3 Financial Options You Can Pursue When Selling an Inherited Property in Columbus Ohio

Thinking About Selling Through a Real Estate Agent?

Selling an inherited property in Columbus, Ohio through a real estate agent is a common choice, but it’s worth understanding the potential costs and timeline involved. An agent may ask you to make repairs or updates to the property, and you’ll also be responsible for closing fees and the agent’s commission. Additionally, this process can take months, which might not suit everyone’s needs.”

Choosing to sell with an agent depends on your goals, comfort with the process, and the amount of time and effort you can commit. If you’re looking for expertise and support, an agent can be a valuable asset in your selling journey.

So, what other options do you have?

Option #1: Refinance the Property

Refinancing an inherited property with a bank can be a smart move, especially if you’re looking to manage debt, reduce mortgage payments, or access the equity in the property. Here are some

Pros of Refinancing an Inherited Property

• Lower Interest Rates: If interest rates have dropped, refinancing can reduce your monthly payments or shorten the loan term.
• Access Equity: A cash-out refinance allows you to tap into the property’s equity, which can be helpful for renovations, debt repayment, or other expenses.
• Consolidate Debt: If the inherited property has existing debt, refinancing can help consolidate it into a single, manageable payment.
• Improved Loan Terms: You may switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for more stability.

Cons of Refinancing an Inherited Property

• Closing Costs and Fees: Refinancing incurs costs, typically 2-5% of the loan amount. These fees might reduce your immediate cash benefit.
• Qualification Requirements: Banks will assess your credit, income, and debt-to-income ratio, and approval is not guaranteed.
• Potential Risk with Equity Cash-Out: Accessing cash from your home’s equity increases the debt on the property, which could put it at risk if you can’t keep up with payments.
• Inheritance and Tax Implications: If multiple heirs are involved, everyone must agree to refinance. Also, a cash-out refinance could have tax implications, so consulting a tax advisor is advisable.

Refinancing an inherited property can offer financial flexibility and stability. However, it’s essential to weigh the benefits against potential costs and risks, especially if you’re unfamiliar with mortgage refinancing.

Option #2: Rent-to-Own Agreement

Another path is to create a rent-to-own agreement, where you sell to a tenant gradually. This option is ideal for tenants who may not currently qualify for a mortgage but have the goal of homeownership. The tenant will pay you rent, and over time, a portion of the rent or an additional payment can go toward purchasing the property. Alternatively, they may work to improve their credit to secure a mortgage and buy the house from you later.

Option #3: Sell Fast For Cash

If you’re looking for a quick, hassle-free sale, consider selling the property for cash to a home-buying company (like what we do here at [company]). These companies often purchase homes as-is, allowing you to avoid repairs, closing costs, and agent fees. The transaction can be completed in as little as a few days, making it an efficient option for those looking to move on quickly.

These are your three financial options when selling an inherited property in Columbus Ohio. Whether you’re looking for a traditional sale, a steady rental income, or a fast cash sale, there’s a solution to fit your needs.

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

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 (614) 502-2614.