallas Property For Top Dollar Costs Money

If you don’t want to deal with making home repairs, kitchen remodels, improving landscaping and overall cleanup, don’t worry. We buy houses in Dallas for cash, as-is. We are VERY GOOD at buying homes from homeowners who are asking “How do I sell my inherited house Dallas“.

5) The Dallas Market Is Starting To Cool Off In DFW

If you want to sell, it needs to be now. Otherwise, hang on to the investment. We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

6) Uncle Sam Wants A Piece Of The Action In Dallas

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.

7) Consider All Your Options In Dallas

In certain situations, we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Dallas investment experience can help you win.

8) Compare A Few Scenarios For Your Dallas Property

We’ll help you determine prices for any property near Dallas- if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).

Cash For Houses In Dallas

If you inherited a house in Dallas, you can pay for the mortgage or rent it for extra income if you want to keep the property. Otherwise, you can sell your house in DFW. Consider all the options mentioned and don’t forget to discuss the inheritance with tax and legal professionals.

Just call us today at (972) 521-1817 or contact us now for more information.

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