The Challenges of Selling Your Inherited Home
- The Challenges of Selling Your Inherited Home
To some, inheriting a house is a great gift, while to others, it’s an inconvenience. Depending on your circumstances, you have three options on what you can do with an inherited home.
- Move into it
- Rent it out
- Sell it
Most people who inherit a house in Fort Lauderdale or in Broward County already own their own house in a location that they picked for some reason or another and don’t want to move again. They are then only left with two options. However, becoming a landlord when you’ve never been one is often not an option for many people with full-time jobs who don’t want to take on the extra stress of dealing with tenants. Most people will opt to sell the house as quickly as possible.
Many people will choose to sell the house in the traditional manner. This includes:
- Determining whether the property needs work
- Spending time and money to get the property ready for sale
- Learn whether the property is ready for sale
- Additional processes involved in selling a home (Probate and taxes)
The traditional sales process can take what seems like forever. Often, forever is the time that inherited homeowners don’t have. The effort required by any of the aforementioned complicated processes as well as the financial obligations after the house is sold make the selling an inherited home even more distressing and lengthy. You can, however, overcome these obstacles.
Finding Someone You Can Trust
While selling an inherited home may have been your best option, selling the house on the market can prove extremely difficult. You may have financial or time limitations that prevent you from being able to put the work into the process. If you find yourself unable to complete all of the necessary tasks and are sinking money into a house that may not sell, your best option is to work with a home buying company like Property Nation.
Unfortunately, it’s not always easy to know who to trust, especially when you’re emotionally connected to a house. You never want to put your inheritance at risk by falling for a scam or working with real estate investors who don’t care about you or the property.
Despite this, selling your inherited home quickly with a reputable home buying company is certainly possible.
Why Trust is Important In Selling Inherited Property
You may be one of the many people who have heard the horror stories about homeowners who entrust their property to the wrong people. Emotions running high, mixed with the need to sell the house quickly, can attract predatory real estate investors. These people use any means necessary to trick you out of your home and equity.
It’s important to consider the bait and switch. This starts when investors come to your neighborhood looking for investment opportunities, and your property meets their criteria, especially since you’re anxious to sell.
The investors start building your trust by spending time with you at your home, and after a few days, they make you an offer. Beware of any offers that are too good to be true; they usually are. Next, they give you the written contract and tell you that everything is the same as it was when it was discussed. Most people wouldn’t take the time to read the entire contract, but maybe you’d skim it and sign.
After that, these investors come back to you and tell you that the requirements have changed and they give you an excuse as to why you have to sign it again. Now you’re signing new documents and paying less attention to the details because you believe that they are the same original documents.
Now it’s closing time, and you sign one last document. By now, this document is completely different than the verbal agreement. Now, you are out of the inherited house and the equity because of these con men.
Avoiding Real Estate Scammers
While these scams are all too common, you can still learn how to sell your house using a trusted, reputable, and reliable home buying company. Here are some things to do to avoid scammers and ensure you’re working with a trustworthy company.
Avoid Companies Who Seem Unethical
You should always avoid any company that asks you to do something that’s strange. A huge red flag is someone asking you to transfer the deed even though you retain ownership of the mortgage. This means that this person now owns your property, but you still have to pay the bills.
Another thing to look out for is any investor that asks you to pay fees out of pocket before the sales process even begins. You should never pay for anything upfront.
Make sure the company you are working with is legitimate. They should have a business address that you can physically visit and is registered to the company. Understand how long they’ve been operating. If the business is legit, you will easily find answers to all of those questions.
If you search and search and still can’t find answers, it’s most likely because the company is not legitimate. If this is the case, you should stop working with them immediately and find a company that is more trustworthy.
It’s relatively easy to find out whether a company is trustworthy. You should be able to search for them online and find websites with resources. Also, check for a Better Business Bureau page. If they have social profiles, like Google, Facebook, Yelp, you can check out some reviews from people who have worked with them in the past.
Try to find as many web resources as possible so that you can cross-check them and can easily determine whether they are an established business that’s professional and well-liked by those who they’ve worked with.
Property Nation: Someone You Can Trust to Sell Your Inherited Home
Inheriting property from a loved one can be stressful. It becomes even more so when you decide to let go of the home. For those who need to sell their home fast, it’s important to work with a company that helps guide you through the complicated process.
Trust the experienced home buying team at Property Nation. We buy houses quickly and for cash. There’s no endless waiting like there is in the traditional home selling process, and there are no hidden fees.
Sell your inherited home by contacting us today.