We see it all the time at Offer4Cash. Someone inherits a Central Valley home from a family member and they don’t know what to do with it. Sure, it was a nice gesture to leave you the property, but now it is putting a burden on you. This is especially true if you live outside the area.
So, what are your options?
Hold Onto It
You can choose to hold onto the inherited property until you decide what to do with it. However, you will be responsible for property taxes, insurance and other costs associated with basic homeownership.
If you already live in the area (or are considering moving here) and the inherited home is an upgrade over your current living situation, then it may make sense to move in and make it your own. Any renovations or remodeling costs may offset with your savings on mortgage/rent, especially if the house is already completely paid off or mostly paid off.
Rent It Out
You could invest a little money to fix/clean up the place and then rent it out as an income property. It could be a money maker for you, but know that it will take effort. You have to factor in any time and money it will cost to get the place ready for rent. Then, you’ll have to hire a property management company or do the property management yourself, which will mean even more commitments of time and money. Still, it’s worth weighing your options and budgeting it all out to see if it’s worth renting out.
This is the easiest solution to get the property off your hands and to get whatever cash you can out of it. For out-of-town owners, this is usually the preferred solution. One important thing to consider, however, is how you are going to sell it:
Hire a Listing Agent – You can hire a real estate agent to list the property on the MLS and handle all the paperwork. Just remember it will cost you various listing fees, closing costs and agent commissions on both sides of the deal (you the seller are paying commission for both the listing agent/broker and the buyer’s agent/broker).
For Sale By Owner – You can sell it yourself to avoid the agent/broker commissions, but this is easier said than done. You may not get the level of exposure that a professional real estate agent can generate. The money and effort you spend to market the property yourself may end up costing just as much as listing with an agent.
Cash Investor – If you want to sell quickly, then the best option is to sell to a cash investor. You can close in as little as a week and walk away with cash in your hand. You won’t get the same selling price as you will with a traditional sale, but you also won’t have to deal with all those closing costs and fees. It is a smooth, simple and fast transaction that will put cash in your pocket without further delay.
Offer4Cash is a leading Central Valley real estate investment firm that will buy your inherited property. If we make an offer, we guarantee it will close—usually in 7 days or less. If you want to get a no-obligation cash offer, fill out the form to the right or call 209.595.CASH (6963) and we’ll get started. If your property qualifies, we’ll make you a cash offer and get the closing process going as soon as possible.