If you have inherited a property and not sure what your options are, don’t be overwhelmed! We can help (and in fact specialize) to lay out a plan and make sure you understand all your options. Read this blog post to find out the 3 financial options selling an inherited property in Edina…
When a loved one passes and leaves you with a property, it might be a meaningful gesture but, the hard truth is, an inherited property isn’t always convenient to own. You many now have additional bills, expense, 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. This is a great start, but there are other options to consider. In fact, did you know you have 3 financial options you can pursue when selling an inherited property in Edina and Surrounding Suburbs?
First, Let’s Talk About Selling Through An Agent…
Working with an agent typically can get you the most money. (unless you capitalize on our creative financing program “where you be our bank while we fix and sell it” option which is mentioned later in this post). We also have a program we call “Fix and List”. This is a program where we flip (update) your house for you, then our Realtor partner with Lakes Sotheby’s International Realty professionally lists the home for top dollar so you are essentially flipping your own house. We can also cover the renovation costs and get paid when the property sells!!
Some of the aspects of listing that may not always be appealing however is it can take time to sell and close and there are showings and open houses to work around.
So, what are the other options?
Second, Let’s Look At The Other Options…
Option #1. Refinance
If you are considering keeping the property as an investment or want to get some cash out of it, one option that is a type of selling is to refinance the property with a bank and use that money for other things. Although you’ll still own the house, this is a financial option that some people might consider if they are selling in order to get the money. And is a great option if you are looking to add properties to your portfolio, especially when interest rates are low.
Option #2. Rent To Own
Another option is to sell the house over the long-term by selling to a tenant. You are acting like a bank for the seller and in this situation the buyers are generally responsible for their own repairs. Typically, these are tenants who can’t get a mortgage but want to own a house – so they’ll pay you a premium rent which a portion of that rent is applied to principal and over time they’ll be able to buy the house (either by paying you an additional amount above their rent that will go toward the purchase of the property, or, by waiting until their credit is cleaned up to purchase the house with a mortgage.)
Option #3. Sell Fast For Cash OR Creative Financing to Keep MORE Money in YOUR pocket
Another option that owners of inherited properties might enjoy is the ability to sell the house fast for cash. Along the lines of this option, we love to offer the seller to be the bank for us while we fix up the property and sell it. The great thing about this option, is you can typically make more money than listing it the traditional way. You won’t find many fast cash home buyers that have this option (like what we do here at Home ConSELLtants). Our process is fast, efficient and streamlined.
There you have it! 3 financial options you can pursue when selling an inherited property in Edina and Surrounding Suburbs!