It can either be a joy or a nightmare when you inherit a relative’s property. Although homeownership is the “American Dream”, the taxes involved have the capacity to break your bank account. In Illinois, the average property tax amount in 2019 was 2.3% of the home’s value. This may initially sound like a minimal amount, but it translates to $3,995 for a home that’s valued at $173, 800. Fortunately, you can sell your house fast ‘as-is’ to a cash home buyer with no commission or closing costs involved and no repairs necessary.
Making the Big Decision
While the home may have sentimental value, it may not be the best decision to hold onto the property if you can’t afford to make necessary repairs. Although the grief over losing a loved one may make it harder for you to let go of the property, your relative would likely want the home restored to its original beauty. This can be accomplished by selling to a cash home buyer. They buy older houses with the intention of remodeling them before reselling.
The Burden of an Inherited Home
If the home has been financed, mortgage payments would need to continue to be made to prevent foreclosure. Should the home end up in probate, you may be unable to claim it for months, and it could even be seized to cover unpaid taxes and other debts. Additionally, some properties are inherited by several relatives making it more feasible to sell the home and split the profits. Fortunately, you can still sell your house fast for cash even if there are back taxes or mortgage payments owed on the property.
The Benefits of Selling Fast
If you are balking at the thought of sorting through boxes of tax papers and doing costly renovations, you can sell your house fast to a cash home buyer. You’ll be able to relieve yourself of the headache and put some quick money in your pocket. They purchase homes regardless of the condition and close faster than other buyers.
If you’ve inherited a home that you can’t afford, reach out to a cash home buyer. They can take the burden off your hands and offer you a way out. Selling your home through an investor is a simple way to avoid a financial debt trap and family disputes over the property.