What is an Inherited House?
So, what makes an inherited house different than any other property? In addition to being an emotional trigger, when you inherit a house, you are getting more than just a property. It is also accompanied by a plethora of financial and legal responsibilities. So, when you inherit a property, you should first get all the required legal and financial details about the property. Details like stakeholder involvement, mortgages, debts pending, etc., can help in making better decisions, decisions you will have to make, like what to do when you inherit a house with no mortgage.
What to do with an Inherited House?
There are two main decisions you can make regarding this:
- Move-in the Inherited Property
- Use the Property for Financial gain
Moving In the Inherited House:
You can choose living in an inherited house, given that it is the most feasible option for you. If the house you inherited is in another city or state, then maybe it’s not the best idea to move. What if the maintenance costs or renovation costs are too much for you? Such factors will influence your decision to move into an inherited property. For some people, It could be completely counterproductive, but for some, it may be the best possible scenario. It all comes down to your personal situations, but the key factors that influence your decisions are the same.
Using the Property for Financial Gain:
Other than moving in, you can also make financial gains from an inherited house. This can be done in two ways:
- Inheriting a house and selling it
- Inheriting a house and renting it
To rent a property, you must first have your house checked for any repairing and maintenance work. Now, depending on the situation, this may be expensive to do. If so, then maybe you would not want to spend a lot of money on repairing the house and then putting it on rent. So then what should you do? In such a case, you can also consider selling your house.
Selling through a real estate agent could be a good option if you want to sell for a higher price. But if you’re looking to sell the inherited property without repairs, then perhaps selling to a cash home buyer could be a better option. They are fast, they offer cash, and they can buy your house as-is. Although a cash home buyer may be willing to pay less than the property’s market value, they do have their advantages. For example, most cash buyers will give their offer within 24 hours of contact and, in most cases, will close the deal within 7 business days.
These advantages are some of the reasons that people prefer to sell to cash home buyers. You should completely explore your options because if time is not an issue, you may be able to get a better deal if you can wait for a few months. But for someone who has to sell their inherited property as quickly as possible, a fast cash deal is the most lucrative option.
Can You Sell a House Without an Agent?
If you’re selling your house by yourself, the answer is yes—but it might be more complicated than you think.
How much do you know about the real estate market?
If you don’t know much about houses and the real estate market, then hiring an agent can be very helpful. An agent will know what kind of money homes are selling for in your area and will know how to help you negotiate a good price for yours.
Where do you live?
If your town or city is small, then there may not be many places where houses are selling at a high price. This means that if there’s a really great house just down the street from yours that’s selling for $300,000 instead of $250k, then it might not matter if there’s another house right next door that could also sell for $300k because there isn’t anything stopping someone from buying both houses at once! In this case, hiring an agent would make more sense because they’ll have some idea of which houses aren’t being sold