When you’ve inherited a property in Massachusetts and are thinking about selling it, you’ll find various financial options at your disposal. Consider the following three choices for selling an inherited property in Massachusetts to make an informed decision:
While inheriting a property can carry sentimental value, the truth is that it may not always be feasible to retain it. Having an inherited property brings along extra expenses, upkeep, and duties that can become overwhelming and time-consuming.
Although your initial inclination might be to sell with the aid of a real estate agent, it’s crucial to recognize that there are other worthwhile alternatives to explore. You might not be aware that you have three financial options to consider when selling an inherited property in Massachusetts?
First, Let’s Talk About Selling Through An Agent…
Although selling through a real estate agent is a popular option, it’s essential to weigh the potential downsides. This approach may entail making repairs to the property you’ve inherited and covering both closing costs and a substantial agent commission. Furthermore, the conventional route can be quite time-consuming, sometimes extending over several months.
Given these considerations, what other options exist?
Second, Let’s Look At The Other Options…
Option #1. Refinance
Exploring refinancing options with a bank can be a strategic approach to unlock additional funds from your property. By refinancing while retaining ownership, you can access capital to fuel other investment opportunities and work towards your financial objectives.
Moreover, with the ability to continue utilizing the property or generating rental income while repaying the loan, this flexible strategy offers a compelling opportunity to enhance your investment portfolio.
Option #2. Rent To Own
One effective real estate investment strategy is to explore a lease-to-own option with tenants who may not qualify for a conventional mortgage but have the goal of owning a home. With this approach, tenants make monthly rent payments, a portion of which is set aside for the eventual purchase of the property. This setup allows tenants to work towards homeownership by either accumulating funds from rent payments or enhancing their creditworthiness to qualify for a mortgage when ready to buy the house.
Option #3. Sell Fast For Cash
When you inherit a property, selling it quickly for cash can be a convenient alternative to the traditional selling process. Instead of dealing with real estate agents and waiting for months to find a buyer, you have the option to work with a reputable house-buying company like Mass Probate Pros. These companies purchase properties in their current condition for cash, often completing the transaction within a few days. This method is efficient, simple, and spares you from the hassle of making any repairs or upgrades.
Explore these three financial strategies that you can leverage when selling an inherited property in Massachusetts!