It’s tempting to sell inherited property to the first real estate investors that you see that advertises things along the lines of “we buy houses NJ”. However, you shouldn’t do that just yet.
The truth is, whenever you inherit any kind of property from a loved one, you’re not limited to just a single option. You have multiple options to choose from. In fact, you don’t technically need to sell the home.
What other people do is rent out the inherited property. Others also move to the inherited property and choose to either sell or rent out their own property. These are all more economical options. This is especially true if you don’t need the money right away. But, if you do plan on selling the inherited property, there are multiple options.
You can either sell the inherited property through a real estate professional or through a cash buyer, for example.
1. Work with a Real Estate Professional
First things first, Realtors are different from real estate agents.
Even though both do essentially the same jobs, the term “Realtor” is trademarked by the National Association of Realtors in the United States. This means that only members of the organization can use the term Realtor.
As for brokers, they are real estate professionals who’ve taken and passed the broker exam. They’re better equipped and more knowledgeable than the average real estate professional. This is because of their time spent studying extensively legal issues and topics concerning properties, investments, constructions, and more. Also, in some states, in order for a real estate professional to qualify for the broker’s exam, they’ll have to have several years of experience in the real estate industry under their belt first.
Either way, you’ll want one of these three professionals handling your property if you want to sell it.
These professionals have been in business for years, if not decades, and know the best way to help you and your particular case. But, before choosing a real estate professional, do make sure that you do your research first.
Reputation is key. The more reputable a real estate professional is, the better.
Also, even if a real estate professional is reputable, you’ll want to make sure that they have prior experience selling inherited properties first. Otherwise, they might not know how to sell your house fast and for a fair price. Meanwhile, minimizing if not completely eliminating the chances of you facing legal issues from the transaction.
2. Sell to a Cash Buyer
If you need money the money right away and don’t want to worry too much about all the usual fees involved in selling a property, you can field an offer from a cash buyer.
Cash buyers are usually the ones that advertise “We buy houses NJ for cash” and while they do get quite a bit of a reputation for shady dealings, there are plenty of legitimate cash buyers who will be willing to guide you through the home sale process.
The best part about working with a trustworthy cash buyer is that the transaction is fast and you receive a fair price offer.
At first glance, the offer of a cash buyer for your inherited property might seem like below market value. However, when you consider that you get the money within a few weeks and you don’t have to worry about anything else other than signing over the property, which is far from what would happen via a traditional home selling process, working with a cash buyer no longer sounds like a bad idea.
Besides, the worst thing that can happen if you try and work with a cash buyer is to receive an all-cash offer in a matter of minutes.