If you have an inherited property and you have been thinking about selling it, you are not alone. Many people prefer to sell an inherited property, especially if the heirs live out of town/state. Read this below to learn about the option in selling an inherited property in Virginia Beach…
The first thought people experience when they inherit a property is usually a very positive one, a small version of ‘we won the lottery/something” type of thought. In reality though, it can be burdensome, because if the property is older and needs repairs, and is full of mostly useless things, it will become cumbersome for the people who inherited it. Also, there is the upkeep, tax bill, cleaning, figuring out what to do with the stuff inside, paying the utility bills, cutting grass, etc.
So, when there are several heirs, often selling the property is a better option, as opposed to keeping or rehabbing it, which is very involving, time-consuming, and expensive. Your first thought when you are thinking about selling may be to call a realtor, but you’d be surprised to learn that there are other ways, which are faster and easier. Here are 3 financial options you can pursue when selling an inherited property in Virginia Beach?
First, Let’s Talk About Selling Through An Agent…
So, what about selling with an agent? Well, it’s not a bad idea, but you need to know that selling this way will involve working with the agent, who may ask you to do cleaning, repairs, staging, and multiple showings. Also, you will need to pay hefty commission fees and the process may take months, especially if the house is not in great shape, or area…
So, what else could you do?
Ok, Let’s Look At Other Options:
Option #1. Rent-To-Own
In this scenario you can contact a company like us, we will help you find a tenant-buyer. This works well if the house is in livable condition, at least. The tenant will be given a rental agreement at first, with an option to buy your place by a certain date, usually 2 years later. During the first 2 years, they will live in the house like regular renter, after which they have the option to buy. At that time they will get a bank loan (or pay cash) and become the owners of the house. If the tenant doesn’t wish to exercise their option to buy, you can decide if you want to keep them as renters, or maybe get them out and get a new person/family who may want to start by renting and then have the option to buy after 2 years. We use 2 years in this example, but that timeframe could be different, whatever you like. What type of buyer may be interested in that? People who want to buy a house, but their credit does not allow them to get a loan yet, but they will work on that and could get credit after 2 yrs.
Option #2. Refinance
In this option you can keep the house, get the house refinanced and get a loan using the equity in the house and use that money for other things. This way you would keep the house and need to consider how to utilize the house, such as renting it out. If you do not like this option, read on…
Option #3. Sell Fast For Cash
This option is the fastest and easiest. You could contact a direct home buyer, like Coastal Edge Homebuyers. We will come out, take a look at the house an usually give you a fair cash offer on the spot. No waiting, no fees, no agent commissions, no cleaning, no repairs. We can close in 7 days and you’ll be on your way with cash. It’s really that simple and many people with inherited properties call us, because they know this is the fastest way to money. We can even close on a desired date to fit your timeline.
So, here it is! 3 financial options you can pursue when selling an inherited property in Virginia Beach!