Inheriting a home may be more of a burden than a blessing; with all the fond memories you have of the place you grew up, it may be hard for you to move on after the passing of a loved one if you live there. Because the situation is most often an unplanned one, it may be an extra hassle for you even if you decide to sell the place as you may have commitments like work to get back to in weeks, or even days. This makes getting involved with a realtor a difficult choice because 95% of home buyers of houses listed with a real estate agent use the traditional “bank financing” process.
Why Consider Selling an Inherited Home for Cash
It Is Convenient
If you choose to sell your home for cash, you may not have to conduct any stagings or have inspections done, both of which often take up a lot of time and money doing repairs and facelifts. You will go through minimal hassle while selling an inherited home as clean-ups before and after holding open houses will also be unnecessary.
You Sell the House in Its Current Condition
Because most inheritances occur after the loss of a loved one, after taking care of other factors such as funeral arrangements and costs you may not have much left for additional expenditures like giving the property a facelift. Time may also be a constraint, and if you choose to go to a realtor they may advise you to do repairs and upgrades which may not provide returns for you.
You Enjoy a Faster Closing Process
For different reasons, you may not be able to extend your stay indefinitely to deal with all aspects of repairing the house and putting it on the market, which is usually an average of eight weeks from listing your property to closing dates. On the contrast, it takes an average of two weeks to complete a sale for up to 58% of people who sell their property without an agent.
You Keep the Full Amount Paid for the House
The costs of working with a real estate agent to sell your house may add up when you consider that there will be photography charges, listing and staging expenses, repairs and upgrades, and between 3% to 6% of the amount as commissions to the agent. When you’re selling an inherited home to a cash home buyer, not only do you sell the house fast, but you also pocket the full amount.