Dear Aunt Edith left you a property in her last will and testament. Wonderful news! A beautiful home in a wonderful neighbourhood? What could be better?
Except… It’s not a beautiful home. It’s not in a wonderful neighbourhood. Or, it is beautifully situated but it’s run down, it’s in need of major repairs. The roof is leaking just as steadily as the plumbing, and the wiring is as old as dear Aunt Edith. Or, the location is not convenient to your life or conducive to your goals; going out to check on the property or to take necessary action – from cutting the grass to removing the cobwebs to attacking that leaking roof – is just not feasible given your schedule.
When maintenance costs are becoming too much of a burden or the need to renovate, upgrade and update the house is too much for you to handle from a financial and/or personal standpoint, what do you do? You need to unload this property, and sooner rather than later. A quick sale of house is in order.
You Inherited a House… Now What?
Inheriting a property can sound like a dream come true. For some, it certainly is. However, inheriting a property that is inconsistent with your personal needs, your finances or your goals makes this “gift” more of a burden than a boon. There are various reasons why it can quickly become a drain. For example:
- The property may be in disrepair. The cost of making critical repairs, upgrades and updates may be beyond the scope of your budget.
- The cost of maintenance may be overwhelming. Even if not in complete shambles, maintaining a property takes a great deal of time and money. You may not want to devote it to this house.
- The house may be inconvenient. Perhaps you live and work hours away. Attempting to take proper care of it may require extensive traveling – not to mention money that you can ill afford to spend.
- You have other goals that are more pressing. You may prioritise spending your resources on your own home, on saving for a down payment for your dream home, on paying your bills, on building a nest egg, on investing in your education (or your children’s), on traveling… Whatever the case, you do not want this inherited property to become the albatross around your neck.
How a Quick Sale of House Can Help
If the burden of an inherited property – and the extensive maintenance it requires or the inconvenience it costs you – proves too much given your unique circumstances, it may make the most sense to sell.
You can do this via a few different avenues, including:
- A traditional sale with help from an estate agent. It takes an average of four to six months to sell a home that is listed on the market. This, of course, varies depending on the state of the market, the age and condition of the home, the location, etc.
- A “For Sale by Owner” (FSBO) situation. If you have a buyer in mind, such as a friend, family member or neighbour, you may be able to complete a quick sale of house. This all depends on their financial wherewithal to purchase the house. If they need to secure traditional financing through a mortgage lender, any significant issues with the home (e.g. structural damage, outdated wiring, faulty roofing, etc.) can cause a deal to fall through.
- With an auction, you may be able to sell your home in 45 – 60 days. However, you typically need to have a significant amount of equity in the house to make it worthwhile.
- A cash property buyer. Also referred to as a “we buy any house” company, this may be your best option for a quick sale of house. You will receive an offer within 24 hours, and the entire sale can be completed in a matter of days – not months. At the conclusion of the streamlined process, you will hand over the keys while the reputable buyer deposits cash into your bank account. This can be used for any goal you have set for yourself and your life, from moving to upgrading your current home to saving for the future.
When you need to complete a quick sale of house that is inherited, a reputable cash property buyer can be the solution for which you’ve been searching.