Are you trying to decide whether to sell or keep your inherited property in Oregon? It can be frustrating spending money on a property in order to sell it, especially one that wasn’t yours. In our latest post, we help you learn more about your selling options!
Whether or not you knew about the inheritance, you might be faced with some unexpected challenges once the property is in your name. Owning a property, even vacant land, can be expensive. The bills, the taxes, the maintenance, and the unexpected repairs can come as a shock. As any investor will tell you, the longer you own it, the more it is costing you. Before you make a decision about whether to sell or keep the inherited property, ask yourself a few questions. Take the time to learn about the market and the property in question, to better help with your decision. Below, we will offer some tips to help you determine if you should keep or sell your inherited property in [market_state]. Will will also offer some insight into the best ways to sell.
Ask Yourself These Questions
Do you have a use for the property?
Holding onto it for sentimental reasons is fine if that’s what you want to do, but don’t feel as if you are obligated to keep the property. Only keep the property if you have a sincere use for it. There is no sense in holding onto a property that will just end up sitting there.
Are there other owners?
If there are other owners of the property, you will all need to sit down and come to a consensus. Work together to decide if the home should be kept or sold. If there is an odd man out, consider buying them out as not to cause further disagreement. Remember, it is just a piece of land, and the person who passed it down to you would never want to see their gift become an argument.
If you decide you want to sell, how much can you spend upfront?
If the lothas not yet been cleared out, that should happen first and foremost. A traditional property listing will come with some upfront costs. You’ll likely need to make some improvements so it is in tip top shape. You may not know what you’re getting into. You don’t want to find yourself down a rabbit hole, spending thousands and thousands on a property you want to sell anyway. Depending on how you decide to sell, you could face not only costs for the property itself but costs for marketing too.
Ways To Sell
Listing your inherited property in [market_state] will require you to get the property ready for the MLS. Take a look at what other properties are selling for, and how your property stacks up. Be realistic with your prices, and don’t spend too much over-improving. When you list an inherited lot, you may feel frustrated to suddenly have to spend money selling a property that isn’t yours.
Sell On Your Own
Selling the property using an FSBO listing will save you on the commission, but you will still need to pay for cleaning the property, marketing, and other selling costs. In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket.
Sell To An Investor
When you sell your inherited property to ExpressLandOffers, you will not need to spend a dime out of pocket. Nor will you have to pay expensive commissions, agent fees, or administrative costs. By selling the property directly, you will be able to quickly receive your profits and move on from the property without spending months on cleaning it and waiting for the property to sell.