Have you recently inherited a house? This can be a confusing and overwhelming situation for some people, especially if your loved one’s passing was sudden or unexpected. You may not know your options when it comes to the inherited house, and you may not be prepared to decide on a course of action—especially at what can be a very emotional time.
Not sure what to do?
If you’re in this situation, getting an offer on your inherited house is the perfect starting place. The first step to making any decision is just fully understanding your options, after all! Once you know what the offer is, you’ll be better set up to make the decision that’s best for you.
This is especially helpful if you’re not the only heir, since family members may have different opinions on what to do. Getting an offer from a cash buyer like MarketPro Homebuyers can help you see the immediate financial impact of not having to update, repair, or maintain the home if you don’t want to. Having this information can lead to easier discussions and a faster agreement on one of the following options:
Option 1: Live in the house.
If you don’t own a home or if the home you inherited fits your life better, you may choose to move in. This option may be especially appealing if the house holds sentimental value for you. Make sure to consider the current condition of the home and whether or not you’ll have substantial repairs to do before moving in.
Option 2: Rent it out.
If you’d like to hold onto the house but don’t want to live in it, you can consider renting it out. This can be a good source of regular income, as long as the house is in good condition and in an area with enough rental demand. However, this does come with a significant amount of work. If you’ve never been a landlord before, make sure to thoroughly weigh the potential costs and benefits before you jump in.
Option 3: Put it on the market.
Selling an inherited house is one of the most commonly chosen options. You can either put it on the market or sell to a cash buyer.
If you’re selling on the market, you may have to invest a significant amount of time, money, and energy into the home before you can list it. Any needed repairs must be completed, and you may have a lot of decluttering to do! You’ll also have to find a real estate agent, stage the home, and negotiate with potential buyers. During this whole process, you’ll be responsible for mortgage payments, utilities, property taxes, and general upkeep.
Option 4: Sell to a cash buyer.
Selling an inherited house to a cash buyer like MarketPro Homebuyers can save you a lot of time, money, and stress. This is especially true if the house is distressed! You won’t have to sink money into repairs that might not come back to you in the sales price. Selling an inherited house in the same condition you inherited it in can also avoid capital gains tax.
If you work with us, you’ll see how the MarketPro customer experience can take a stressful situation and make it easier.
Like we said earlier, though: the first step is just getting an offer on your house, so that you’ll be able to easily compare your options!
Work with MarketPro:
We’ll give you a fast cash offer for your inherited home just as it is now; no repairs, no upgrades, no inspection, no commissions or fees. You can even choose your exact closing date. Our team will walk you through your quote, including a review of what the home would likely bring on the open market.
If you’re in Washington, D.C., Maryland, Virginia, Pennsylvania or Florida, we’d love to show you how easy and stress-free the sales process can be. Contact us today for a same-day, no-pressure quote.