Have you recently inherited a property? You probably have a lot more options than you think. Give this article a read to learn about three financial options you can pursue when selling an inherited property in Elk Grove.
Inheriting a property (estate) might be a kind gesture with exciting financial prospects but holding onto it in all the busyness of modern life isn’t very convenient. Not everyone wants to deal with the new bills, maintenance costs, and upkeep activities that you just can’t avoid with inherited properties.
That said, you may have considered selling the property. Using a real estate agent probably popped into your head first, but there are a few other routes you can take that can work just as well if not better. That’s why this article is walking you through these three financial options you can pursue when selling an inherited property in Elk Grove:
Real Estate Agents: Useful but Expensive
Real estate agents can be really helpful when it comes time to list your property, but there are plenty of added expenses and time-consuming practices that they’ll put you through before you hand over the keys. First off, once a buyer comes through with an offer, your real estate agent is entitled to a hefty commission – and you still have to pay closing fees. If that isn’t enough to deter you, since real estate agents try to sell your home directly to new residents, you’ll probably have to complete renovations and repairs. This can take months, and it isn’t cheap.
But you have a few other options…
Financial Options You Can Pursue When Selling an Inherited Property
1. You Can Refinance With A Bank
On one hand, you could just refinance the property using a bank. Once you get paid, you can put that money into any you want. If you do this, you’re still considered the owner of the house, so you can rent it out to tenants or use it yourself. But you still need to pay back the loan the bank gave you, so definitely factor that in.
2. Try Renting to Own
If refinancing doesn’t sound too appealing, you can always try renting to own. This method involves selling an inherited property to a tenant over time. Basically, they pay your rent each month and a bit extra (which goes toward buying off the property) or by cleaning up their credit so they can pay off the home with a mortgage. Most rent-to-own tenants are using this method because they want to own a home but can’t get a mortgage.
3. Or You Can Sell Fast for Cash
If these options sound too risky or tedious, you can always just sell it quickly for cash. This lets you avoid the costly limitation of using real estate agents (to say nothing of the lengthy renovation and waiting periods before you get a buyer) and the stress of renting out your home to strangers. How do you do it? Just find a dependable house buying company, like our team over at MCB Homes Inc., and we’ll buy your house in as-is condition for cash. We can normally close the deal in as little as a few days, and you don’t need to worry about buyers, renovations, or renters. It’s quick and effortless!
There you go – those are three options you can pursue when selling an inherited property in Elk Grove CA! Hopefully, you picked up some useful information and can gauge which route is best for you. If you’re leaning toward selling your inherited property fast for cash, consider using MCB Homes Inc.!