3 Financial Options You Can Pursue When Selling an Inherited Property in New Jersey

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 New Jersey…

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?

First, Let’s Talk About Selling Through An Agent…

Financial Options You Can Pursue When Selling an Inherited Property New JerseySelling through a real estate agent is a common choice for many property owners. While there’s nothing wrong with this approach, it’s important to be aware of the potential drawbacks. An agent may advise you to fix up the inherited property first, incurring additional costs. Additionally, there are closing fees and the hefty agent commission you’ll have to pay afterward, which can significantly reduce your net proceeds. Another consideration is the time it takes to sell through an agent, which can stretch to several months, depending on market conditions and the property’s condition. Some people find this process too long and burdensome, prompting them to explore other options.

So, what are the other options?

Second, Let’s Look At The Other Options…

Option #1. Refinance

Refinancing the inherited property with a bank is one option to consider. While this is not technically selling the property, it allows you to access the property’s equity and use the money for other purposes. By refinancing, you can still retain ownership of the house and have the flexibility to use it or rent it out. However, it’s important to note that you’ll need to pay back the loan to the bank, which can be a long-term financial commitment. Refinancing can be a viable option for those who need immediate access to funds but are not ready to sell the property.

Option #2. Rent To Own

Rent-to-own is another option to consider, especially if you’re open to selling the property over the long term. With this arrangement, you sell the house to a tenant who pays you rent with the intention of eventually buying the house. This can be appealing to tenants who are unable to secure a mortgage but aspire to own a home.

There are two common approaches to rent-to-own agreements:

  1. Rent Credits: The tenant pays an additional amount above their rent, which goes toward the purchase of the property. This amount is credited to them when they decide to buy the house.
  2. Delayed Purchase: The tenant rents the property with the understanding that they will buy it once their credit is improved and they can secure a mortgage.

Rent-to-own can be a win-win situation, providing you with rental income and giving the tenant the opportunity to become a homeowner in the future. However, it’s important to have a clear and legally binding agreement in place to protect both parties’ interests.

Option #3. Sell Fast For Cash

One appealing option for owners of inherited properties is to sell the house quickly for cash. Rather than going through the traditional route of listing with an agent and waiting for a buyer, you can work with a reputable house-buying company (like us at Beacon Realty Investments) to sell your house fast for cash. These companies typically buy houses in their as-is or current condition, meaning you don’t have to worry about costly repairs or renovations.

The process is straightforward: you contact the house-buying company, they assess your property, and if it meets their criteria, they’ll make you a cash offer. If you accept, the sale can be completed in as little as a few days, providing you with a quick and hassle-free way to sell your inherited property. This option is ideal for those who want to avoid the time and effort required for a traditional sale and need to sell their house quickly.

 There you have it! 3 financial options you can pursue when selling an inherited property in New Jersey. Whether you choose to sell through a real estate agent, refinance the property, explore rent-to-own agreements, or opt for a quick cash sale, each option has its own benefits and considerations. It’s essential to evaluate your priorities and financial goals to determine which option aligns best with your needs. If you’re looking for a fast, hassle-free sale, consider reaching out to us at Beacon Realty Investments. We specialize in buying houses for cash, offering a simple and efficient solution for selling your inherited property. 

Thinking about selling your inherited property fast for cash? We can help! Click here now and fill out the form or call our office at 609-531-4990.

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