You’ve inherited a property… now what? If you’re thinking about selling it, you do have options. Read this blog post to find out the 3 financial options you can pursue when selling an inherited property in Myrtle Beach…
When a loved one passes and leaves you with a property, they usually have good intentions, but an inherited property isn’t always convenient to own. It requires work, time, and money. There are additional bills, expense, maintenance, upkeep, and stress; it can be costly and 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 other 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 Myrtle Beach?
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 (typically 6%) you’ll have to pay afterward. And, this method can take many 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
One option 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 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 Belle Coast Properties) and they’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.
There you have it! 3 financial options you can pursue when selling an inherited property in Myrtle Beach!