If you’ve recently come into possession of an inherited property and are contemplating selling it, you may have more choices than initially apparent. Explore this blog post to uncover the three financial strategies available when selling an inherited home in .
Inheriting a property from a departed loved one can be a touching tribute, yet owning such a property often comes with its share of challenges. From extra bills and expenses to ongoing maintenance, upkeep, and associated stress, managing an inherited property can demand considerable time and effort.
If your initial thought is to sell through a real estate agent, you might be intrigued to discover other viable alternatives. Indeed, did you know that there are three distinct financial avenues you can explore when deciding to sell your inherited property in ? This information could significantly influence your decision-making process, ensuring you choose the best path forward for your circumstances.
First, Let’s Talk About Selling Through An Agent…
While selling through a real estate agent is a common approach, it’s important to understand that an agent may require you to make repairs or updates to the inherited property first. Additionally, you’ll need to factor in closing costs and the substantial commission fees you’ll owe the agent. This traditional method can also be quite time-consuming, often taking several months to complete, which can be a downside for those seeking a quicker sale.
So, what alternatives do you have? Let’s explore other options that might better suit your needs and timeline.
Second, Let’s Look At The Other Options…
Option #1. Refinance
One possible approach to leveraging your property is to refinance it through a bank, using the funds for other purposes. While you retain ownership of the house, this financial strategy can be appealing if your goal in selling was primarily to access capital. This method allows you to continue living in the house or even rent it out, although you will have to repay the loan to the bank. This refinancing option provides a viable alternative to outright selling and can be a strategic move depending on your financial needs and goals.
Option #2. Rent To Own
Another viable option is to sell your house over the long term by offering it to a tenant. Often, these tenants are individuals who cannot secure a mortgage immediately but have a strong desire to own a home. In this arrangement, they pay you rent and, over time, work towards buying the house. This can be achieved either by paying an extra amount above their rent, which will go towards the property’s purchase, or by waiting until their credit improves sufficiently to secure a mortgage and complete the purchase. This strategy can be beneficial for both parties, providing a steady rental income for you while offering the tenant a pathway to homeownership.
Option #3. Sell Fast For Cash
A lesser-known option available to owners of inherited properties is the opportunity to sell the house quickly for cash. Rather than going through a real estate agent and waiting for them to find a buyer, which can sometimes take months, you can collaborate with a house-buying company like ours at Oak Summit Group. These companies typically purchase your house as-is for cash, often completing the transaction in just a few days. This method is fast, straightforward, and requires no additional work on your part, making it an attractive alternative for many sellers.
There you have it! 3 financial options you can pursue when selling an inherited property in !