Inheriting a property or an estate might sound strange to you, but at times, people face plenty of unusual circumstances.
Firstly, they have to go through the immense pain of losing a loved one. Secondly, while they are still grieving for the loss, they have to deal with the probate process. If the inherited property has any outstanding mortgage payments, taxes, or warrants, the heir will handle them.
This means the successor gets both pleasant and unpleasant experiences through inheritance.
Selling an Inherited House
Usually, people sell their inherited home fast for cash because maintaining it is a huge undertaking. Besides freeing them from the tedious and expensive task of taking care of an inherited property, they get cash equity after selling it. They can use the cash for fulfilling personal needs.
At Detroit Cash For Homes, we have years of experience in dealing with inherited houses. Since we buy houses for cash in Michigan as-is, our process does not involve a long waiting period, preparations, and investment. On average, we close the deal within 7-10 days.
If you inherit a property that you want to put up for sale, you must price it appropriately. This is essential if you decide to take a traditional route for selling your inherited house. Are you wondering why it is important? If yes, we are here to answer your queries.
- Reasons to price your inherited property appropriately
- If you price it too high, you will scare off potential buyers before getting them on board. In simple words, no one will be interested in your property in the first place.
- On the other hand, pricing your house too low means receiving an unreliable cash offer.
- If you price it too high, you will scare off potential buyers before getting them on board. In simple words, no one will be interested in your property in the first place.
No matter why you are selling an inherited property, here are a few things you must know when pricing it.
- How to price your inherited home
Generally, the price value of an inherited home or any property depends on the market. In a traditional route, your prospective buyer will first hire a licensed appraiser to determine the market value of your house. Keep in mind that if there is no executor from the buyer’s side, you need to hire one to price your home accurately.
While the cost of hiring an appraiser varies from one state to another, the average national fee is nearly $336. Besides this, other factors you need to consider are:- Outstanding mortgage payments and taxes – If you want to sell your inherited home to cover your expenses, pending mortgage payments and taxes can reduce its value.
- Repairs and renovation costs – Repairs and renovations of an inherited house depend on various factors like its age, size, condition, previous renovations, and necessary repairs. If you want to undertake the necessary repairs and renovations, you will be making more of an investment. As a result, you will receive a price lower than expected.
- Outstanding mortgage payments and taxes – If you want to sell your inherited home to cover your expenses, pending mortgage payments and taxes can reduce its value.
Lastly, your prospective buyer may negotiate the price set by you. Do not forget other expenses like 6% of commissions, closing costs, etc.
As you can see, you have to go through several processes before pricing your inherited home. These are both time-consuming and expensive.
- Selling your home to Detroit Cash For Homes
For a hassle-free and affordable home selling experience, sell your home to Detroit Cash For Homes. We are the leading real estate cash buyers in Michigan that buy properties in all conditions without letting you undergo any hassles. Once you hand over your home to us, our professionals will handle everything for you. Meanwhile, you can focus on other tasks.
By partnering with Detroit Cash For Homes, you do not have to worry about pricing your home. Depending on the current market and other factors, we make a fair cash offer. In addition to this, we will never ask you for commissions, closing costs, or any fees. If your inherited house requires work, rest assured of our experienced staff to get it done.
If you are searching for reliable cash home buyers in Michigan, Detroit Cash For Homes is your best bet. Call us today to get a free quote!
Things You Must Consider