If you’ve inherited a property and you’re thinking about selling it, you might have more options than you realize. Read this blog post to find out the 3 financial options you can pursue when selling an inherited property in Moore…
When a loved one passes and leaves you with a property, it might be a meaningful gesture but, the truth is, an inherited property isn’t always convenient to own. There are additional bills, expenses, maintenance, upkeep, and stress; it can be time-consuming.
So if you are thinking of selling, you might first be thinking about selling with the help of a real estate agent. However, you might be surprised to learn that you have options that you may want to consider as well. In fact, did you know you have 3 financial options you can pursue when selling an inherited property in Moore, Oklahoma?
First, Let’s Talk About Selling Through An Agent…
There’s nothing wrong with selling through a real estate agent but you should be aware that an agent may have you fix up the inherited property first, then there are closing fees and the hefty agent commission you’ll have to pay afterward. And, this method can take months. Along with commissions, showings, closing fees, appraisals, inspections, repair requests, and other annoyances. This might leave you wondering about other options.
So, what are the other options?
Second, Let’s Look At The Other Options…
Option #1. Refinance
Refinancing an inherited home means taking out a new mortgage to pay off the existing one. This can be a good option if you want to keep the property but need to lower your monthly payments or get cash out of the equity in the home. Refinancing can also help you lock in a lower interest rate, which can save you money over time.
Before you decide to refinance, it’s important to consider a few things. First, you’ll need to have good credit and enough income to qualify for a new mortgage. If you’re not sure if you qualify, you can talk to a lender or mortgage broker to get an idea of what options are available to you.
Another factor to consider is the cost of refinancing. Refinancing usually comes with fees, such as appraisal fees, title fees, and closing costs. These fees can add up quickly, so it’s important to make sure that the savings you’ll get from refinancing are worth the upfront cost.
Finally, it’s important to consider your long-term goals for the property. If you plan to sell the property in the near future, refinancing may not make sense. However, if you plan to keep the property for the long term, refinancing can help you save money and make your payments more manageable.
Option #2. Rent To Own
Another option for selling an inherited home in Moore, Oklahoma is to rent it out through a rent-to-own program. Rent-to-own programs allow tenants to rent a property for a set period of time before they have the option to buy it. This can be a good option if you want to earn rental income on the property while also giving someone the opportunity to eventually become a homeowner.
Before you decide to rent out the property, it’s important to consider the costs and risks associated with being a landlord. You’ll need to make sure that the property is in good condition and that you have the resources to make repairs and maintenance as needed. You’ll also need to be prepared to deal with tenants who may not pay their rent on time or who may damage the property.
Another factor to consider is the market demand for rent-to-own properties in Moore, Oklahoma. If there are a lot of people looking for rent-to-own properties in the area, you may be able to find a tenant quickly. However, if the demand is low, you may struggle to find a tenant who is willing to commit to a rent-to-own program.
Finally, it’s important to consider your long-term goals for the property. Rent-to-own programs can be a good option if you want to earn rental income for a few years before eventually selling the property. However, if you plan to sell the property in the near future, renting it out may not make sense.
Option #3. Sell Fast For Cash
If you’re looking to sell your inherited home quickly and without hassle, selling to a cash home buyer may be the best option. Cash home buyers are investors who purchase properties in cash, usually for a lower price than what you’d get if you sold the property on the traditional real estate market. This can be a good option if you need to sell the property quickly or if you don’t want to deal with the costs and hassle of selling the property through a real estate agent.
There you have it! 3 financial options you can pursue when selling an inherited property in Moore, OK!