Inheriting a house—it’s a moment likely to arrive with a host of emotional, and often financial, intricacies. For some, fond childhood memories come rushing back. But, at the same time, the house can present manifest problems. There’ll likely be maintenance to consider, property taxes to pay, and a gust of new emotions to accept and unpack. And all that comes after decoding how to earn top dollar from the house during the sales process—an experience we know can be tough to endure.
Bellevue, in true PNW fashion, has a real estate market that really does change with the wind. Some find the inherited home starts to weigh heavy like an anchor on their financial future. Fear that the house’s value could be depreciating (particularly in the case where the home needs significant repairs, is unsightly in comparison to others in the area, or lacks curb appeal), may push them towards a quicker-than-ideal sale. Once people learn about companies like “We Buy Houses As Is,” a desire to steer clear of major renovations and updates (and the associated headache of dealing with multiple general contractors) in hopes of selling the home follows.
Understanding the Process of Inheriting a House
You inherit a house when a relative or loved one passes away and means you legally become the new owner of that property, typically through a will or estate plan. Inheriting a house brings with it not just legal implications (you have to navigate probate court, which validates the will and oversees the transfer of assets) but you also have to consider the house’s existing mortgage or lien—mortgages and liens may change the ownership situation dramatically.
Inheriting a house also means you are now probably a new homeowner, and with that comes new homeowner responsibilities. You may be obligated to maintain the property, which includes paying property taxes, homeowners insurance, and your monthly utility bill. Remember: if you chose to live in the home and the previous owner passed away in hospice or from other similar means, you may be eligible to use life insurance money to help with the maintenance of paying your bills at the new property. Those new responsibilities—depending on what the will states—are only the half of it.
If you had multiple family members who were also heirs, you have to decide right away from a property management perspective what you are going to do with the house. Dealing with the situation—because that is what it is—is easy if you simply sell the home and divide the money. But, how will you feel, likely less than a year after one of your parents passed away, about throwing that precious childhood home away? Many people feel it emotionally important to keep the house in the family. Others may feel it financially or maybe emotionally important to give it away. Both routes are options, and whatever you decide—sell or do not sell—the only advice is to really, really consider your options, first alone (or talk with honorary family members/friends), and then consider revisiting the subject later with family.
Why Selling Your Inherited House Quickly is Beneficial
An escape from the constant honey-do list of repairs, upgrades, and maintenance. For various reasons, some emotional, when a house becomes “undesirable,” people often “forget” to perform necessary upkeep. Selling without making repairs or updates has its own emotional value—it is the letting go and moving on, escaping the need to pay for future maintenance, and of course a house that doesn’t “perform” is a chore most people would rather avoid.
The emotional drain from holding onto a property that either doesn’t perform, has a bank note too high to warrant your hard-earned income, or holding onto a house for some other random reason which mainly gives you emotional stress is easily remedied—sell it.
Use the money for other purposes that suit your comfort levels: pay off other non-performing dwellings, pay off someone else who is causing you great duress, pay off other mortgages, or invest the cash into a safer thing you have wanted to invest in for years.
The Bellevue Real Estate Market Overview
“The Bellevue real estate market is HOT! Home values are up, there is high demand, and for real, true homeowners that are considering selling their house… now is the time. Why is the market so hot?
Jobs and schools. That’s why. There is an influx of new residents moving to Bellevue because we have a robust job market and excellent schools. When new residents move to our area – they need places to live. If you own one of those “places” – you are in the driver’s seat.
The market is also hot for other reasons. Interest (mortgage) rates are historically low, so “would-be” homeowners are taking advantage of programs that their parents didn’t have just 10 years ago and are getting out of the gate quicker. This is also driving the competitive nature of our market. Currently selling? That’s good for you! You don’t necessarily even have to make that kitchen renovation…
Because don’t you see those “We Buy Houses As Is” signs everywhere? These companies are really just other “retail outlet” strategies for the “big boy” iBuyers (like Zillow) to pick up properties (potentially yours) on the cheap. Nice and easy.”
How to Sell Your Inherited House Fast for Cash
Step 1: Know the condition of your property
Before you can sell a house quickly, you need to assess your property’s condition. Does it need any repairs or improvements that could impact its overall value? Knowing the current state of your home gives you an informed basis for deciding if you should make a few improvements or pursue a quick sale.
Step 2: Gather the title deed and will (if applicable)
There are certain documents that you need to sell a house. Important documents include the title deed and any existing wills. Other documents that prove legal ownership. Possession of these documents makes the transaction—the. conclusion of the selling process—possible. It also is a convincing signal that you’re ready for business. This could prove compelling to any prospecting buyer who wants to move quickly to the purchase.
Step 3: Contact a cash home buyer—to sell the house quickly
Note that the average person in the life situations described above may be interested in getting a buyer who will buy the house fast enough so they can relocate. This is typical of homeowners who want to sell their houses ‘as is’ as quickly as possible due to a challenging life situation. Especially without having to go through the undue trouble of having to look for brokers that will help them get a buyer in the first place.
A cash home buyer’s overall perspective on house buying may thus be the solution that these homeowners need to regain their financial composure. The unburdening effect they’re likely to experience from these house buyers’ uniquely fast buying service could be the exact change they need to reclaim their life.
Why Choose We Buy Houses As Is?
“We Buy Houses As Is”:
Many homeowners want to sell their houses – fast. “We Buy Houses As Is” has a solution.
- Get fast, fair cash offers: The seller won’t need to go through the “process” of selling a house. No more making the house look
perfectin stage, no more waiting on the bank. The seller won’t have to worry about somebody else’s financing falling through.
-> Instead, sellers can get a fair cash offer! Fast!
- No commissions or fees: Normally, when a person sells a house, he will realize that “fee” (after everything closed…and “too late” to do anything about it…) Often times, the “offer” is not what they really get. This way, for sure, the sellers would “know” how much they’re getting.
-> So many sellers have been really “shocked” at how pleasant the entire they’ve finally received a “real“ offering from their assigned manager. They kept going on what a “nightmare” the experience (having to “deal with” the same “exact” issues) it was, the last time they needed to sell a house, in the “old-school/normal” way!
- How many times did they run into the house that they simply got to buy from an “inheritance”? Sometimes, at a time when people have to deal with the stresses of losing a loved one, the last thing they’re emotionally equipped for has to manage somebody else’s “estate”. The nice solution came from the highly experienced home managers of the sellers: The home-selling problem. Solved, successfully. The truth of the matter was that they’d worked through buyers’ given “situations” – so many times
Selling an inherited house can often feel like a burdensome proposition. After all, not only are you dealing with an array of emotional issues, but you also must deal with all of the logistical ones as well. Yet many people opt to sell quickly for cash, which typically removes almost all of the stress associated with an inherited house.