3 Financial Options You Can Pursue When Selling an Inherited Property in Wichita

If you’ve inherited a property and are thinking of selling it, you have several options to consider. This post will illustrate some of the financial options you can pursue when selling an inherited property in Wichita…

A loved one may leave you some property after passing away as a meaningful gift, but there are some inconveniences that arise from inheriting a property. You will need to deal with additional bills, expenses, taxes, maintenance, upkeep, and stress; it can be tedious. This is especially stressful if you do not want the property.

If you are thinking of selling, you might be thinking about the traditional method of selling your inherited house with the help of a realtor. However, there are many alternatives that can be more beneficial than selling with a realtor. You have 3 financial options you can pursue when selling an inherited property in Wichita.

Let’s Talk About Selling Through A Realtor…

Financial Options You Can Pursue When Selling an Inherited Property WichitaThere are many advantages with selling through a realtor. However, you should note that a realtor may have you fix up the inherited property depending on the condition of the property. For example, some of the conditions of the property may make the property illegal to sell for residence.

Some of those repairs may give you a low return of investment if any at all. This may be especially troublesome if the previous owners did not handle the upkeep or keep the property a certain way.

You will also have closing fees and the hefty agent commission to pay after the sale. Furthermore, selling through a realtor can take months, time you may not have.

So, what are the other options?

Let’s Look At The Other Options…

Option #1. Refinance

One option is to refinance the property with a bank. The idea is to take on a new mortgage to pay off your current mortgage. The new mortgage could have a lower APR than your old mortgage. A lower APR could help you save money while still owning the same home.

This option may be a wise option depending on the current interest rates and your credit score. However, it will not take the property off of your hands. You still need to pay off the mortgage.

Option #2. Rent To Own

Another option is to sell the house to a tenant. However, many tenants desire renting because renting is generally more affordable than owning. Despite this hurdle, there is still a way to sell your home to people who would prefer renting at the moment.

Tenants who can’t get a mortgage but want to own a house are sometimes open to the idea of rent to own properties. How this works is they pay you rent much like they would for a rental property. Over time they’ll be able to buy the house (either by paying you an additional down payment 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.)

Note: you will need to act as a landlord in many cases. This includes legal duties to handle maintenance and management of the property. Until the tenants are set to buy the property, your inherited property is not out of your hands.

Option #3. Sell Fast For Cash

One infrequently used option that owners of inherited properties could consider is selling the house fast for cash. Instead of selling through an agent (which is a tedious process that may take months, if it even sells), you can consult with a house-buying company (like what we do at Sell Now Homes Wichita) and they’ll often buy your house as-is for cash, sometimes in just a few days. It’s fast, simple, and doesn’t require any significant amount of work. These companies can take your inherited property off your hands with little stress.

There you have it! 3 financial options you can pursue when selling an inherited property in Wichita!

Thinking about selling your inherited property fast for cash? We can help! Click here now and fill out the form our call our office at (316) 413-8314.

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