If you have recently inherited property or have owned inherited property for a while and have wanted to sell but haven’t been sure of the best way to go about it, keep reading.
When someone passes and leaves you with their home or property, besides the wonderful gesture, they may be leaving you with a lot of responsibility and even a financial burden you are not prepared for.
In some cases, there are additional bills, requirements, or expenses related to owning a property. For whatever reason, these may not fit with your current work or personal life demands. If any of this sounds like you, you are not alone. Many people who inherit homes in El Paso end up selling them quickly and off the market for these and even more reasons.
There are three different financial options you have when you sell an inherited property off the market (without a real estate agent) in Texas:
Option #1 – Refinancing
If your motivation in selling is the money you’d get from selling, but you’d prefer to keep the home, refinancing is an option. Refinancing is a form of selling your property back to the bank that owns your mortgage. This gives you more money on hand but increases the amount owed on your mortgage.
When you refinance, you can use the home to help you make money as well by renting it out. Using part of the amount you receive from refinancing to improve the condition of the home so you can increase the rent you charge is a great way to help you pay back the amount you will owe as a result of your refinancing.
Option #2 – Rent to Own
Another option for selling your inherited house in El Paso, Texas is to sell it over some time through a rent-to-own option. There are lots of people in El Paso who’d love to own a home but fail to qualify for a traditional mortgage. Many of these people would make fantastic homebuyers and renters and would gladly pay higher than the average rent amount for the chance to own the house.
If you do use this option, you can pretty much set the terms of your deal with a buyer you like. That being said, most deals involve a large payment upfront as well as an agreement to pay an extra amount above rent each month as payment towards ownership. Many also include an agreed-upon date by which the house must be purchased outright.
Option #3 – Selling the House Fast for Cash
One lesser-known option for selling your house in El Paso is to sell it fast for cash to a home buyer or investor. Instead of using an agent and waiting months to hope they can locate a buyer for you, you can sell to a home buyer like Level Cash Home Offers who will buy your house as-is. That’s right, there’s no need for you to fix it up or make any changes/repairs. It’s easy, stress-free, and takes a little over a week to close the deal. Want to know more? Just call Level Cash Home Offers at 915-228-3314 or send us a message today!