Inheriting A Run-down Home? Convincing Reasons To Consider Selling It For Cash
Posted on: 21 March 2022Share
Receiving notification that you are the beneficiary in someone's will can feel a bit like winning the lottery. Unless, of course, the property suffers from neglect or other serious conditions that are certain to compromise its value. Sadly, many of those who are bequeathed a home upon the death of a parent or grandparent find themselves facing this problem because their elderly relatives could no longer provide proper maintenance in the years prior to their passing.
While even severely dilapidated homes may be able to be renovated, many people who inherit them may not be willing or able to invest the time and money it would take to restore the property's condition. If you have recently been notified of this type of inheritance, the following information can help you understand why selling a dilapidated home for cash can be a convenient, profitable solution for your dilemma.
The ability to sell the home in its current condition
The responsibilities associated with becoming the owner of a home in poor condition can be significant, especially when the property is or soon will be in violation of safe occupancy or condition-based regulations, as many run-down homes are. Those who inherit these properties may find that they are suddenly responsible for correcting maintenance issues, providing lawn care, or paying fines and other related costs, even when the home is located in another city or state. By opting to sell the home for cash, those who inherit the property can stipulate that the home is to sold in its current condition to limit their own financial responsibilities for maintenance and repairs.
The ability to forego the traditional real estate process
In a traditional real estate process, homes must be prepared for market, listed for sale, and shown to prospective buyers until a viable purchase offer can be obtained. While this process may be relatively short for homes in good condition, it can take much longer to successfully sell a home afflicted with serious condition issues. When opting to sell the home for cash, however, the homeowner can turn a once lengthy process into one capable of closing and funding within a matter of days.
Selling a home to an all-cash buyer can also be a solution for homes that have been seriously damaged by storms, flooding, or fire. If you want to sell your house for cash, contact a real estate investor or agent in your area.