If you’re asking “How to sell my inherited property?” you might have more options than you think. Continue reading to find out about 3 financial options you have when selling an inherited property in McAllen, Mission, San Juan and surrounding cities…
When a loved one passes and leaves you a property, it is a meaningful gesture, but sometimes you are not able to live in the inherited because of its location or conditions. If you are currently renting, you may find out that homewonership comes with additional expenses, taxes, insurance fees, utilities, maintenance, general upkeep, and some stress; it can also be time-consuming.
So if you are considering selling the inherited property, the first thing that comes to mind may be to sell using a real estate agent. However, you might be surprised to learn that you have other options that you may want to consider as well. In fact, did you know you have 3 financial options to sell an inherited property in McAllen?
Sell Through a Real Estate Agent…
There’s nothing wrong with selling through a real estate agent but you should be aware that an agent may ask you to make repairs to the inherited property before showing it to potential buyers. In addition you will have to pay closing fees and the agent’s commission you’ll have to pay at closing. This method of selling the property can take several months, since many buyers have to wait to get their credit approved and then the lender may request inspections and things to be fixed before the closing can happen.
Let’s Look At The Other Options…
Option #1. Refinance
One other option, which is a type of selling, is to refinance the property with a bank and use the extra 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.
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 qualify for a mortgage but want to own a house – so they will pay you rent and when they clean up their credit over time they’ll be able to buy the house with a mortgage .
Option #3. Sell House 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 waiting so they can find a buyer, which can take months), you can work with a house-buying company (like what we do here at Dolfin RGV) and they’ll usually buy your house as-is for cash, usually in as little as a 10 days if the paperwork is in order. It’s fast, simple, and doesn’t require any work on your end.
So these are the 3 financial options you can pursue when selling an inherited property in McAllen!