Inheriting a property can feel like a blessing, but in different cases, it can also become a burden. Old inherited properties often come with risks, such as outdated designs and damaged structures, which can lead to costly repairs. Want to sell your inherited properties without spending on repairs? This blog will guide you through practical ways to sell an inherited home without investing in repairs and attract potential buyers.
People having multiple properties often want to offload their inherited property because they do not want to pay for the repairs and maintenance of multiple houses. However, finding cash home buyers for those older properties becomes difficult because of their worn-out conditions. Thankfully, many buy inherited houses ‘as-is’. But what does that mean? Let’s find out.
What Does “As-Is Sale” Mean for Inherited Homes?
For inherited homes, selling the house ‘as-is’ means the house is going to get sold without repairs or upgrades. To sell these older inherited homes traditionally, it would take a lot of time to close a cash deal. Therefore, the ‘as-is’ sale is opted for these inherited homes.
Selling the inherited properties ‘as-is’ is a good option because of these factors:
Transparency
Buyers accept the condition of the house and offer a value based on the after-repair value (ARV) of the property. This way, transparency between the seller and the buyer remains intact.
Quick Sale Reduces Stress
A cash deal can go through within as little as 3 weeks when it comes to selling inherited properties. A quicker sale can reduce the stress of selling this unwanted inherited property.
Now, let’s look at different options that house owners can look up to while selling their inherited properties.
Options to Sell an Inherited Property Without Repairs
There are multiple options to sell inherited property for cash, which will help you get a deal faster. Here are different options following which you can get rid of your inherited property, without making repairs.
Sell to a Cash Home Buyer
Selling the property to a cash home buyer is the most feasible way. This way, your property does not need to be listed with a real estate agent. Typically, cash sales are faster and hassle-free because of the less documentation required.
Another good reason to sell your inherited property to cash home buyers is that no property inspection or repairs are done if you are selling your house ‘as-is’. Therefore, if you have a home that has some damage, it is ideal to find a cash home buyer.
List As-Is on the Market
Real estate investors, house flippers, and individual buyers buy properties that are sold on the market ‘as-is’. Listing your inherited property for sale without repair is a good option to save both time and money. However, you need to clearly state the house’s condition during the property listing.
Listing the property this way can take a bit more time than usual, but selling your inherited property this way still avoids the repair costs.
Auction the Property
For an inherited property, the idea of splashing cash on repair can be overwhelming for the owners, especially if the property is dated. In this scenario, auctioning the property is a good way to sell the inherited property for cash.
Auctions are a good way to attract investors and house-flippers who look for this type of older property in the market that requires repairs or refurbishment. Auctioning provides benefits because the bidding process is highly competitive. Once a property is sold at a price, the buyer is bound to buy that property, which reduces the risks of last-minute pull-outs.
Key Benefits of Selling Without Repairs
There are multifaceted benefits of selling the property without repairs. Here’s how it can help:
- Saves Time and Cost: Selling the inherited property without repairs helps you reduce the time and cost of the transaction.
- Faster Sale: Since you skipped the renovation phase, you can sell the property faster than other properties.
- Hassle-Free Procedure: Selling the property without repairs helps you find a cash home buyer without any hassle, as there is no upfront effort required.
Practical Tips for a Smooth As-Is Sale
For a smooth as-is property sale, here are some key tips:
Understanding How Much the Property Value is
The very first thing to do before selling the house as-is is to understand the current market value of your property in its present condition. Contacting a real estate agent with knowledge of the local real estate market will allow you to determine the right value of your property.
Gather Legal Documents
All legal documents, such as the title deed, probate, and taxation history, need to be prepared before selling the house without repairs.
Clear out personal belongings
Declutter and clear out your personal belongings from the property before you sell it to a cash home buyer.
To Summarize
For many inherited homes, homeowners do not bother to renovate them because a renovation involves extra hassle, and it takes time. They look for cash buyers who can buy the property by paying up front. Selling it as-is and listing it in property auctions are also good ways of getting rid of the old inherited properties.
Explore the property selling Options that suit you
Do not want to deal with repairs before selling an inherited property? Try to find a cash buyer by discussing different selling methods and getting the cash.
