Inheriting a house is often a bittersweet experience. It comes with memories, emotions, and sometimes, a significant amount of responsibility. If you live out of state, selling an inherited house can seem difficult. How do you manage the logistics? Who do you trust to handle the sale? Can you ensure a fair price?
In this guide, we’ll answer these questions and provide you with a clear roadmap to successfully selling your inherited property, even from afar.
Understanding your options
When you inherit a house, you have 3 primary options: keep it, rent it out, or sell it. Each choice has its own set of advantages and challenges.
Option 1: Keeping the house
Keeping the house can be an attractive option if the property holds sentimental value or if you plan to move back to the area. However, consider the costs involved: property taxes, maintenance, and potential renovations.
Option 2: Renting out the house
Renting out the house can provide a steady stream of income. However, managing a rental property from out of state requires finding a reliable property management company, handling tenant issues remotely, and ensuring the property remains in good condition.
Option 3: Selling the house
Selling the house can be the most straightforward option, particularly if you need to settle the estate or prefer cash. This route, while seemingly simple, requires careful planning and execution.
Preparing the house for sale
Once you decide to sell, the next step is preparing the house. This involves making necessary repairs, cleaning, and staging the property to attract potential buyers.
- Assessing the condition of the house: Before listing the house, conduct a thorough inspection to identify any issues that need fixing. This might include structural repairs, plumbing or electrical work, and cosmetic updates.
- Hiring local professionals: If you can’t inspect the house personally, hiring a local contractor or inspector is the way to go. They can provide a detailed report on the property’s condition, recommend necessary repairs, and even supervise the work. Look for professionals with good reviews and verified credentials to ensure quality service.
- Cleaning and staging: A clean, well-staged house can significantly impact how quickly it sells and the price you get for it. Consider hiring a professional cleaning service and a local staging company to make the property look its best.
- Setting the right price: Pricing the house correctly is crucial. Too high, and it might sit on the market for too long; too low, and you might not get its full value. Work with a local real estate expert who understands the market and can help set a competitive price.
Managing the sales process by yourself
- Choosing a reliable real estate agent: Look for a real estate company/agent with experience in selling inherited properties and excellent local market knowledge. They will be your eyes and ears on the ground, handling everything from listing the property to negotiating with buyers.
- Handling paperwork remotely: Thanks to technology, most of the paperwork involved in selling a house can be handled remotely. E-signatures and online document storage make it easier to manage contracts and other legal documents without needing to travel.
- Coordinating with estate executors and attorneys: If the house is part of an estate, you’ll need to coordinate with the executor and possibly an attorney. They can assist with legal requirements, ensuring all necessary paperwork is completed correctly and on time.
Cash home buyers — The easy way to sell
If you’re looking for a faster, more straightforward option, consider selling to a cash home buyer. This can significantly simplify the process, especially if you live out of state. Cash home buyers can offer a quick and hassle-free sale. They typically buy properties “as-is,” meaning you won’t need to make repairs or stage the house. This can save you time and money, allowing you to close the deal faster.
Speed and convenience
One of the biggest advantages of cash home buyers is the speed at which they can close a deal. Traditional home sales can take several months, from listing the property to finalizing the sale. In contrast, cash buyers can often complete the transaction in a matter of days. This is especially beneficial if you need to sell the house quickly due to financial reasons or if you simply want to avoid the prolonged process of a conventional sale.
Eliminates the need for repairs
When selling to a cash home buyer, you can avoid the hassle and expense of making repairs or renovations. Cash buyers typically purchase homes in their current condition. This is particularly useful if the inherited property is older or needs significant repairs, which can be both time-consuming and costly.
Simple process
The process of selling to a cash home buyer is generally more straightforward than selling through traditional means. Without the need for mortgage approvals, home inspections, and lengthy negotiations, the sale can proceed more smoothly. This reduces stress and potential delays, making it an ideal option for out-of-state sellers.
Finding a reputable buyer
Ensuring you choose a reputable cash home buyer is crucial to having a positive selling experience. Here’s how to find a trustworthy buyer:
- Research and reviews: Start by researching potential cash home buyers in the area where the property is located. Look for companies with a strong online presence and positive reviews from previous sellers, like Columbia Redevelopment.
- Transparent offers: A reputable cash home buyer will provide a transparent and fair offer for your property. They should be willing to explain how they arrived at their offer price and provide comparable sales data to justify it. Be wary of buyers who pressure you into a quick decision without giving you the necessary information to evaluate their offer.
- References and testimonials: Ask the cash home buyer for references from previous clients. Testimonials on the buyer’s website can also provide valuable insights.
- Clear communication: Effective communication is key throughout the selling process. A trustworthy cash home buyer will be responsive, clear, and honest in their communications. They should keep you informed about each step of the process and be readily available to answer any questions or address concerns.
- No upfront fees: Be cautious of buyers who request upfront fees for evaluations or other services. Reputable cash home buyers typically cover all the costs associated with the sale, including closing fees, without charging you any out-of-pocket expenses.
Making the right decision
Trying to sell an inherited house from another state may feel like a lot of work, but a cash home buyer can help make things easier. Offering speed and convenience, eliminating the need for repairs, and simplifying the paperwork, cash home buyers offer a viable solution for out-of-state sellers. By carefully researching and selecting a reputable buyer, you can ensure a hassle-free transaction and obtain a fair price for your inherited property.
Are you ready to take the next step in selling your inherited house? Contact us or give us a call at (503) 200-8730 today. At Columbia Redevelopment, we offer a quick and worry-free sale, giving you peace of mind.