3 Financial Options to Consider When Selling an Inherited Home in Salt Lake City
If you’re considering selling a property that you have inherited, there may be more options that you aren’t aware of. Keep reading this article as we discuss 3 financial options to consider when selling an inherited home in Salt Lake City…
After a family member or other loved-one leaves a property to you, you’ll likely feel that it was a great gift for them to give, but in reality, inheriting a home or land isn’t always the most convenient gift to receive. With ownership comes expenses such as bills, upkeep, maintenance, and stress – it can also take up a lot of your time.
Well, if you’re looking to sell it, your first thought may have automatically been to use a real estate agent. But, you may not have been aware that there are some other great options to think about, too. Actually, you have 3 financial options to consider when selling an inherited home in Salt Lake City.
Before We Start, Let’s Cover Selling Through An Agent…
Using a real estate agent is not necessarily a bad method, but you need to understand that the agent will often want you to fix up your inherited house, and you’ll have to deal with closing costs and a large commission for the agent. Also, going this route often requires waiting months – many don’t consider how long it can take.
What about the other options then?
Let’s Take A Look At The Other Options…
Method #1. Refinance
One way, which, is in essence a different way of selling, is refinancing the house through a bank and then using that money for other purposes. You will still keep the property, but this is an option that some may consider if their priority in selling is to get money.
You’ll be able to continue using the house or lease it to a tenant, but you’ll have to repay the bank loan – it’s an option to think about.
Method #2. Rent To Own
A different strategy is selling the property over a long period of time by finding a rental tenant that agrees to buy. Usually, these deals are done with folks who can’t get access to a bank loan but want to become homeowners. They will pay rent to you and be able to purchase the home over time (either by supplying you with an extra amount in addition to their rent meant for the purchase or by straightening up their credit profile over time until they’re able to get a mortgage to buy the home with).
Method #3. Sell Fast For Cash
A great method that not that many people know about is the option to sell the property quickly for cash. An alternative to using an agent to sell through (and waiting and hoping for months or longer), you may opt to deal with a house-buying firm (which is what we are here at Property Seller Solutions) and they’ll likely be able to buy your property in “as-is” condition in as fast as just a few days. This is a simple and quick method that doesn’t require you to worry or do any work.
So, there it is! 3 financial options to consider when selling an inherited home in Salt Lake City!
Considering selling your inherited house quick for cash? Let us help! Click here now to fill out the simple form or give us a call at (801) 876-1036.