5 Tips for Selling an Inherited House Fast in Pueblo, Colorado

Family members, friends of the family, and relatives most often have a will leaving their most prized possessions to children, brothers and sisters, or anyone that they consider family. Inheriting a home is pretty common, but what is not common is the person being excited to inherit the property. Sometimes the person who inherited the property is left with things such as upkeep of the property, taxes, how dues, and other fees that come along with owning a house. If your looking to sell your inherited property fast in Pueblo, Co these 5 tips will surely help you!

Preparation For Probate

When you inherit a property it will most likely have to go through the sometimes pain in the butt process of probate. It really all just depends on how the property was “deeded”. Local and state laws in each city, state, and county can vary a lot. Even if you think that you may have completed the probate, there could still be additional things the county may ask you to do before you actually inherit the house. Be prepared in advance to possibly consult a local probate attorney that would be able to help you navigate the probate waters and be able to help you get clear and marketable title so you can sell the house fast, or as fast as possible.

Owner Financing Could Be An Option

If you can afford to sit on the property and you don’t need the quick cash then this may be the type of avenue for you. Owner financing is you basically becoming the “bank”. You sell the house for full market value and they pay interest on the loan. Generally these types of loans are for 15-30 years. So you don’t get the upfront money that you would if you just sold the house outright. But you would get consistent monthly income for the next 30 years, and the checks would come in like clockwork every month. Generally this is a little better than being a landlord because people generally take better care of their home if they own it.

Sell The House FSBO Or For Sale By Owner

For sale by owner, or FSBO, is another option to consider when selling a house you inherited in Pueblo. Often our emotions put an added value on a property, which has little to do with the realities of real estate valuation. Do a little research to see what similar properties to yours are selling for a good idea of what a fair market value is, that way you are not shocked when you realize the current market value of your home.

FSBO or commonly known as For Sale By Owner is another option to consider when selling an inherited house fast. You can easily find a multitude of websites that will list your property for sale and most of them are free. Sites like Zillow,trulia,realtor, and other sites like that. The listing is generally free, and all you really have to do is take a few pictures (professional is best). But if you don’t have the extra money to hire a professional photographer you could always pull out your smart phone. Generally smart phones these days have excellent quality, and there are numerous apps that help you edit if you need it.

Selling FSBO also allows you to save thousands of dollars on the realtor commissions. Generally right off the bat your agent (sellers agent), and the buyers agent make 3% of the sales price no matter what. But there also could be additional expenses if the buyers lenders requires repairs to be made, or the buyers would like some help in order to cover a portion of their loan costs. Not listing your house with a realtor will obviously save you on commissions. But you also will have to do all of the negotiations yourself.

Hire A Local Real Estate Agent

If you do not want to be a landlord or live in housing you may have inherited and had no use for listing with an agent is another option selling an inherited house in Pueblo. Listing your house on the real estate market with an agent usually means prepping to bring the home to market, which may include upgrades or serious repairs, covering professional photography fees, marketing, and staging the home. Add in real estate fees and commissions, as well as some closing cost

If you do now want to owner finance the home, or try to sell the house yourself, the next option would be to list it with a real estate agent. Generally its going to be best to get a few different opinions when it comes to selecting a real estate agent. Some agents are going to be very picky when it comes to the condition. Remember, this is a house that you inherited. If the condition of the house is great there will be no issue. But what happens if the house needs repairs? And the realtor is wanting you to make those repairs? That is something to think about.

This is one of the reasons why you want to get a few different opinions. Make sure you find a realtor that is ok listing the house for you “as is”. If you have the money to spend on repairs that’s one thing, but if you don’t you really should look at selling the house as is. Just remember one of the downsides to listing with a realtor is the commissions. Generally 6-8% of the sales price.

House Buying Companies

If you are looking to sell your house fast, you should really consider getting an offer from a reputable house buying company. Cash house buyers like this generally don’t care at all about the condition of the house. They are either going to buy it and fix it up to rent, or they are going to buy it, fix it up and then sell it. So they do not see things the way other retail buyers look at the house.

Now this is not generally the way for you to get the most money from the house. They are going to be reducing the price in order to factor in the fix up costs as well as their desired profit. The main reason why this option makes sense to people is the time it takes to sell to a cash house buyer. If there is no mortgage on the house and the title company doesn’t have to wait for a loan payoff, the sale can be done in as little as 7-10 days.

You do not have to prep your house for sale or keep it in good condition. Cash house buyers come out, do a quick walkthrough of the house and usually can come up with an offer within 24-48 hours or even sooner than that sometimes.

We hope you enjoyed our 5 tips for selling an inherited house in Pueblo!

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