If you’ve inherited a property and you’re thinking about selling it, you might have more options than you realize. Don’t be so quick to think you have no options. Read this blog post to find out the 3 financial options you can pursue when selling an inherited property in Philadelphia, Pa…
When a loved one passes and leaves you with a property, it might be a meaningful gesture but, the truth is, an inherited property isn’t always convenient to own. There are additional bills, expense, maintenance, upkeep, and stress; it can be time-consuming. It can stress you out, give you headaches and just simply be more worry than joy.
So if you are thinking of selling, you might first be thinking about selling with the help of a real estate agent. However, you might be surprised to learn that you have options that you may want to consider as well. In fact, did you know you have 3 financial options you can pursue when selling an inherited property in Philadelphia, Pa and every surrounding county?
First, Let’s Talk About Selling Through An Agent…
There’s nothing wrong with selling through a real estate agent but you should be aware that an agent may have you fix up the inherited property first, which may be very costly, then there are closing fees and the hefty agent commission you’ll have to pay afterward. And, this method can take months, so some people don’t like how long it takes.
So, what are the other options?
Second, Let’s Look At The Other Options…
Option #1. Refinance
One option, which is a type of selling, is to refinance the property with a bank and use that 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. Be aware that interest Rates are at there highest point in a very long time. The money you borrow on the home will cost you more monthly and the banks reap the benefits. You may get a lump sum of money but at what cost. Again, these are just options so make sure you choose wisely and research each bank, look at there interest rates as well as the fine print.
Option #2. Rent To Own
Another option is to sell the house over the long-term by selling to a tenant. This is usually called a “Rent to Own” scenario. Typically, these are tenants who can’t get a mortgage but want to own a house – so they’ll pay you rent and over time they’ll be able to buy the house (either by paying you an additional amount above their rent that will go toward the purchase of the property, or, by waiting until their credit is cleaned up to purchase the house with a mortgage.)
Option #3. Sell Fast For Cash
One little-known option that owners of inherited properties might enjoy is the ability to sell the house fast for cash. This is the most option of all. Instead of selling through an agent (and hoping they can find a buyer, which can take months), you can work with a Cash Home buying company (like what we do here at TriState Properties) and they’ll often buy your house as-is for cash, no repairs needed, usually in as little as a few days. It’s fast, simple, and doesn’t require any work.
There you have it! 3 financial options you can pursue when selling an inherited property in Philadelphia, PA and every surrounding county! It’s your choice to choose the option that is best for you and your family during this time and in this process.