Selling an inherited home in Oklahoma is not as easy as people think! Read on to learn how to sell a house you inherited in Tulsa Oklahoma.
First of all, there is always that emotional bit of preparing a loved one’s house ready for sale – which most likely includes depersonalizing his or her rooms and also clearing out all the belongings… Then there is the cost of marketing the house in order to attract potential buyers.
Usually, heirs get to deal with the high costs of liens and other issues. Consequently, disagreements may arise.
Therefore we at Petit Home Solution-We Buy Houses have compiled a few points that should help steer you in the right direction if you ever find yourself in such a dilemma. Here are a few tips on how to sell a house you inherited in Tulsa, without having to sweat much.
Making the probate process go smoothly
Get some advice
The first step you should take is to get some professional advice. You must understand the status of your house is in. Make sure that you verify your ownership. Seek advice from a real estate attorney. Get info from other experts too. And completely utilize this site too of course. We can also give you a fair deal for your inherited local Tulsa house if it qualifies. Fill out the form here to get started.
Next Step: Begin the probate process in Tulsa
Before you embark on the selling process, your house must go through a probate. Most countries allow for a summary probate – which is just a simple process that takes a very short time and involves fewer legal processes. Once your house passes the probate process in Tulsa, you can then put it on the market.
The easiest way to sell property in a probate or estate administration is through a Section 239 Sale. This is a reference to title 58, section 239 of Oklahoma statutes. This type of sale is preferable because it doesn’t require ongoing court oversight of the sale process. The personal representative can simply hire a realtor (if they choose), list the property, accept a cash offer from a buyer like Petit Home Solution, sign a contract, close, pay off any mortgage or liens, and take receipt of the proceeds.
Section 239 Sale
- File a probate and set a date for an initial hearing.
- At the hearing, the court will sign an order admitting a will to probate (if there is a will), identify the heirs at law of the deceased, identify any beneficiaries named in a will, and appoint a personal representative.
- The personal representative can then file a petition asking the court for an order allowing the Section 239 Sale and must also file a consent to the sale signed by all of the heirs and any beneficiaries named in a will.
- If everyone consents to the 239 Sale, the court will sign the order allowing the personal representative to sell the property without any additional court oversight.
Tax consideration
The tax basis of your property is the house value on the date that the person who willed you died. The difference between the amount you realize from the sale and the value is basically the gain on which you owe the taxes.
How to sell a house you inherited in Tulsa
Agreeing to sell
If you are ready to sell your house in Tulsa, you can inform the executor to petition the court in order to get the “go ahead” sign and proceed with the sale from there. Problems always arise when siblings who share the inheritance have different views – for instance, others may want to sell the house while others may not be for the idea. If and when this happens to be the case, it is important to “disagree to agree”. It is also important to involve your estate lawyer in this stage.
Get Prepared to Sell
A house that belonged to an elderly person may require repairs and a bit of updating before you can put it on sale. You will need to get rid of everything! You can choose to hire an inspector to note down potential issues and recommend possible repairs. Although you can sell a home in Tulsa “as is” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning. Some of the biggest repairs to look for are structural repairs in Oklahoma are one of the common problems we see with homes here. Finding out how old the roof is also important. You have several options to sell your house. You can choose to sell with a traditional real estate agent, you may sell it FSBO or even sell your house to Petit Home Solution-We Buy Houses. If your house is in an extremely torn-down condition we recommend you selling as is. Offer your home to cash buyers who offer 50%-65% of the fair market value.
Here at Petit Home Solution-We Buy Houses however, we will always give you a fair deal and help you get as much value from your inherited house as possible. We often times buy local houses in Tulsa, repair and fix them up and either rent them out or sell them to someone else looking for a great deal.
If your local Tulsa house meets a few simple qualifications, we can buy your house fast.