Hi everyone. This is Alex from Coastal Edge Homebuyers. In today’s video I wanted to go over some options for people who have inherited a house, and now they wonder what can they do with it? How can they sell it? The exit strategies can vary depending on what your goals are, what the current situation is, who the heirs are, where do they live, and what you want to do exactly with the house. Do you need cash immediately, which you’re willing to wait and maybe fix it up? So one strategy is to simply fix up the house to a certain level at least to be rentable, and you can rent it out. Things can get a bit complicated if you have multiple heirs, people that are involved in the house. And possibly, maybe somebody that doesn’t live close by. And then the question becomes, who’s going to organize everything for the house to be fixed?
Same goes for the situation where you want to get the house fixed and maybe put it up on the retail market. To clean it up, fix it all perfectly, and then sell on the retail market. If you’re able to do a total rehab and post it on the real estate, basically retail market through a real estate agent, you’re going to get top dollar for it. But that can only work if the house is completely fixed up all the way perfectly. And the rehabs can be costing a lot of money and time today, as you may imagine. The selling prices are high but so the repair costs, and dealing with contractors. In today’s day and age, we are in the beginning of 2022. It’s not as easy as it once was to get contractors to work fast on the house. So it will take months. You can fix up the house, post to a real estate agent.
Yes, you’re going to pay them commission usually that’s 6% when you sell the house. So on a $200,000 house, this is $12,000 in commissions. You need to pay. Now, what else can you do with the house? Well, if you want the quick and easy way out, and that is to get a cash offer. We at Costal Edge Homebuyers will buy houses locally. So imagine that you’ve inherited a house, maybe belong to our parent, someone related to you that passed away. And let’s say the house is in Suffolk. And maybe you’re wondering, how do I sell that house quickly in Suffolk, Virginia. A company like ours, real estate investors can help. This is exactly what we specialize in. We help people in these situations where they are not interested in working through real estate agent, they will want to sell the house fast. Maybe there’s multiple errors. Maybe they don’t want to get together, put money together, organize events, to get contractors to work on the house. Maybe the funding is hard to get.
In either case, sometimes selling the house as is the best option. When we talk to you, we can always explain all of these options to you and based on your particular situation, you can make an informed decision. Now selling the house fast for cash is the quickest and easiest option. In that way, you don’t have to do any repairs, not even any cleaning to the house. You can sell it exactly as is, basically that’s the best and quickest way to sell a house. If the title is clean, we can get the closing down within seven to 10 business days. So that is the fastest way to sell a house. That will not be your highest offer, but is quick and easy and it gets it out of your way. So that’s one option. Another option is maybe the house can be sold in turns. If the house is paid off, meaning there’s no mortgage out on it, there’s some other options that we can explore where we can pay with monthly payments to the owners. And that way you can get a little bit more money, but over time.
So all of these options may or may not be workable for you or based on your desire, you can choose what you would like to do. But at the end of the day, it’s important that you know what your options are. And if you have a house that you’ve inherited in Suffolk, Virginia, give us a call. We’re going to be happy to speak with you. We’re going to need to take a look at the house if you would like to get an offer from us, we’ll be happy to do that. And of course, we’re going to give you all of your options. And then you can make the best choice based on what you want to do. So if you have a house in Suffolk that you need to sell fast, just give us a call we’re at Coastal Edge Homebuyers. We buy houses locally in the seven cities of Hampton Roads, and you can reach us at 757-414-7117.