If you’ve inherited a property in DFW and are considering selling it, you have more financial options available than you may think. Explore this article to discover the three key financial pathways you can take when selling an inherited property in DFW…
Dealing with an inherited property can be overwhelming. The additional bills, expenses, maintenance, and upkeep can become a burden during an already challenging time. If you find yourself in this situation in DFW, selling the property may be the best option to alleviate the stress.
While selling with a real estate agent is a common choice, it’s essential to explore all your options. Surprisingly, you have 3 financial strategies available for selling an inherited property in DFW. Make an informed decision that suits your circumstances best.
First, Let’s Talk About Selling Through An Agent…
While there’s nothing inherently wrong with selling through a real estate agent, it’s important to consider that an agent may require you to renovate the inherited property before listing it. Additionally, you’ll be responsible for covering closing fees and paying a substantial agent commission upon sale. Moreover, this traditional method of selling can be time-consuming, often taking months to complete, which may not be suitable for everyone.
So, what are the other options?
Second, Let’s Look At The Other Options…
Option #1. Refinance
One strategy to explore is refinancing the property through a bank, allowing you to utilize the released funds for various purposes. By opting for this financial move, you retain ownership of the house while accessing capital that may be earmarked for alternative investments.
This approach enables you to continue utilizing the property, either for personal use or as a rental, with the obligation to repay the loan to the lending institution. It presents itself as a viable avenue worth contemplating.
Option #2. Rent To Own
Another alternative for selling your property is to consider a long-term arrangement with a tenant. This option is suitable for tenants who are unable to secure a mortgage but aspire to become homeowners. In this scenario, the tenant would pay rent to you with the intention of eventually purchasing the property. This can be achieved by either paying an extra amount above their rent, which accumulates towards the property’s purchase, or by waiting until they are financially eligible to secure a mortgage for the purchase.
Option #3. Sell Fast For Cash
One lesser-known alternative available to individuals who have inherited properties is the opportunity to swiftly sell the property for cash. Rather than going through the traditional route of listing with a real estate agent and waiting for a potential buyer (a process that can drag on for months), you have the option to collaborate with a home-buying company (similar to the services provided by us at Relief Home Solutions). These companies typically purchase houses in their current condition for cash, often completing the transaction in just a matter of days. This method is efficient, straightforward, and doesn’t necessitate any additional effort on your part.
There you have it! 3 financial options you can pursue when selling an inherited property in DFW!