Family and sometimes close friends, commonly enact a will leaving their property holdings to their next of kin or people who meant a lot to them. Inheriting a house is quite common, yet the property is often unwanted. Leaving a recipient holding what is often an unaffordable property, due to upkeep, taxes and any homeowners or property owner’s association fees. We’ll look at some easy ways for selling an inherited house in Detroit.
Get Ready For Probate
An inherited property will likely have to go through the process of probate, depending on how the property was deeded. Local and state laws vary in the matter of inherited property. For those who have completed probate, there may be additional probate required within the county or state of the property, especially if it differs from your location in order to gain full legal rights to the property. Being ready in advance to handle probate is a solid tip for selling an inherited house in Detroit.
If you can afford to sit on the property for the typical three year period of a rent to own agreement, you may wish to investigate this avenue when selling an inherited house in Detroit. You’ll need to understand the added demands of a landlord’s duties, which many have no time or interest in. Unless your inherited home is brand new or in like-new condition, you may be spending thousands on repairs before ever selling the property.
For Sale By Owner
For sale by owner, or FSBO, is another option to consider when selling a house you inherited in Detroit. Often our emotions put an added value on a property, which has little to do with the realities of real estate valuation. Do some research to see what similar properties to yours are selling for a good idea of what a fair market value is, that way you are not shocked when you realize the current market value of your home.
If you do not want to be a landlord or live in housing you may have inherited and had no use for listing with a Realtor is another option selling an inherited house in Detroit. Listing your house on the market with a Realtor usually means prepping to bring the home to market, which may include 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.
Professional Cash Buyers
Professional cash 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 a Realtor. Selling a house you inherited in Detroit to a professional cash home 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 property in Detroit. This is because they save you from all the costs involved with listing a property. There is no prepping, upgrading, marketing or any other of the costs associated with other options.
Detroit Fair Offer makes the process simple for you, with guaranteed quick closings with a firm, written offer and no surprises at closing. Please call us at (313)647-8806 to discuss the market value of the property. Contact Detroit Fair Offer to learn more about what to do with your unwanted inherited house. We are glad to answer any questions you may have, including the potential probate on the property in Detroit, MI.
Give Detroit Fair Offer a call at (313)647-8806 today! Or reach out to us here for more details about selling an inherited house in Detroit the easy way.