Have you recently inherited a property that you’re not quite sure what to do with? If so, you’re not alone. Inheriting a home is actually quite common in Bloomington MN, and even throughout the rest of the country. This is because when most people pass on, they would have previously enacted a will for their family members or close friends. This will divide their estate, leaving their property holdings to their next of kin or to the people who meant a lot to them.
However, as amazing as it can be to be left something of value by a passed loved one, inheriting a house can also be quite inconvenient. As such, the property may be unwanted due to upkeep problems, property taxes, or homeowners/property owners’ association fees. Or it may have inheritance tax liens associated with it that make it difficult to own. If you’re currently facing this issue and would like to learn more about how to sell your inherited house fast, we’ve got you covered. In this blog post, we’ll cover 5 tips for selling an inherited house in Bloomington.
In addition to this, if you’d also like to learn more about what the probate process is and how it works, read our post about how to sell a probate property.
Top 5 Tips for Selling a Probate Property in Bloomington MN
Read on to discover our top 5 tips for selling an inherited house in Bloomington MN.
Tip 1: Prepare for the Probate Process
An inherited property will likely have to go through the probate process, depending on how the property was deeded. Local and state laws vary in the matter of inherited properties. For those who have completed probate, there may be additional requirements within the county or state of the property, especially if the inherited house’s location differs from your own. These requirements differ, but they are all essential in order to gain full legal rights to the property. Being prepared in advance to handle probate is a good tip for selling an inherited house in Bloomington.
Tip 2: Consider Renting Out the Property
Renting is another valid option that you can consider. By acquiring good tenants, you can keep a steady stream of money flowing into your bank account. If you’re looking to sell, you could opt for a lease to own agreement. For those that can afford to sit on their property for the typical three-year period that will be required for a lease to own agreement, they will be able to collect rent, a down-payment for the property, then the full sale fee after the waiting period. However, before you pursue this avenue, you’ll need to understand the added demands of a landlord’s duties.
Tip 3: Opt for an “FSBO” Sale (For Sale By Owner)
For sale by owner, or FSBO, is another option to consider when selling a house you inherited in Bloomington. However, you should always be careful when setting your asking price. Often our emotions put an added value on a property, which has little to do with the realities of real estate valuation. Before you settle on an asking price, do a little research first to see what similar properties within your area are being valued. This will allow you to not only set a fair market price is, but to set one that is competitive enough to draw buyer attention.
Tip 4: Or Hire a Good Real Estate Agent
If you do not want to be a landlord or live in the house that you’ve inherited, listing with an agent is another option in Bloomington. Listing your house on the real estate market with an agent usually means prepping to bring the home to market. However, this typically includes upgrades or serious repairs, covering professional photography fees, marketing, and staging the home. Add in real estate fees and commissions, as well as some closing costs.
Tip 5: Sell To A Professional Cash Home Buyer
Professional buyers will take the time to listen to your specific circumstances and help you decide which of the possible options of selling your unwanted inherited property is best for you, even if that means listing with an agent. Selling a house you inherited in Bloomington to a professional buyer is often the best option for the property. Keep in mind, cash buyers with quick closings will probably offer you a bit less than average market value when selling an inherited house in Bloomington. This is because they save you from all the costs involved with listing a property. There is no prepping, upgrading, marketing, or any other costs associated with other options.
FastPath Home Buyers makes the process easy for you, with guaranteed quick closings on firm offer, and no surprises at closing. Please call us at (612) 351-2384 to discuss the market value of the property. Contact FastPath Home Buyers to learn more about what to do with your unwanted inherited house. We’re happy to answer any questions you may have, including the potential probate on the property in Bloomington, MN. Give FastPath Home Buyers a call at (612) 351-2384 today!
Are you looking for a fast way to sell your inherited house? If so, you should consider reaching out to our company, FastPath Home Buyers. Here at FastPath, we buy houses in Bloomington MN, and throughout Minnesota.
If you choose to sell your inherited house to FastPath, you won’t have to worry about any additional expenses. With FastPath, you get paid in cash. Also, you’ll be able to sell the property in “as-is” (meaning in any condition. No cleaning! No repairs!). Finally, we are prepared to close on any deal in as little as 7 days. So call us at (612) 351-2384, or fill out the short form below to receive an all-cash offer today!