Inheriting a property can be something new and exciting or a daunting experience. When a loved one passes and leaves their property in your care, it is, of course, a meaningful and loving gesture. But, in truth, being given a property through inheritance isn’t always as simple as a car, or a family heirloom.
Alongside a property comes the burden of responsibility. You have to care for and maintain an additional house. There will be bills, expenses, insurance, possible mortgage payments, and other stressful, time-consuming commitments.
It’s an understandable decision! And luckily this blog has 3 fantastic financial options you can pursue when you decide to sell an inherited property in Miami.
Let’s Talk About Selling Through An Agent…
There’s nothing wrong with selling the conventional way: through a real estate agent. But you should be aware that an agent may ask you to renovate an inherited property first. In addition to renovation, maintenance, and upkeep costs, there are closing fees and the hefty agent commission at the end.
So, it’s no surprise homeowners in Miami are looking for other options.
The Other Options!
Option #1. Refinance
One option, which is a type of selling, is to refinance the property with a bank. You can then use that money for other expenses, it’s up to you
Although you’ll still own the house, this is a financial option that some homeowners consider taking in order to get some money upfront.
You can still use the house or transform it into a rental property. You will need to pay back the loan but it’s one financial option that can free up some cash to pay for renovations and upgrades on the property before putting it up for sale on the open market.
Option #2. Rent To Own
Another option is to sell the house over a longer period of time by selling to a tenant.
You might wonder who would be interested in buying a property this way. But, there are many hardworking and responsible individuals who, through no fault of their own, can’t get a bank loan.
So these tenants will pay you monthly rent over time and eventually they’ll be able to buy the house. They’ll either pay you increased monthly rent or apply for a mortgage once their credit score improves.
Option #3. Sell Fast For Cash
Another option that not many homeowners know about is the choice of selling an inherited house to an investor for CASH.
Instead of working with an agent and hoping they’ll find a buyer sooner rather than later, you could work with a House Buying Company like us at Sunshine State Buyers. Check out our website >>> We Buy Houses Fast Florida!
Professional Home Buyers will often buy your Florida house in AS-IS condition in CASH! It’s fast, simple, and doesn’t require any work on your part.