Here are 3 Great Financial Options You Can Pursue When Selling an Inherited Property in Houston
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 about 3 great financial options you can pursue when selling an inherited property in Houston…
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.
So if you are thinking of selling, you might first be thinking about selling with the help of a real estate agent. Which is likely your best option as far as financially, if you have time on your side and a house in good shape. However, most of the time homes are left as inheritances they are not in the best condition. 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 Houston?
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. As stated before if you have a REALLY nice house and PLENTY of time (months) to wait then this will likely be the option where you will make the most money.
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, but it’s one option to consider, which helps you get money out of the house while still keeping it.
Option #2. Rent To Own or Owner Finance
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 bank 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 www.TheTexasHouseBuyer.com) 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. In fact we just bought a house near the Sprouts on Manchaca and William Cannon in South Austin that needed over $100,000 in work. The house had mold everywhere along with roof leaks and a terrible foundation. We closed in 12 days !
There you have it! 3 financial options you can pursue when selling an inherited property in Houston!