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 Salem…
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 other options 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 Salem?
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 any professional agent will have you fix up the inherited property first so it is presentable on the retail market. Then there are closing costs, carrying costs (taxes, insurance, mortgage) and of course the real estate company’s commission you’ll pay at the closing table. And since the normal retail market DOM (Days On Market) in Salem is over 2 months, this method may slow down your plans of a speedy sale.
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 cash-out refinance the property with a bank and use that money for other things. Although you’ll still own the house, this is an alternative financial option to consider if you are selling in order to get the money.
You can still use the house, or rent it out, and you’ll of course have a monthly payment and will need to pay back the loan to the bank, but it’s one 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.)
Option #3. Sell Fast For Cash
One little-known option that owners of inherited properties have discovered is the ability to sell the house fast for cash, with no repairs. 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 Cross Properties, Inc.) and they’ll often buy your house as-is for cash, usually in as little as 30 days. It’s fast, simple, and doesn’t require any work.
There you have it! 3 financial options you can pursue when selling an inherited property in Salem!