If you’ve inherited a property and are considering selling it, you might be pleasantly surprised to learn that you have several financial options available. Selling an inherited property in Champaign can be more flexible than you think, with choices that cater to different needs and timelines. In this blog post, we’ll explore the 3 financial options you can pursue when selling an inherited property in Champaign.
When a loved one passes and leaves you with a property, it’s often a meaningful gesture, but an inherited property isn’t always convenient to own. The additional bills, maintenance, and general upkeep can add stress to an already emotional situation. It’s time-consuming, and the financial burden can be significant.
If you’re thinking about selling, your first thought might be to enlist the help of a real estate agent. While this is a valid option, it’s important to know that other financial routes might better suit your circumstances. There are 3 financial options you can consider when selling an inherited property in Champaign.
First, Let’s Talk About Selling Through An Agent…
Selling through a real estate agent is a common approach, but it comes with its own set of challenges. Agents may require you to fix up the inherited property, which could mean additional expenses. Additionally, you’ll face closing fees and a hefty agent commission after the sale. This process can also be lengthy, often taking months, which may not align with your needs.
So, what are the other options?
Second, Let’s Look At The Other Options…
Option #1. Refinance
One option, somewhat akin to selling, is to refinance the property with a bank. This approach allows you to access funds without relinquishing ownership. While you’ll still own the house, refinancing provides a financial cushion that you can use for other purposes. You can continue using the house or even rent it out while managing the loan repayment. This option is worth considering if selling is primarily driven by a need for liquidity.
Option #2. Rent To Own
Another route is to sell the house over the long term through a rent-to-own arrangement. This involves leasing the property to tenants who may not yet qualify for a mortgage but aspire to homeownership. Over time, the tenants pay rent and an additional amount that goes towards purchasing the property. Alternatively, they might wait until their credit improves to secure a mortgage and finalize the purchase. This option allows for gradual income and eventual sale.
Option #3. Sell Fast For Cash
A lesser-known but highly effective option is selling the house fast for cash. Unlike traditional sales that may drag on, this approach involves working with a house-buying company, like what we do here at Heartland Funding Inc.. These companies often purchase properties as-is and can close the deal in as little as a few days. It’s a fast, simple, and hassle-free option that eliminates the need for repairs, showings, and lengthy negotiations.
There you have it! Three financial options you can pursue when selling an inherited property in Champaign. Each choice has its own merits, and your decision will depend on your unique situation and financial goals.