If you’ve inherited a property and you’re thinking about selling it, you might have more options than you realize. Keep reading to find out the 3 financial options you can pursue when selling an inherited property in Dallas / Fort Worth…
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 that you may not be aware of nor prepared to tackle if you’re short on cash or don’t have the time to deal with it.
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 other 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 Dallas / Fort Worth? Let’s dive in!
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 especially if it hasn’t been well maintained over the years. When working with an agent, you’ll need to consider that there are also closing fees and the hefty agent commission you’ll have to pay afterward. And, selling it this way can take months, and some people just don’t have that kind of time to patiently wait.
So, what are the other options?
Second, Let’s Look At The Other Options…
Option #1. Refinance
One option that you may have would be 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 also considering selling so that they can have cash in hand sooner than later.
You can still use the house, or rent it out, and you’ll need to pay back the loan to the bank, but it’s one option to consider. It’s important to note that you will need to have good credit that would enable you to be eligible to receive a bank loan. So if your credit’s not very good, then this option probably isn’t going to be a possibility 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 aren’t able to get a mortgage because they have some credit issues, but they really 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 from a bank.)
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. That’s right! Instead of selling through an agent (and hoping they can find a buyer, which can often take months), you can work with a house-buying company (like what we do here at Madison Lea Homes), and they’ll often buy your house as-is and pay cash, usually in as little as seven days. It’s fast, simple, and they’ll take care of the details from start to finish (at least that’s how we operate).
If you sell your property to us, there are no fees, no commissions, no closing costs, and you won’t have to make any repairs at all. Talk about a simple process!
There you have it! If you’re thinking that option 3 is the best for you in your current situation, give us a call today! We’d love to discuss the property with you.