If you’ve recently inherited a property and are contemplating the best approach to selling it, it’s important to know that your choices extend beyond the traditional real estate market. There are multiple financial avenues available that could potentially align better with your circumstances and financial goals.
In this blog post, we will explore three distinct financial options when selling an inherited property in Miami. From straightforward sales to more strategic financial maneuvers, understanding these alternatives will equip you with the knowledge to make an informed decision that maximizes your benefits from the sale. Read on to uncover these viable options and determine which might be the most advantageous for your situation.
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.
Selling Through An Agent.
There’s certainly nothing inherently problematic with opting to sell through a real estate agent, but it’s important to go into this process with your eyes open to all that it entails. Typically, an agent might advise you to make various improvements or repairs to the inherited property before it goes on the market, potentially adding upfront costs and delays. In addition to these preparatory expenses, you’ll also need to consider the closing fees and the substantial commission that you’ll owe the agent upon the sale of the property. These fees can significantly reduce the net amount you receive from the sale.
Moreover, the traditional route of selling through an agent is not a quick process. It can take several months—or even longer—to find the right buyer, especially if the market is slow or the property is in a less sought-after area. This duration can be a source of frustration for many sellers who are eager to close the chapter on their inherited property and move on. For those looking for a faster, more straightforward sale, exploring other selling options might be advisable.
So, Let’s Look At The Other Options…
If you are looking for Options When Selling an Inherited Property, here
Option #1. Refinance
One strategy to consider is refinancing the property with a bank. This allows you to unlock the equity in the home and use the funds for other purposes. While you’ll retain ownership of the house, this financial maneuver can be appealing if you need access to cash. You can continue to use the house, or even rent it out, but you’ll be responsible for repaying the loan to the bank. This is one viable option for those looking to leverage their property financially without selling it outright.
Option #2. Rent To Own
Another alternative is to opt for a long-term sale strategy by selling the property to a tenant. Often, these tenants may not qualify for a mortgage initially but have aspirations of homeownership. You can arrange for them to pay you rent, with an additional portion of these payments allocated towards the future purchase of the home. Alternatively, the arrangement can allow them time to improve their credit score to the point where they can secure a mortgage to buy the property outright. This method not only provides continuous income over the term but eventually transitions into a sale, offering a win-win situation for both parties.
Option #3. Sell Fast For Cash
One attractive, yet often overlooked, option for owners of inherited properties is the opportunity to sell their house quickly for cash. This method bypasses the traditional route of listing with a real estate agent—a process that can be uncertain and time-consuming, often stretching over several months as you wait for the right buyer. Instead, by partnering with a house-buying company like ours at Future Generation Homes, you can sell your property directly, as-is, without the need for any renovations or repairs. These companies typically offer to purchase your home for cash and can often close the deal in just a few days. This approach is not only fast and straightforward but also eliminates the hassle of staging the house, scheduling showings, and negotiating with potential buyers. It’s an ideal solution for those looking to expedite the selling process with minimal effort on their part.