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 Floresville…
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. 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 Floresville?
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 want you fix up the inherited property first, then there are closing fees and the agents commission you’ll have to pay afterward. And, if the property does need repairs this method may take longer, so some people don’t want to carry the house and its maintenance for a long time.
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. If the market is slow or you are waiting for the right timing.
Option #2. Owner finance
Another option is to sell the house over the long-term by selling to a person for whatever reason cannot get a conventional loan. Typically, these are people who want to own a house – so they’ll pay the payments and over time they will own the house. Some of the reasons that people cannot get a loan is not being on their job for 2 years. Someone who has changed careers has to be in that career for 2 years to get a mortgage loan. Self Employed persons. Some who is self employed will take every deduction that they can so their income can show as low. Their cash flow can be great but on paper their income looks low. Business people can write off their vehicles, their office equipment, any business equipment like cell phones, machinery, etc. While we as regular people pay those things from our personal account after taxes but self employed people pay those and they become a business expense which reduces “their income.” So any person would have to meet your criteria for an owner finance. It normally requires a nice down payment and there are options how to handle their payment of the loan. You can do the owner finance note with a balloon payment in a certain number of years allowing them to get their credit organized or you carry the note until it is paid off. That can allow you as the “lender” to make a bit of cash flow while the buyer if living in the home; having the expense of maintaining the home. If you want more information about this option contact me and I will give you more information.
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 StepStone with our list of investor buyers and contacts) 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. Cash always works but be aware that cash normally means a lower sales price unless you have a real gem.
There you have it! 3 financial options you can pursue when selling an inherited property in Floresville!
Thinking about selling your inherited property fast for cash? We can help! Click here now and fill out the form our call our office at (210) 216-7722.
As the Floresville Real Estate Agent – Faye Y Taylor is here for your questions and to help