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 discover the 3 financial options you can pursue when selling an inherited property in Wichita Falls…
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, expenses, maintenance, upkeep, and stress; it can be time-consuming.
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 Wichita Falls?
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 clean out, and 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.
Cleaning out an inherited property can be a major task, in and of itself. First, you and any other heirs will want to go through the items in the house and gather any heirlooms, pictures, or keep-sakes you want to keep. Many times that creates discussions among the heirs about who gets what, unless the deceased family member specified it in their will.
After you have removed these items, the real work begins. It is human nature to keep and store things as we go through life. This can produce a mountain of “collectibles” or just plain junk that needs to be removed at this stage of the process. You may need to look into renting a roll-off dumpster so you can efficiently dispose of the unwanted items in the property. Be sure to understand the city policies regarding whether you can legally place a roll-off dumpster outside of the house.
One way we serve our customers is by offering to do this clean-out service ourselves. It is one way that TruTex Properties can ease the pain of dealing with an inherited house located in the Wichita Falls area.
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 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.
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 owners of inherited properties might enjoy is the ability to sell the house quickly 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 TruTex Properties, LLC) 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 Wichita Falls!