If you’ve just inherited a house, it can be a challenge to know what to do next. Not only do you have to carry out the will of the person that’s passed on, but you also have a potential liability on your hands: houses aren’t cheap to run or maintain.
Rather than sitting on a house for a long time, it’s usually best to sell it as fast as possible, grab the cash from the sale, and then use that to meet your expenses or put into a savings pot. But how do you sell a house quick?
Sell To A Home Buying Company
Home buying companies are businesses that are set up with the explicit mission to buy any house from someone wanting to sell. Those who inherit property often use house buying companies because they want to free up cash fast, rather than having to wait months (or sometimes years) for a regular home transaction to go through.
There are all kinds of things that slow the process of selling a home on the regular private market. The most significant barrier is the need to form a chain of buyers or sellers. If one person in the chain changes on their decision to buy, then it can hold up the entire process, forcing everyone to wait for a new buyer.
Cash home buying companies don’t rely on chains at all. Instead, you get what the home buyer thinks your inherited property is worth up front, saving you a lot of time and money.
Sell A Home, No Matter What The Condition
Some people are lucky and inherit properties in perfect condition. All too often, though, inherited properties have issues which need resolving before putting them up for sale on the private market.
For many, this means doing renovation work. But carrying out renovations is a drain on your finances: you’ll have to foot the bill before you receive a single penny for the sale of the property.
Home buying companies, however, aren’t fussy. These firms will buy a house no matter the condition, and give you cash up front according to what they think it’s worth. Even if the property needs extensive renovations, you still win: the home buying company just subtracts the cost of repairs from the price that they offer, meaning that you’re usually no worse off. Plus, you don’t have to deal with any of the hassles of arranging renovation work yourself, saving you time too.
Why Choose A Cash Buyer To Sell Your Inherited Property?
Home buying companies are top-rated right now. But why are so many people with inherited properties using them? Let’s take a look.
Allows You To Move On Quickly
Inheritance is a double-edged sword. On the one hand, you get a windfall payout, but on the other, somebody you love has died. Many people who inherit property usually want to make a sale, and get on with the process of grieving. If you’re bereaved, you don’t want to have to deal with legal issues, frustrating buyers, and estate agent fees: it’s just not worth it. When you’re in that emotional state, you want a quick, clinical sale, cash in your bank account, and the capacity to leave the past behind and focus on your future.
Get Cash Fast
Waiting to get money for a property you’ve inherited can be a stressful experience. You might be expecting a large amount of cash for something important – like a child’s education – but if you can’t access it, it’s no use. You need money so that you can convert the inherited assets into spending and investments that are useful to you.
With home buying services, you can often get cash paid into your account in as little as 48 hours. Cash buyers will often want to survey the inherited property to establish an estimated value. Then, they’ll make an offer in cash that you can either accept or decline – the choice is yours.
If you accept the offer, then the cash buyer will take care of many of the responsibilities, including the transfer of the deed. It takes the stress out of the whole process.
Avoid Selling Stress
People like to sell properties on the private market because they believe that they will get a better price (something that’s not always guaranteed). But selling on the open market is a stressful experience. Not only are there a multitude of costs – including estate agent fees – but buyers can pull out at the last minute, putting the brakes on the entire transaction.
Selling to a cash buyer is a stress-free experience. You know how much money you’ll get in advance, and there’s no chance of pulling out. You get the money paid into your account without any fuss or complications; the final amount depending on the condition of your home and the price of similar properties in the immediate area.
Avoid Insurance Issues And Running Costs
Once you’ve inherited a property, you become the legal owner, and all of the responsibility of the house falls on you, including the running costs. Not good. You don’t want to pay ongoing insurance costs, and you certainly don’t want responsibility for all of the possessions in the house. From your perspective, it’s best to move on, transfer the physical assets into cash, and get rid of all the risk.
Avoid Carrying Out Repairs
Finally, when somebody you love has passed on, the last thing you want to do is assess the state of their home and carry out repairs. Many people do this out of a sense of duty or need, but with a cash buyer, you don’t have to: you can sell their house in any condition.
Homes in poor condition deter regular buyers, prompting them to ask for significant discounts off the asking price. Home buying companies, however, are professionals who see the potential in every property and can offer a fair price, no matter what the condition. If you don’t want to carry out repair work, then a cash buyer is the way to go.