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 Fort Myers…
Inheriting a property from a departed loved one may seem like a heartfelt gesture, but the reality is that owning an inherited property is not always convenient. It comes with additional bills, expenses, maintenance, upkeep, and can be a source of stress, making it a time-consuming responsibility.
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 Fort Myers?
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, 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 potential solution, somewhat akin to a form of selling, involves refinancing the property through a bank and utilizing the released funds for various purposes. This financial option allows individuals to retain ownership of the house while accessing its equity, making it particularly attractive for those looking to liquidate assets for immediate or long-term financial needs. Refinancing can offer lower interest rates than traditional loans, potentially reducing monthly payments and freeing up cash for other investments or expenses. Additionally, it allows homeowners to tap into the increased value of their property, especially in appreciating markets, providing a flexible and strategic approach to managing finances and capitalizing on the value of real estate holdings.
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.
Option #2. Rent To Own
Selling a house to a tenant over the long-term offers a unique solution, particularly for tenants who aspire to own a home but currently face obstacles in securing a mortgage. In this scenario, the tenant pays rent with the intention of eventually purchasing the property. This arrangement can take a couple of forms: either the tenant pays an additional amount above their rent, which is set aside for the eventual purchase of the house, or they wait until they can qualify for a mortgage based on improved credit or financial circumstances. This option can be advantageous for both parties, as it provides the tenant with a pathway to homeownership while ensuring the seller receives a steady income and ultimately sells the property at a mutually agreed-upon price.
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 going through the traditional route of selling through an agent and waiting for potential buyers, which can take months and involve multiple showings and negotiations, you can choose to work with a house-buying company like Sell My House Now USA. These companies specialize in buying properties quickly and efficiently. They typically purchase houses as-is, which means you don’t have to worry about making any repairs or upgrades. This can be a huge relief, especially if the inherited property needs significant work. Additionally, the process is usually completed in a matter of days, providing a fast and hassle-free way to liquidate the property and move on with your life.
There you have it! 3 financial options you can pursue when selling an inherited property in Fort Myers!