Are you the new owner of an inherited property but finding it difficult to keep up with the expenses and maintenance that come with it? If you’re considering selling the property, it’s important to know that you have more than one option. While most people think of selling through a real estate agent, there are other financial options to consider.
Losing a loved one is already difficult, but inheriting a property can add to the stress. From bills to maintenance, it can be overwhelming. That’s why selling the property might be the best choice for you. However, before making a decision, it’s important to know your options.
Did you know that you have three financial options available to you when selling an inherited property in the Twin Cities? Apart from selling with a real estate agent, you could also consider other options such as selling to an investor or selling directly to a buyer. Understanding these options can help you make an informed decision that suits your unique circumstances.
First, Let’s Talk About Selling Through An Agent…
If you’ve inherited a property in Twin Cities and are considering selling it, you may have more financial options available to you than you initially thought. While selling through a real estate agent may seem like the most obvious choice, it’s important to understand that it comes with its own set of challenges.
One of the biggest challenges of selling through a real estate agent is that they may require you to fix up the inherited property first. This can be a costly and time-consuming process, and it can take months before the property is ready to be put on the market. On top of that, you’ll have to pay closing fees and a hefty agent commission after the sale is complete.
Fortunately, there are other financial options available that can help you avoid some of these challenges. For example, you could consider selling the property to an investor. Investors are typically willing to purchase properties in as-is condition, which means you won’t have to worry about making any repairs or renovations. Additionally, selling to an investor can be a quick process, which means you can receive cash for your property in a matter of weeks.
Another option to consider is selling the property directly to a buyer. This can be a great option if you’re looking to avoid paying a real estate agent commission. However, it’s important to note that you’ll need to have some knowledge of the real estate market and be willing to handle the negotiations and paperwork yourself.
In summary, selling an inherited property through a real estate agent is just one of several financial options available to you. By considering these alternative options, you may be able to sell your property more quickly and avoid some of the challenges associated with the traditional selling process.
Second, Let’s Look At The Other Options…
Option #1. Refinance
One option, which 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.
You can still use the house, or rent it out, and you’ll need to pay back the loan to the bank, but it’s one option to consider.
Option #2. Rent To Own
Another option is to sell the house over the long-term by selling to a tenant. Typically, these are tenants who can’t get a mortgage but want to own a house – so they’ll pay you rent 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
One little-known option that owners of inherited properties might enjoy is the ability to sell the house fast for cash. Instead of selling through an agent (and hoping they can find a buyer, which can take months), you can work with a house-buying company (like what we do here at Matt Buys Houses MN) and they’ll often buy your house as-is for cash, usually in as little as a few days. It’s fast, simple, and doesn’t require any work.
There you have it! 3 financial options you can pursue when selling an inherited property in Minnesota!