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How to Sell Inherited House in Norfolk VA

How to Sell Inherited House in Norfolk VA
Hi, y’all. This is Alex from Coastal Edge Homebuyers. Thanks for clicking on this video.

I wanted to spend some time with you today to show you a house, right here behind me. This is an abandoned house. The owners are not around. As you can see, there’re bushes, grass over ground. Obviously, nobody’s lived in this house for a while.

We’re in Norfolk, Virginia right now. And I just wanted up to spend some time to go over briefly with you on some options that you have, if you own a house like this. So what can you do with it? Imagine that a loved one passed away, maybe a grandma or grandpa, and they left you this house. What could you do with it?

Well, you just inherited a tax bill. Congratulations. So you still have to pay the taxes. You may even get some notices from the city, maybe utilities bills, grass overgrown, things of that nature. So you probably should do something about it. So, what are your options?

Well, number one, you can rehab this house completely, whether you do it yourself, if you have the ability and the crews to do it, or you can get in touch with a contractor if you have the money for it, or you can take a loan out as a second mortgage, or a separate type of a personal loan to get the house fixed, and then you can put it up on the retail market, sell it, and get your best return of your investment.

It will take several months. You don’t have to stage the house. You got to work with a real estate agent to put it up on the proper markets to be sold. And then, of course, you’re going to pay agent commissions to get the house sold.

So what else can you do, if you don’t have the time and the money to deal with this, if you live out of state, especially. There are some options for you out there.

One of them is to sell it for cash “as is” for whatever it’s worth. And you can work with an investor just like us. We’re Coastal Edge Homebuyers. We buy houses locally. The house that you see here behind me is in Norfolk, Virginia, in the North Military Highway area of Norfolk. So, we’ll be glad to actually take a look at it and give you a fair cash offer.

So the way we work, or an investor would work is, you’re going to get a cash offer. We’re going to take a look at the house, inside and out. We’re going to do some due diligence, and we’re going to make you a cash offer. And then you can decide what to do with that. The cash offer will reflect the current condition of the house and basically, how quickly you want to get this done.

We can close in very quickly, sometimes in a matter of days, or usually we put it up about a month forward, so we/you can get our affairs in order and get it done. On the closing table, you’re going to get the full amount in cash or a check, and you’ll be happy on your way.

Now, if you want to get some more money out of it, we can pay a little bit more if we do something else, and one creative option would be to do owner financing. In that way, what happens is that we give you a down payment and then we pay you monthly amounts until the house is paid off. Basically, that’s how you can get some money always coming in, as opposed to getting one lump sum and obviously, getting a big tax bill with it that you have to pay to the IRS.

But long story short, if you sell it “as is”, that would be the fastest option. And the best part is, you don’t have to do any repairs. There’s no cleaning, absolutely nothing to do on your part. We can do the paperwork even remotely, or we can do it together at the closing table. We do that always at an attorney’s office, so basically, that’s how we do these deals.

We’re Coastal Edge Homebuyers. We’re local here to this market, and this is what we do.

So if you have any other questions or if you want to know more about your options, please don’t hesitate and give us a call at 757-414-7117, or fill out the online contact form on this site and we’ll be happy to go over your options with you.
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