3 Options to Consider When Selling Your Inherited Property in Oregon
Do you own an inherited property in the state of Oregon that you are not quite sure what to do with? Well something you should consider right away is the fact you may simply not be aware of all your options. Inheriting a property is sometimes a windfall, but it can also be a burden on your time and finances.
For any number of reasons, homeowners of inherited property in Oregon may want to sell their inherited property. Certainly, the gesture on the part of the relative leaving you the property was well-meaning. However, that doesn’t change the fact that you simply may not be in the right financial or personal situation to take on caring for an additional property. You could be moving out of state, the property could be in disrepair, you could be busy with your career or family, or you could simply not have the time and money to keep up with the bills, expenses, maintenance, etc. Whatever the reason, selling your inherited home in Oregon can be the right move.
Your Options When Selling an Inherited Property in Oregon
Most people mistakenly think that if they have an unwanted property, the only way to get rid of it is to hire a realtor and go through the expensive and time-consuming process of preparing the property to be competitive in the current Oregon market. While this may be the right option for some homeowners and properties, there are other options that work better for many people who have an unwanted or inherited property that they simply want to be free of. Real estate agents usually require a commission, not to mention the closing fees and any concessions your buyer may demand. What’s more, it can take 3-6 months or even longer to sell your home on the MLS in the current Oregon market.
So let’s look at three other options:
- Refinancing: One thing to consider is refinancing the property with a bank. This will provide you some money that you can use on other expenses if you are in a jam. This option does still mean you own the house, but it is a way to use the property to get some extra money if your main concern is just wanting to get something out of the home. This means you are still free to live in the house or even rent it. Remember, refinancing does mean you’ll need to repay the new loan back as well, so that may not make it the best option for your situation.
- Rent to Own: You could also rent out the house and sell it over the long term to a tenant. There are tenants in the market who would love to own a house but simply cannot get a mortgage for whatever reason. For tenants like these, paying rent over time as a way to own the house can make sense. There are a couple of ways this could work (1) the tenant could pay you an extra amount each month above rent that goes towards purchase, or (2) the tenant could clean up their credit until they become eligible for a mortgage at which time the sale could be completed.
- Sell Your House to a Property Investor for Cash: Many people don’t know that there are actually property investment companies in Oregon, like Cornerstone, that will pay you cash for your unwanted or inherited property and close in as little as seven days. Because Cornerstone doesn’t use a bank, when we make an offer, it is firm and can be closed on quickly. What’s more, we will buy houses in any condition. That means if your property is dated, run down, has tenants who won’t leave, or other issues, we will still make an offer. In many cases, those with inherited homes would love to be free of the stress and hassle in a week or two and get cash in hand without having to wait. Want to know more? Fill out the form on this site or give us a call. There is no pressure or obligation to see what we’d pay for your inherited home in Oregon, so contact us today if you are Selling Your Inherited Property in Oregon.
As you consider these options, why not give us a call or fill out the form just to see what we’d offer? Getting all the information you can is a smart move at this point and you may be surprised at just how simple the process is. Remember, there is no obligation, so why not fill out the form today?