If you’ve come into possession of an inherited property and are thinking about selling it, you may have more options you can pursue when selling an inherited propertye. Explore this blog post to discover three financial options you can pursue when selling an inherited property in Aurora…
When a loved one passes away and leaves you a property, it can be a touching gesture. However, the reality is that owning an inherited property isn’t always convenient. It comes with additional bills, expenses, maintenance, upkeep, and stress, making it quite burdensome and time-consuming.
So If you’re considering selling, at first you might want to engage a real estate agent for assistance. Yet, you may be pleasantly surprised to discover alternative options worth considering. Indeed, were you aware of the possible options you can explore when selling an inherited property in Aurora?
Let’s Talk About Selling Through An Agent…
Selling your property through a real estate agent is a valid option, but it’s important to note that the process typically involves making necessary repairs to the inherited property, incurring closing fees, and paying a substantial agent commission. Additionally, this approach often takes several months, which may not be appealing to everyone due to the extended timeframe involved.
So, what are the other options?
Let’s Look At The Other Options…
Option #1. Refinance
A potential approach, classified as a form of sales strategy, involves refinancing the property through a bank and reallocating the funds for alternative purposes. While retaining ownership of the house, this financial maneuver may be contemplated by individuals seeking immediate access to capital through the sale.
Under this arrangement, you retain the ability to inhabit the property or lease it out, while being obligated to repay the loan to the bank. It represents a viable option worthy of consideration.
Option #2. Rent To Own
Another viable option is to explore a long-term arrangement by selling the house to a tenant. Typically, these tenants are individuals who are unable to qualify for a mortgage but have a strong desire to become homeowners. In this scenario, they would pay rent to you, and over time, they would accumulate equity that can be used towards purchasing the property. This arrangement could involve them paying an additional amount above their rent, which would be allocated towards the eventual purchase of the house. Also, they might choose to wait until their credit improves, allowing them to secure a mortgage to buy the house outright.
Option #3. Sell Fast For Cash
An often-overlooked possibility for those who inherit properties is the opportunity to swiftly sell the house for cash. Rather than going through the traditional route of listing with an agent and waiting for a potential buyer, individuals can opt to collaborate with a house-buying company, such as ours at Heartland Funding Inc., which frequently purchases properties in their current condition for cash, often within a matter of days. This method is rapid, straightforward, and entails minimal effort.