How to Sell Inherited Property in Chicagoland
Inheriting a home due to a recent loss can be difficult; on the one hand, you gain a tangible real estate asset. On the other hand, you gain additional responsibilities and fiscal hoops to jump through. These added stressors can often make new homeowners decide to simply sell their inherited home. If you find yourself in this position and you live in the Chicagoland area, you have several challenges and opportunities. Read on to find out more!
Challenges of Selling Inherited Property
- Multiple heirs – If this is the case, there may be disagreements about how best to proceed with the home. It can often be difficult to bring all parties to a common decision about the property.
- Distant executor – The executor (the person in charge of administering the will of the recently deceased) may be away on business or pleasure in another part of the country. If this is the case, it can be difficult to find time to bring everyone together.
- Full house – If the inherited property is full of old possessions, whether sentimental or space-taking, it can be very difficult to clear it. Sorting, throwing away, wrapping, donating, and cataloguing can shave months off your schedule. Meanwhile, you will still be responsible for the taxes and perhaps even the mortgage!
- Damaged house – If your property has any serious damage or major repair, it can be exceedingly difficult to sell it on the open market. Committing to repairs means a lot of out-of-pocket costs, as well as adding several major projects to your already full plate.
How to Sell the Inherited Property
There are three major options available to Chicagoland homeowners, whether that home is inherited or not. There are, however, some aspects of note for inherited properties. Read on to find out more!
- Real Estate Agent – Those opting to retain a realtor will have to deal with commissions, repair bills, showings, and closing costs. This process can go on for months. In addition, the process of modernizing the property can cause tension and disagreements between heirs.
- For Sale by Owner – This is functionally identical to hiring a real estate agent, but with the added pro/con of saving on the commission cost. You will not be able to rely on the agent’s knowledge and experience, risking improper valuation and pricing.
- Cash Home Buyer – By far the most efficient and fastest way to sell your inherited property or home, selling to a cash home buyer is as easy as 1, 2, 3! Call to schedule an appraisal, receive a cash offer, and cash your check a week later. There is only a single visit from our consultant, and a reputable Chicagoland cash home buyer will buy your home as-is!
If there are multiple heirs, an absent executor, or a cluttered property, it does not matter to a cash home buyer like Tony Buys Homes in Chicagoland & Naperville! We will buy your inherited property for cash, with closing in as little as seven days.
Sell Your Home Fast to Tony Buys Homes
We have been family-owned and operated since 2011, and we have bought properties all over the Chicagoland area. At Tony Buys Homes, we will buy your home for cash, and never ask you to make any repairs. We strive to make the home selling process easy for you! Call 815-488-6373 or fill out the brief form below to get started 24/7!
