Often, we receive calls from clients who have inherited a house from a relative, and they are not sure how best to handle it. There are many factors that go into making a decision on what is the best option. If you are not the only beneficiary, you will need to consider what is best for everyone. If you live a great distance from the house you inherited, you may have more trouble maintaining the house or preparing it for sale than if you already live nearby. If the house is not in good shape, you have to factor in whether you are in a position to make repairs, or whether you need to sell it quickly without making upgrades.
If you have inherited a house, you have three basic options:
1. Assume ownership
2. Rent it out
3. Sell it
While the first two options are certainly viable, they are not without their pitfalls. Assuming ownership can mean keeping up with bigger expenses than what you might be prepared to handle. Keeping the house as a rental unit can sound great, but it means ongoing maintenance and having to utilize a property management company or assume the role of landlord. For most clients, selling the home is the best choice.
SELLING ON THE MARKET
Certainly, selling an inherited house on the regular market is a viable option. You can list it with a real estate agent, have him or her conduct open houses and showings, and walk you through the closing process. However, if the house is outdated or in need of repairs, you may find you have difficulty attracting buyers. This is specially true in today's market, where buyers are looking for homes in perfect condition. Fixer uppers tend to sit on the market longer and have more price drops. They can also be more difficult to close, especially if problems are discovered during the home inspection.
SELLING TO PDURAN
If you inherited a house that you need to sell, working with a property investor has several potential benefits. Unlike working through a Realtor, if you sell directly to an investor, you avoid paying commissions. Additionally, the overall process is much quicker, which brings with it several more benefits. Consider these factors in your decision-making process:
Avoid Paying Commissions: If you sell directly to an investor, you will avoid having to pay Realtor commissions, which means more money in your pocket. On average, six percent of the sales price goes to the Realtors. On a $200,000 house, that’s $12,000.
Close Faster: Property investors are able to pay cash for your house, which means you do not need to go through the traditional 30- or 45-day closing process. Not only does this mean you can move on faster, but you also avoid worrying about the house sitting vacant while you are waiting for the closing. Vacant properties can be targets for vandalism and illegal activity.
Avoid Making Property Repairs and Updates: Since investors are looking for houses in need of updates and repairs, you do not have to worry about the house being in perfect condition. This saves both time and money, which in turn means less stress for you.
WORKING WITH PDURAN PROPERTIES
PDuran is not your typical property investor. Not only do we buy investment properties for cash, but we have a complete network of attorneys, agents, and investors who are ready to help you get the most you can from your inherited house. We routinely meet with prospective clients, discuss their needs, inspect the properties, and provide offers within 2 business days. Our clients never have to pay commissions, fees, or closing costs.
With PDuran, you have a partner in the process of selling an inherited property. You will not find high pressure tactics, or misrepresentation of what we can offer you. You will find expert advice, fair offers, and a team who will work with you every step of the way. If you have recently inherited a house that you want to sell, or if you need some advice on how to best handle that house, give us a call at (817) 547-0911.
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