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 Northern Kentucky. We work with inherited properties all over in NKY in cities like Fort Wright, Fort Mitchell, Newport, Fort Thomas, Southgate, Bellevue, Covington, Villa Hills and other NKY areas.
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 very time consuming and an emotionally draining process.
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 Northern Kentucky?
In this post, we’re going to walk through these three different financial options you can pursue when selling an inherited property.
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, which can be a lot of work, time and money. Then, there are closing fees and the hefty agent commission you’ll have to pay afterward – generally, this is 6% in the NKY and Cincinnati area. And, this method can take months, so some people don’t want to deal with the house for that long.
If you go this route, make sure you work with a top Northern Kentucky real estate agent who has worked with inherited and distressed properties. Many agents don’t understand how to work with properties that have been passed down from a family member and may need updates.
So, what are the other options?
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, their financial situation may improve, and 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
A third 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 We Buy NKY Houses) and we’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.
We buy houses all over Northern Kentucky in cities such as Florence, Erlanger, Fort Wright, Burlington, Union, Alexandria, Cold Spring, Independence, Newport, Bellevue and Covington. If you are ready to BE DONE with your inherited property and want to get a cash offer fast, call us today. We buy houses AS IS, and you won’t have to spend money on any repairs or updates to the house.
There you have it! 3 financial options you can pursue when selling an inherited property in Northern Kentucky!