If you’ve inherited a property and you’re thinking about selling it, you might have more options than you realize. Read this blog post to find out the 3 financial options you can pursue when selling an inherited property in Dallas…
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 AND it can be time-consuming.
So if you are thinking of selling your inherited house, your first thought might be to find a real estate agent. However, it might surprise you 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 you can pursue when selling an inherited property in Dallas?
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 will usually have you fix up the inherited property first, then there are closing fees and the hefty agent commission you’ll have to pay afterward. And, this method can take months and most people looking to sell an inherited house need to sell much, much faster.
So, what are the other options?
Second, Let’s Look At The Other Options…
Option #1. Refinance
One option, which is one 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 you can rent it out, but you’ll need to pay back the loan to the bank. This is 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 don’t qualify for a traditional mortgage but really 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 traditional 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 praying they can find a buyer, which can take months), you can work with a house-buying company (like what we do here at APH Homebuyers) 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.
There you have it! 3 financial options you can pursue when selling an inherited property in Dallas!