If you’ve inherited a property and you’re thinking about selling it, you might have more options than you realize. Read this blog post to find out the 3 financial options you can pursue when selling an inherited property in Chicago…
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, 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. However, you might be surprised to learn that you have options that you may want to consider as well. In fact, did you know you have 3 financial options you can pursue when selling an inherited property in Chicago?
First, Let’s Talk About Selling Through An Agent…
There’s nothing wrong with selling through a real estate agent but you should be aware that an agent may have you fix up the inherited property first, then there are closing fees and the hefty agent commission you’ll have to pay afterward. And, this method can take months, so some people don’t like how long it takes.
So, what are the other options?
Second, Let’s Look At The Other Options…
Option #1. Refinance
While you would still the owner of the property if you choose this option, it may be a great to convert so equity to cash quickly. This can be a great option to pursue if you intend to hold onto to the property for a longer time period and become a landlord. With current interest rates at all time lows you’ll be able to borrow more money for a lower monthly payment that you can use any rental income to pay down over time. However, if you aren’t considering holding onto the property for a long period of time then isn’t going to be the best option.
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 Blue Ladder Development) and they’ll often buy your house as-is for cash, usually in as little as a few days. Choosing to sell your inherited house to a house buying company is the fastest and most convenient option you have available. You’ll be able to sell the property 100% as-is and avoid the time/money involved in making repairs or improvements to the property.
There you have it! 3 financial options you can pursue when selling an inherited property in Chicago!