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3 Financial Options You Can Pursue When Selling an Inherited Property in Houston

If you’ve inherited a property and you’re thinking about selling it, you might have more options than you realize. Read this blog post to find out the 3 financial options you can pursue when selling an inherited property in Houston…

When a loved one passes and leaves you with a property, it might be a meaningful gesture but, the truth is, an inherited property isn’t always convenient to own. There are additional bills, expense, maintenance, upkeep, and stress; it can be time-consuming. Did I mention it can be 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 Houston?

First, Let’s Talk About Selling Through An Agent…

Financial Options You Can Pursue When Selling an Inherited Property HoustonThere’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 (or the buyer may request it after an inspection or else request a price reduction). Then there are closing fees and the hefty agent commissions you’ll have to pay afterward. And, this method can take months including showings, possibly having to leave often or abruptly to accommodate  showings (if you live in the property), dealing with flaky buyers and hoping that their loan doesn’t fall through (when you do find a buyer – especially in the wake of the recent bank failures), so some people don’t like how long it takes or the uncertainness that comes with it, understandably.

Additionally, many people feel they owe it to their cousins, nephews or other friends and family members to work with them in selling their property. Let’s face it. Cousin Barry may be a swell guy but he may only work on one or two transactions per year. It might be much smarter to go with a top-producing agent in the area but could you really do that to Cousin Barry? Decisions, decisions…

So, what are the other options?

Second, Let’s Look At The Other Options…

Option #1. Refinance

One option, which is a type of selling, 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 Hero Homebuyers) 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 Houston!

Thinking about selling your inherited property fast for cash? We can help! Click here now and fill out the form our call our office at 713-379-4376.

fred15r

Fred A. Paskell has served the Houston community for almost 20 years, providing real estate solutions and learning from some of the very best in the business. A native Texan and Army Combat Veteran, Paskell began his career in the commercial real estate sector and has since evolved into a subject matter expert in many aspects of both commercial and residential real estate, including valuation and investment analysis. Throughout his career he has worked for several notable and respected firms including Cushman & Wakefield, CBRE, Mohr Partners and the Newmark Group. On the commercial side, Paskell focuses on Office, Industrial and Retail assets while being purely focused on the investment side of residential real estate. While beginning his college studies at Louisiana State University (and still a big LSU football fan), he earned both his M.B.A. in Real Estate Finance and B.B.A. in Marketing from the University of Houston, cum laude, with honors. Paskell is also a CCIM designee, the pinnacle designation for commercial investment real estate. Fred devoted ten years of his life to protecting our country in the U.S. Army, including two combat tours to Iraq with the 7th Squadron, 6th Cavalry Regiment as an AH-64 Apache Helicopter Crew-chief, completing his service at the rank of Staff Sergeant. He is also an avid scuba diver of over 26 years having reached the levels of divemaster, rescue diver and technical diver. With this passion he enjoys scuba diving and spearfishing on the offshore oil platforms in the Gulf of Mexico in his spare time as well as fishing, playing poker, staying healthy and spending time with friends and family . Paskell also volunteers for several groups serving disabled veterans, including being a member of the Armed Forces Appreciation Committee at the Houston Livestock Show and Rodeo.

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