3 Financial Options You Can Pursue When Selling an Inherited Property in New Jersey

Inheriting a property can be a bittersweet experience, often accompanied by a myriad of financial considerations. If you’re contemplating selling the inherited property in New Jersey, you may be surprised to discover that you have more options than you initially thought. In this enlightening blog post, we’ll explore three financial avenues you can pursue when selling an inherited property in New Jersey.

Selling Through an Agent: The Traditional Route

While selling through a real estate agent is a common approach, it’s essential to understand the implications. This method typically involves sprucing up the property, enduring closing fees, and paying a hefty agent commission. Moreover, the process can stretch on for months, causing frustration and impatience for many sellers.

But fear not, for there are alternative options worth considering.

Option #1: Refinance – A Strategic Maneuver

One financial avenue worth exploring is refinancing the property with a bank. By leveraging this option, you can access the property’s equity and utilize the funds for other purposes. While you’ll still retain ownership of the house, refinancing offers flexibility and financial freedom. Whether you choose to inhabit the property or rent it out, repayment of the loan to the bank remains a manageable commitment.

Option #2: Rent to Own – Long-Term Benefits

Another viable option is to embark on a rent-to-own arrangement. This strategy involves selling the property to a tenant over an extended period. Typically, these tenants are unable to secure a mortgage immediately but aspire to homeownership. They’ll pay you rent, with a portion of the payment potentially contributing towards the eventual purchase of the property. Alternatively, they may wait until their credit improves to secure a mortgage and buy the house outright.

Option #3: Sell Fast for Cash – Swift Solutions

For those seeking a rapid and hassle-free selling experience, selling the inherited property for cash is an attractive option. By collaborating with a reputable house-buying company, such as ours at EKJ Real Estate LLC, you can bypass the complexities of traditional listings. These companies often purchase properties as-is, for cash, and within a matter of days – eliminating the need for repairs, staging, or lengthy waiting periods. It’s a simple, straightforward solution that puts cash in your pocket quickly and effortlessly.

In Summary

When it comes to selling an inherited property in New Jersey, you’re not limited to conventional methods. By exploring these three financial options – refinancing, rent to own, and selling for cash – you can tailor your approach to align with your unique circumstances and goals. Say goodbye to the stress and uncertainty of traditional listings and embrace a faster, more efficient path to selling your inherited property in New Jersey…

When a loved one passes and leaves you with a property, it might be a meaningful gesture but, the truth is, an inherited property isn’t always convenient to own. There are additional bills, expense, maintenance, upkeep, and stress; it can be time-consuming.

So if you are thinking of selling, you might first be thinking about selling with the help of a real estate agent. However, you might be surprised to learn that you have options that you may want to consider as well. In fact, did you know you have 3 financial options you can pursue when selling an inherited property in New Jersey?

First, Let’s Talk About Selling Through An Agent…

Financial Options You Can Pursue When Selling an Inherited Property New JerseyThere’s nothing wrong with selling through a real estate agent but you should be aware that an agent may have you fix up the inherited property first, then there are closing fees and the hefty agent commission you’ll have to pay afterward. And, this method can take months, so some people don’t like how long it takes.

So, what are the other options?

Second, Let’s Look At The Other Options…

Option #1. Refinance

One option, which is a type of selling, is to refinance the property with a bank and use that money for other things. Although you’ll still own the house, this is a financial option that some people might consider if they are selling in order to get the money.

You can still use the house, or rent it out, and you’ll need to pay back the loan to the bank, but it’s one option to consider.

Option #2. Rent To Own

Another option is to sell the house over the long-term by selling to a tenant. Typically, these are tenants who can’t get a mortgage but want to own a house – so they’ll pay you rent and over time they’ll be able to buy the house (either by paying you an additional amount above their rent that will go toward the purchase of the property, or, by waiting until their credit is cleaned up to purchase the house with a mortgage.)

Option #3. Sell Fast For Cash

One little-known option that owners of inherited properties might enjoy is the ability to sell the house fast for cash. Instead of selling through an agent (and hoping they can find a buyer, which can take months), you can work with a house-buying company (like what we do here at EKJ Real Estate LLC) and they’ll often buy your house as-is for cash, usually in as little as a few days. It’s fast, simple, and doesn’t require any work.

There you have it! 3 financial options you can pursue when selling an inherited property in New Jersey!

Thinking about selling your inherited property fast for cash? We can help! Click here now and fill out the form our call our office at (201) 549-9522.

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