If you’ve inherited a property and you’re thinking about selling it, you might have more options than you realize. Inheriting a property can be stressful on top of owning your own property. Read this blog post to find out the 3 financial options you can pursue when selling an inherited property in St. Charles, St. Louis , St. Louis City, Jefferson County…
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. It is a lot on top of grieving your loved one. Plus, there are additional bills, expense, maintenance, upkeep, and stress! This can all be very time-consuming.
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 St. Charles, St. Louis , St. Louis City, Jefferson County?
First, Let’s Talk About Selling Through An Agent…
There’s nothing wrong with selling through a real estate agent. However, an agent may have you fix up the inherited property first. Many people don’t have the extra finances to rehab a house especially when it is an inherited property. There are also closing fees and the agent’s commission you’ll have to pay afterward. At times, this method can take months. Many people don;t have months to sell.
Take a look at the other options. Educate your self and make the best decision.
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. You will want to speak witht he professionals at a bank you trust to find out what their process would b like to refinance. 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. This gives you the option to have the cash in hand, but still be able to rent the house for passive income as well. However, with this option you will still have to repay the loan from the bank and pay the mortgage if there still is a mortgage. But it is still a viable option to consider.
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.) You will want to have legal signed documents by both parties in a rent to own situation. If you don’t need all the cash from the sale of the house right way and can receive it over time, this may be a viable option.
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 Einstein Real Estate Development) 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 repair work on the house.
There you have it! 3 financial options you can pursue when selling an inherited property in St. Charles, St. Louis , St. Louis City, Jefferson County!