If you’ve inherited a house from an elderly parent or grandparent, you should carefully weigh your options before selling it. The house likely needs repair and there’s a good chance that appliances are old and the decor is outdated. Selling the home “as-is” can be a good choice, but only if you’re informed of the pitfalls.
Money for Repairs
If you’re thinking of spending money on fixing up the house, ask yourself where that money is going to come from and whether you will get a fair return on your investment. There may not be sufficient funds in the estate account, and using your own money to pay for repairs is a bad idea because you may not recoup the money after a sale.
This is often the case with an inherited house, and that’s why many people choose to sell the house “as-is.” The problem is then finding a buyer willing to take on a house that’s not in the best condition.
Speed of Sale
A house listed for sale “as-is” usually doesn’t sell quickly. Potential buyers prefer a home in move-in condition. They either don’t have the budget to fix up the home or they’re not interested in taking on a renovation project.
A slow sale can be a problem when the house is under probate and you need to settle the estate quickly. It can lead to tension and disagreements if there are several heirs, such as siblings, who are eager to end probate and get their inheritance.
The Cash Buyer Advantage
Many people with inherited houses will sell to a cash home buying company. These companies will purchase your inherited home “as-is,” without requiring repairs. The process is quick and easy.
First, contact the company and tell them about your house. They may send a representative to meet with you. Within 24 hours you will receive a no-obligation offer. If you accept, you can often set a closing date within a week or two.
Selling your inherited home “as-is” to a cash buying company can be a good choice. Compared to the traditional home sales process, it’s much faster and more convenient. You’ll receive cash for the home and be able to settle the estate quickly and without hassle.
If you’ve inherited a home in the Indianapolis area, see how a cash sale may help. You will be able to get your unwanted property off your hands in no time!