Inheriting a property from a loved one can be a bittersweet pill to swallow; at such an emotional time, there are a lot of important decisions to make before council tax, mortgage payments, upkeep costs and general bills start to roll in and get out of control.
So, do you want to live in it, rent it, or keep it?
The decision is based on personal circumstances, but many people decide that selling the inherited property is the simplest route for them especially if the property is located miles away
But once the decision is made, what next?
Selling Inherited Property – Your Options
Selling inherited property via the open market
Selling a property through an estate agent is the most traditional way to sell a home, but it’s becoming less and less common. It’s a trend that’s anecdotally even more prominent when it comes to inherited properties, where most people’s priority is a fast, stress-free house sale.
The open market is unpredictable and selling your house here comes with no guarantees. The estate agent is simply the middleman who connects you with an appropriate buyer, charging a percentage fee upon completion – usually between 1-3 + VAT %.
They have no control over the process meaning the sale can fall through for many reasons, and you have to start from scratch. For example, the chain could break down, the survey could reveal something unexpected, or a buyer could simply have a change of heart.
Furthermore, the process is slow. The average house sale on the open market takes between 6-9 months with regional variations to consider as well.
Finally, you won’t sell on the open market unless your property stands out from the competition. That means you usually need to invest time and money getting it ready, which isn’t ideal if the inherited property is an 8 hour round trip away.
Selling inherited property via a home buying company
If the property is in disrepair, has a large mortgage in arrears, or is located miles away, then you’ll want it off your hands quickly before it goes from headache phase into migraine territory.
Cash property buyers, like Hull Cash Buyers, will buy any home in any condition for cash. All you have to do is agree a price and they can exchange within a couple of days.
As with any industry though, it’s important that you’re with a credible company who knows what they’re doing, so make sure you choose your cash home buying company carefully.
Are they a genuine cash buyer?
Make sure that they aren’t simply middlemen looking to pass your details on to someone with funds to actually buy your home; they’ll take a commission for that, which ultimately will affect the price you get. Just ask for proof of other properties that they have purchased, or details of previous customers that they have recently dealt with.
Are they charging a fee?
You shouldn’t be charged anything by a genuine company; they are simply buying the inherited property for the agreed price with no middlemen estate agents involved.
The good companies, like Hull Cash Buyers, will even offer to pay your legal fees if you choose their chosen solicitor. Great news, if you want the process as stress-free as possible.
Too good to be true?
If you’re offered 100% of the market value for the property then be careful; it’s likely that the company will reduce the offer as the sale progresses, and is unfortunately a common tactic from national homebuyers.
You’ll get a fair price from a reputable company, but they have to factor in making some kind of profit so 100% market value is unrealistic. You’re guaranteed a quick sale though.
Are they local?
Local home buying companies offer an array of benefits that national companies just can’t match; from a personal service, to accurate valuations, and no punitive contracts.
Selling at auction
You can sell any property at auction. The problem is that the sale price is hugely unpredictable, so it’s a case of keeping your fingers crossed on the night. If there are multiple beneficiaries then this can add further tensions to an already delicate situation, especially if the price achieved is much lower than everyone expected. Plus, fees are high; they are charged to the buyer but they will factor the cost into what they are prepared to pay, so it indirectly comes from you.
Want to sell an inherited property in Hull or East Yorkshire quickly? Call our team on 01482 655346. We make a same-day cash offer on every property we see no matter what state of disrepair its in.