Have you inherited a house from a loved one? If you have, you’re probably beginning to weigh your options.
How To Sell An Inherited House: What You Need to Know
If you’re wondering how to sell an inherited house, selling to an investor can have many benefits. In fact, in many cases it usually makes more sense to sell the property to an investor than other options because you can prevent out of pocket expenses, you can close much faster, and the process is goes much quicker. Let’s unpack why.
Prevent Out of Pocket Expenses
When you sell with an agent, they insist that you perform all necessary repairs, cleaning and decluttering before they show it. However, when selling an inherited house with an investor, you can sell the house-as is without doing any repairs. When someone dies and the house is left vacant, his or her vacant property deteriorates. House maintenance usually ceases, and the homes could even be vandalized. Selling to an investor will prevent the house from remaining uninhabited and vulnerable to deterioration.
Selling the house to an investor also prevents the need to hire a real estate agent. Some investors, such as Big State Home Buyers, even assist in changing the title over to the heirs, free of charge. Attorney’s fees can become costly, and if the estate is simple, a good investment company can help you transfer title without paying attorneys and court costs.
Close the Property Faster
If the house goes to probate, the property must be maintained even while no one resides there. Someone still has to pay the property taxes, homeowners’ association fees, insurance, utilities and lawn care. The probate process can take as long as six months or more, so families are paying for the maintenance of the home in addition to legal and other fees associated with owning and selling a property.
Then, once the probate is complete, you may need to repair it, hire a real estate agent and then sit on the house while the agent finds a buyer. And many agents will not list a house until probate is complete- so it is very likely that you may have to hold this house for up to a year before selling. Those carrying costs and commissions will add up fast. But if you sell to a solid investment company, you can have it closed in weeks rather than months.
Simplify the Process of Selling An Inherited House
Selling an inherited house to an investor is very common. When a seller considers the expenses and timing above, it really makes the most sense for many people to sell to a home buying company. Many inherited houses need repairs and updating, and that costs money. While you can avoid these updates and try to sell below the market price to get the house sold fast, you would still have to pay legal and real estate agent fees.
If you are considering selling your inherited house to an investor, check out Peggy’s story. As the executor of the estate, Peggy had a lot on her plate when her dad unexpectedly passed away. Her story represents a great example of the benefits of selling an inherited house to an investor.
As we mentioned, many of the homes we purchase are inherited. Not only are we experiences in facilitating seamless real estate transactions, but we are also Pinnacle Award Winners with the Better Business Bureau. When you sell your house to us, you are working with a company you can trust.