When a loved one passes on in the family, inheriting their estate may appear to be a great way that the deceased passed down an asset of great value, but the property can be a burden. The property comes with additional expenses, bills, taxes, upkeep, maintenance and it can also be time-consuming. More often, we get ourselves inheriting properties that we do not intend to keep and dealing with it only adds to the anxiety.
If you are considering selling your property instead of renting it, probably the first thing on your mind is selling with the help of a traditional realtor. However, you should know that there are more options available to you that you might want to consider as well. In fact, there are three financial options you can follow while selling an inherited property.
First, You Can Sell Through An Agent
Selling through a realtor is not the wrong way, but you should know that the real estate agent will expect you to make repairs and upgrades on the inherited home first, and there are closing costs and the agent commission that you will be required to pay afterward. Moreover, selling with a real estate agent may take several months, and some people might not be comfortable with the long duration.
So, what other options are available?
Second, Let’s Take a Look At The Other Available Options
Option 1: Rent To Own
One of the options you have is to sell your home to a tenant over the long-term. Normally, these are the tenants who can’t secure a mortgage, but they desire to own a house. In this case, the tenant will pay rent over a given period of time and eventually they’ll be in a position to buy your house. The tenant will either purchase the home by waiting until their credit status is cleared out to secure a mortgage or by giving you an additional amount of cash above their rent to go towards purchasing the house.
Option 2: Refinancing
Another option, that’s more of another type of selling, is negotiating with a lending institution to refinance your property and you can use that cash for other important things. Despite the fact that you still own the house, this is an option many would consider if they are selling to get the cash. In this case, you will still use your house or rent it out, as you finance the bank loan, although it’s an option to think over.
Option 3: Sell It Fast For Cash
Selling house fast is an attractive option that heirs of inherited property can use to off-load their houses. Instead of selling the home through a real estate agent with the hope of getting a quick buyer which might take longer, you can sell with an investment company, and they will often buy your house in its current condition for cash. Typically this method will only take a few days. Selling Fast for cash option is fast, reliable and it does not require any effort.