Family members or close friends commonly enact a will leaving their property holdings to their next of kin or people who meant a lot to them. Inheriting a home is quite common, yet the property is often unwanted. Leaving a recipient holding what is often an unaffordable property, due to upkeep, property taxes, and any homeowners or property owner’s association fees. We’ll cover 5 tips for selling an inherited house in Chicago.
Prepare for Probate
An inherited property will likely have to go through the process of probate, depending on how the property was deeded. Local and state laws vary in the matter of inherited property. For those who have completed probate, there may be additional probate required within the county or state of the property, especially if it differs from your location in order to gain full legal rights to the property. Being prepared in advance to handle probate is a good tip for selling an inherited house in Chicago.
If you can afford to sit on the property for the typical three-year period of a lease to own agreement, you may wish to investigate this avenue when selling an inherited house in Chicago. You’ll need to understand the added demands of a landlord’s duties, which many have no time or interest in. Unless your inherited home is brand new or in like-new condition, you may be spending thousands on repairs before ever selling the property.
For Sale By Owner
For sale by owner, or FSBO, is another option to consider when selling a house you inherited in Chicago. 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.
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 Chicago. 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 costs.
Professional buyers will take the time to listen to your specific circumstances and help you decide which of the possible options of selling your unwanted inherited property is best for you, even if that means listing with an agent. Selling a house you inherited in Chicago to a professional buyer is often the best option for the property. Keep in mind, cash buyers with quick closings will probably offer you a bit less than average market value when selling an inherited house in Chicago. This is because they save you from all the costs involved with listing a property. There is no prepping, upgrading, marketing, or any other of the costs associated with other options.
Festival Properties makes the process easy for you, with guaranteed quick closings with a firm offer, and no surprises at closing. Please call us at (866) 201-1790 to discuss the market value of the property. Contact Festival Properties to learn more about what to do with your unwanted inherited house. We’re happy to answer any questions you may have, including the potential probate on the property in Chicago, IL. Give Festival Properties a call at (866) 201-1790 today!