Selling an Inherited Property in Spartanburg

Posted on: June 24th, 2020 by , No Comments

If you are living in Spartanburg and have recently inherited a property, you may be struggling with understanding all your selling options and deciding on the best on for you. Selling an inherited home can require some unexpected upfront cost, especially since the house was not previously under your care to maintain and prepare for a sale. 

So, what can you do? Continuing to own the home can also become costly as monthly bills, taxes, and other expenses can add up. You’ll want to understand your local market and where the property stands in regard to it. Below are some guiding points to help you navigate your decision:

Expected Use

When deciding whether to keep your inherited home or sell it, consider if you have a tangible and executable use for the house. Holding onto a house with no real purpose for it can become a very costly sentimental attachment. Aside from traditional bills, some cities also have fines for properties that are vacant and not being maintained. 

Co-owners

Before you can sell an inheritance, all beneficiaries to the home must agree. If you were not the only one to inherit the home, all owners will need to come together, weigh the options, and agree on selling the house. Running into a stand-still because someone refuses to sell? Explore options to buy that person out to avoid complications. 

Up-front Costs

Okay, you’ve decided to sell. What now? The next step is getting the home ready to be put on the market. Once any valuables, personal affairs have been sorted and removed from the property. Upfront costs can include professional cleaning as well marketing costs to announce the sale. The most unpredictable cost can be repairs. As previously mentioned, the catch to selling a house that wasn’t previously yours is that there may arise unexpected repairs from a lack of maintenance on the part of the prior owner. 

Selling the House: Listing

One way to sell the property is to list the home. In Spartanburg, this will mean preparing it for MLS. You will want to get familiar with what other properties (with similar specs) in the area are being listed for so you can set a realistic price to the property for the highest chance on a quicker sell. 

Selling the House: On Your Own

While selling a house using an FSBO listing could save you money on commission, keep in mind cleaning repairs, marketing, and other expenses may still present themselves. This type of listing tends to be a longer process with a smaller return. 

Selling the House: Investors

Another option is to sell your property to an investor to save out-of-pocket costs. By selling directly to an investor you save on commission, agent fees, and repair costs and are able to access your profits without the months-long process of selling. Need a place to start? I’m a local investor that can help you get the process started. Simply all them at (864) 814-3894.