Deciding what to do with an inherited home is sometimes a tricky matter, especially if the property goes to a group of people. One may have long coveted the house, hoping to live in it. Another may view it as yet another financial burden…or an income-producing asset for rent. Arguments over buyouts and seniority may ensue. Ideally, though, beneficiaries who receive a house can agree on the disposal. Oftentimes, this is accomplished through the sale of the property and division of the proceeds, if applicable. Other questions will arise, however. Is the home in marketable condition and who should be entrusted with the sale itself?
Wills are read and executed after the death of the testator. Frequently, this person who bequeaths his or her property was aged at the time of expiration, not having the funds, capacity or stamina to keep the house in optimal repair. The seller must decide whether refurbishing and beautifying the dwelling is worth the cost. A knowledge of market value after restoration is key to making such a calculation. Perhaps modest repairs are enough. Perhaps not. Understanding how homes are appraised and what moves them on the market–which is sometimes unfavorable–is key to selling inherited property at maximum profit.
How to Sell…and to Whom
The traditional answer when selling an inherited home is to consult and hire a realtor. With knowledge of the real estate market and local sales, this person can be very helpful. At the same time, the agent or broker has a living to earn and may price the house high to confirm a reasonable commission. Alternatively, the for-sale-by-owner route is available, though the experience is often long, drawn out and financially unsatisfactory.
Another avenue with inherited property is selling to an investor or wholesaler. The idea might prompt fierce head shakes and protests. Needless to say, there are unscrupulous investors out there who do not play fairly. Like realtors, a home buying company is in business to make money. However, like every business dealing, there is a right way and a wrong way. True professionals understand that their reputations precede them so they place a premium on honesty and respect. Fortunately, the information age allows sellers to check out the record of any investor they might do business with.
Any we buy houses company that makes an offer should be measured by the following criteria:
- Do they work with a network of professionals–lawyers, accountants, home inspectors, e.g.–who can attest to their competence and character?
- Do they assess the risks of each transaction rather than simply present the rosiest scenario?
- Is the we buy houses company knowledgeable about the neighborhood, the real estate market and the value of the house?
- Do they operate from a business plan or simply go from deal to deal
A home buying company that answers these questions affirmatively makes the short list of trustworthy investors.
Contact us today to get a cash offer for your home.