We can buy your inherited house in McAllen or surrounding cities in as is condition, no commissions
If a family member left you a property and now you are thinking about selling it, make sure you read this blog post for 3 tips about how to price your inherited home in McAllen for sale…
Did you inherit a house in the RGV that you do not need or do not want? While an inherited property can be a wonderful gift from a family member, sometimes it can also become a costly burden. Many times it brings us sadness or it requires too many repairs to bring ther property up to date that we cannot afford. Or there are unpaid taxes, tax liens, judgement, city mowing liens, homeowners association fees, etc. Then selling it is the best option since it can allows you to use the gifted equity for another need. However, if you haven’t sell a house in a while the process may not be as easy. Keep on reading if you want to find out how to price your inherited house in McAllen for sale…
Tip #1: Price To Sell Fast
Some people price their inherited real estate property at an amount they think the market might pay for the house. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you need/want the money? Selling through a real estate agent can take several months, and you’ll have to pay for the house, keep paying taxes, utilities, and maintain the property cleand and presentable all this time. Those expenses can add on to a large sum of money over time. Selling with an agent will usually require making upgrades or repairs to the house, which can be substantial once you start opening walls. Especially in older homes, there may be unpleasant surprises and inspectors may find it necessary to bring homes up to code.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the house but they will also pay less on repairs, carrying costs, effort, and time, so it’s ultimately a trade-off that can be worth it.
Tip #2: Avoid Pricing Based On Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house or of happy times in the house that you accidentally use that emotion to increase the price above what the market is willing to pay (and that happens quite often).
It would be better to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs to bring it up to date and become functional. You could decide to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or contractors) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially.
Summary
An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in McAllen for sale.