Inheriting a property in Houston can come with its own set of challenges, including added expenses, maintenance, and stress. If you’re considering selling the inherited property, it’s important to know that you have more options available to you than simply listing with a real estate agent. Here are 3 financial options to consider when selling an inherited property in Houston, Texas.
Refinancing the property with a bank can be a viable option for those who want to sell in order to access the property’s value. This type of selling allows you to still own the property, use it, or even rent it out, while using the loan money for other purposes. However, you’ll need to pay back the loan to the bank.
Rent to Own Another option for Houston residents is to sell the property over the long term by renting it to a tenant. Rent to own agreements are often favored by tenants who don’t yet qualify for a mortgage but want to eventually own a home. In this arrangement, the tenant pays you rent and, over time, either pays an additional amount that goes towards purchasing the property or waits until their credit improves to secure a mortgage and buy the property.
Sell Fast for Cash If you’re looking for a faster and more straightforward solution, consider selling your inherited property for cash to a house-buying company. Many companies, including ours, offer this service and will often buy your property as-is, in as little as a few days. This option eliminates the need to work with an agent, and doesn’t require any renovations or repairs.
By exploring these 3 financial options, Houston residents can make an informed decision when selling an inherited property. Whether you choose to refinance, rent to own, or sell fast for cash, there’s an option that can work for you.