Is Your Inherited Old House Worth The Hassle Of Listing It With An Agent? What To Know

30 March 2016
 Categories: Real Estate, Blog

Have you inherited an older house that you thought you would want to live in, but now you would rather sell it than have to deal with it? There are a few things that you'll want to consider before you put it on the market.

What is the Appraisal?

Have the house appraised to see what the house is worth if you wanted to put it on the market. The appraisal may not match the real estate market trends, so you may want to contact a local real estate agent to see what they would list the property at if you put it on the market.

With this information you know what you could potentially profit, after real estate agent fees and paying taxes as the owner.

How Long Will it Take to Sell?

Look at other local homes on the market in the same price range, and look to see how many days they have been on the market. The real estate agent may be able to tell you how slow the market is, and if you could potentially be waiting months or longer to sell the property. This may not be worth your time, especially if you pay for the taxes and utilities.

What Renovations are Needed?

Do you think you would need to stick some money into it to sell the property? Are there carpets with staining, walls that are stained or discolored, and areas of the house that need to be updated? If so, determine if you will see the money you stick in when you go to sell the house, or if that it money that could get wasted.

Will a Professional House Buyer Want It?

Instead of making changes to the house, potentially waiting months to sell it, and having to pay a real estate agent, it may be a better option to find a professional house buyer in the area. They are willing to pay cash for properties and you can get rid of the house quickly, and you won't have to worry about the property again.

If you have more than one professional house buyer interested in the property, ask them both to submit formal offers. You can go over the details of the offers with a lawyer if you feel you can't make a decision on your own, or if you don't understand contingencies. If you've inherited a house and you aren't sure you want the hassle, take these issues into consideration. 

Contact a business like to learn more.