If you’ve inherited a property and you’re thinking about selling it, you might have more options than you realize.
Read this blog post to find out the 3 financial options you can pursue when selling an inherited property in Warner Robins.
When a loved one passes and leaves you with a property, it might be a meaningful gesture but, the truth is, an inherited property isn’t always convenient to own. There are additional bills, expense, maintenance, upkeep, and stress; it can be time-consuming. I too have a house left to me by my Parents. I won’t sell it because of the family history, But, it also has family use and it is taken care of. I am lucky I am able to. Many people just don’t have the ability to care for a house they inherited from a loved one.
If you are not able to care for this inherited property in a way that honors the one you got it from, Selling it to someone that will take care of it is the best alternative to letting it fall apart. I recently sold a truck (1978 Dodge Ram) that belonged to my late brother-in-law. We intended to rebuild it, but were unable to find the time or the funds. The man that bought it had it running by the end of the day and sent me a video of it. I cried. I’m glad it went to good people.
So if you are thinking of selling, you might first be thinking about selling with the help of a real estate agent. However, you might be surprised to learn that you have options that you may want to consider as well. In fact, did you know you have 3 financial options you can pursue when selling an inherited property in Warner Robins?
First, Let’s Talk About Selling Through An Agent…
There’s nothing wrong with selling through a real estate agent but you should be aware that an agent may have you fix up the inherited property first, then there are closing fees and the hefty agent commission you’ll have to pay afterward. And, this method can take months, so some people don’t like how long it takes.
So, what are the other options?
Second, Let’s Look At The Other Options…
Option #1. Refinance
One option, which is a type of selling, is to refinance the property with a bank and use that money for other things. Although you’ll still own the house, this is a financial option that some people might consider if they are selling in order to get the money.
You can still use the house, or rent it out, and you’ll need to pay back the loan to the bank with the rents, but it’s one option to consider. A property manager like us can help you decide if this is a good option for you.
Option #2. Rent To Own
Another option is to sell the house over the long-term by selling to a tenant. Typically, these are tenants who can’t get a mortgage but want to own a house – so they’ll pay you rent and over time they’ll be able to buy the house (either by paying you an additional amount above their rent that will go toward the purchase of the property, or, by waiting until their credit is cleaned up to purchase the house with a mortgage.)
Option #3. Sell Fast For Cash
One little-known option that owners of inherited properties might enjoy is the ability to sell the house fast for cash. Instead of selling through an agent (and hoping they can find a buyer, which can take months), you can work with a house-buying company (like what we do here at Real Estate Problem Solver) and they’ll often buy your house as-is for cash, usually in as little as a few days. It’s fast, simple, and doesn’t require any work.
There you have it! 3 financial options you can pursue when selling an inherited property in Warner Robins!