3 Financial Options When Selling an Inherited Property in Raleigh – Durham

Have you inherited a property? Are you’re thinking about selling it?  If so, you may have more options than you realize. This blog post covers only 3 financial options available to you when selling an inherited property in Raleigh – Durham…

When a loved one passes away and leaves you with a property, it might be a meaningful gesture but, the truth is, an inherited property isn’t always a blessing and can be very inconvenient to own. There are additional bills, maintenance, other expenses, upkeep, and stress; it can be very time consuming.

So, if you are thinking of selling, your first instinct might be seeking out the help of a real estate agent. But, 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 available to you when selling an inherited property in Raleigh – Durham NC?

First, Let’s Discuss Selling Through An Agent…

There is absolutely 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 costing you a lot of money up front out of your pocket, 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?

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, rent it out, or sell it, the borrowed money might give you a little bit of a cushion to do repairs or cover the added expenses for the extra holding time.   You will need to pay back the loan to the bank, either through your monthly payments or when you sell, 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 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. Instead of selling through an agent (and hoping they can find a buyer, which can take months), you can work with a house-buying company (like what we do here at 48hrhousebuyer.com) and they’ll often buy your house as-is for cash, usually in as little as a few days. It’s fast, simple, and doesn’t require any work, money out of your pocket, or time.

There you have it! 3 financial options that are available to you when selling an inherited property in Raleigh – Durham NC!

Thinking about selling your inherited property fast for cash? We can help! Click here now and fill out the form our call our office at 919-747-3662 Ext. 803.