Family members commonly enact a will leaving their property holdings to their next of kin or people who meant a lot to them. Inheriting a home is quite common, yet the property is often unwanted due to attached mortgages or repairs that need to be done. That is why selling an inherited house soon after receipt is so common, despite the sentimental value and memories they may hold. Leaving a recipient holding what is often an unaffordable property, due to upkeep, property taxes, and any homeowners or property owner’s association fees is a big burden. In today’s article, we cover 5 tips for selling an inherited house in Greenville.
Prepare for Probate
An inherited property will likely have to go through the process of probate, depending on how the property was deeded. Local and state laws vary in the matter of inherited property. For those who have completed probate, there may be additional probate required within the county or state of the property, especially if it differs from your location in order to gain full legal rights to the property. Being prepared in advance to handle probate is a good tip for selling an inherited house in Greenville.
While they can most often times be a burden, you’re certainly able to generate some income from the property you inherit. If you can afford to sit on the property for the typical three-year period of a lease to own agreement, you may wish to investigate this avenue of selling the Greenville NC house. You can do this whether or not you have the time or inclination to deal with tenants and repairs. You can either take that yolk upon your neck or you can pass off the responsibility to a property manager like The Overton Group here in Greenville. For 10% of the gross rents, they’ll handle all of the paperwork and manage the repairs when they’re needed. Be aware that if your inherited home is brand new or in like-new condition, you may be spending thousands on repairs before ever selling the property.
For Sale By Owner
Another option to consider when you’re planning on selling a house you inherited in Greenville is to sell it FSBO (For Sale By Owner). In this instance, remember that our emotions will often put an added value on a property, which has little to do with the realities of real estate valuation. Because of this, we recommend that you do a little research to see what similar properties to yours are selling for a good idea of what a fair market value is, that way you are not shocked when you realize the current market value of your home. Another method of valuing your property is to contact a Greenville NC real estate agent and get them to run a Comparative Market Analysis (CMA). They usually cost $50, but will give you a great idea of what your property should sell for.
Real Estate Agent
If you want to avoid being a landlord, don’t want to live in the inherited house, and have no use for it, listing with a real estate agent is another option for selling an inherited house in Greenville. Listing your house on the real estate market with an agent usually means prepping to bring the home to market, which may include upgrades or serious repairs, covering professional photography fees, marketing, and staging the home. Be sure that you add in all of the real estate fees and commissions as well as some closing costs when you’re running your numbers.
Professional home buyers like Pitt Home Buyers will take the time to listen to your specific circumstances and help you decide which of the possible options of selling your unwanted inherited property is best for you, even if that means listing with an agent. In most cases, selling a house you inherited in Greenville to a professional buyer is often the best option for the property, especially if there’s a loan attached to said property. Cash buyers like Pitt Home Buyers close quickly and offer you a bit less than average market value when selling an inherited house in Greenville, but the offer is always fair. This is because they save you from all the costs involved with listing a property. There is no prepping, upgrading, marketing, or any other of the costs associated with other options.
Pitt Home Buyers makes the process easy for you, with guaranteed quick closings with a firm offer, and no surprises at closing. Please call us at (252) 227-0274 to discuss the market value of the property. Contact Pitt Home Buyers to learn more about what to do with your unwanted inherited house. We’re happy to answer any questions you may have, including the potential probate on the property in Greenville, NC. Give Pitt Home Buyers a call at (252) 227-0274 today!