Are you trying to figure out whether to hold onto or sell your inherited property in Detroit? In this post we will help you understand more about your selling options if you choose to go that route.
Whether or not you knew about the inheritance you might be facing some unexpected challenges once the title is in your name. Owning a property can be very expensive. The utilities, property taxes, maintenance, insurance and the unexpected repairs can be a surprise. Any experienced investor will tell you, the longer you own it the more it will cost you. Prior to making a decision about whether to keep or sell your inherited property, ask yourself a few questions. Take some time out to learn about the local market and the property to assist with your final decision. Below, we will provide some tips to help you determine if you should keep or sell your inherited property in Detroit. We’ll also offer some insight into the best strategies to sell.
Some Questions To Ask Yourself
Do you have a specific use for the property?
Holding onto the house for sentimental reasons is alright if that’s what you want to do but don’t feel like you are obligated to keep the property. Only hold onto the house if you have a real use for it. There’s no sense in keeping it if it just ends up sitting there.
Are there any other owners besides yourself ?
If there are other owners of the property you will all need to sit down and come to a mutual agreement. Work together to decide if the property should be kept or sold. If there is an odd man out consider buying them out as not to cause further disagreement. Remember it’s just a house and the person who passed it down to you would probably not want to see their gift become a dispute.
If you want to sell, how much could you spend upfront?
If the house has not yet been cleared out that should happen first and foremost. A traditional real estate agent listing will come with some upfront costs. You’ll most likely need to make a few repairs to the house and have it professionally cleaned. It can be hard to make repairs to a house you’ve never owned. You might not be fully aware of what you’re getting into. You don’t want to find yourself spending thousands of dollars on a house you want to sell anyway. Depending on how you decide to sell, you could be facing costs for advertising as well.
Methods To Sell Your Inherited Property
List It With A Licensed Real Estate Agent
Listing your inherited property in Detroit will require you to get the house prepared for the MLS. Take a close look at what other homes are selling for and how your property stacks up. Be realistic with your price and don’t spend too much on over-improving. When you list an inherited home you may feel frustrated to suddenly have to spend money selling a house that isn’t yours. Do not make that mistake!
Sell It Yourself
Selling the house using a FSBO listing will save you on the commission fees but you will still need to pay for repairs, cleaning, marketing and other costs. In most cases, selling on your own to a regular buyer will take longer and ultimately put less money in your pocket.
Sell To A Local Real Estate Investor
When you sell your inherited property to Detroit Fair Offer, you will not need to spend a penny out of pocket. Nor will you have to pay expensive agent fees or administrative costs. By selling the property directly to us, you will be able to quickly receive your profits and move on from the house without spending time making repairs and waiting around for the house to sell.