So you’ve inherited a house, only to discover it isn’t the windfall it may have seemed at first. In fact, due to the mortgage and disrepair, you realize you need to sell this new burden as quickly as possible!
- If you are in Portland or Phoenix, I have designed my company, PDX Renovations, for situations just like yours – this is first on my list of fast-sell options.
- We pay cash for houses as-is, properties like yours. We understand this property is beyond your expertise and cash resources.
- Instead of you possibly becoming entangled in a drawn-out nightmare of a preparation and sales process you never asked for, to begin with, you can take the cash and move on.
- We are able to succeed in this business because we are seasoned experts, have lower costs, and know how to avoid pitfalls. That’s why we are able to make cash offers to bail out others who find themselves with unfortunate house situations on their hands.
- Hire an auction company to auction your property. This can be a complex process and there is no guarantee your house will sell. Just a few points to know –
- Back taxes owed transfer to the buyer. Bidders know this and will adjust their top price accordingly.
- Mortgages are almost always contractually required to be settled on the sale of the property. If the auction proceeds are less than needed to settle the mortgage, you will still owe the balance – but not own the house. (And the lender will be very unhappy!)
- Reserve price – You have the option to set a price below which you will not sell, known as the “reserve price”, so you can avoid selling for less than required to settle a mortgage and other liens. But if you set a reserve and it isn’t met, your property may not sell.
- Search online for reputable cash-house-buyers. I can’t begin to give you adequate advice on how to screen cash-house-buyers in one paragraph! But if you can find one it can be a quick solution.
- A reputable real-estate wholesaler can quickly arrange an as-is sale of a problem property for a reasonable fee. Wholesalers put together deals for a property in a short amount of time (sometimes a week or two, sometimes only a few days) and take away a profit of usually of a few thousand, sometimes less than a real estate commission.
- What about a do-it-yourself project – if you fixed and sold the house yourself, could you possibly realize more in the end? In all honesty, it is unlikely. There are high risks of unanticipated delays and unexpected costs that can run into the thousands. Flipping properties for fast sales is an arena fraught with peril for first-timers.
There is a way out of an inherited house dilemma when you need to sell your house fast if you will follow my recommendation to use reputable, seasoned professionals. Before you make a final decision contact us and get an honest assessment of your best options.
Question or Prompt for Response – open-ended, relevant
If you’ve ever sold a recently-inherited house, what quick-sale tip would you pass along?
Call to Action
Get an all-cash offer on your rundown house within an hour of our viewing – find out about PDX http://bit.ly/W4S55u #pdx