If you inherited a house in CT from a probate estate, you may be wondering if you can sell it, when, and how to get the most money for it. This post is going to explain what your options are if you inherited a house in Connecticut and don’t want to keep it.
A few questions you need to ask yourself: Do you need to sell it? Is anyone else a co-owner and, thus, also a decision maker or maybe you need to buy out siblings? Do I want to live in it? If not, do I live close enough to manage it? Am I up for the responsibilities of being a landlord? Is it habitable and in good shape or will I spend a lot of money on updates or ongoing repairs? Can I afford the taxes on the property? Can I afford the expenses and maintenance on the house if a tenant doesn’t pay?
First and foremost, if the property isn’t habitable and you can’t take on the cost or burden of a construction project to make it so, then you’re going to want to get rid of it. It’s unlikely for a new home owner or a retail buyer (someone that wants to buy a house that’s already in move in condition) to buy a distressed property for themselves. Instead, your likely buyer is an investor that specializes in renovation projects. In that situation, it’s probably in your best interest to sell direct to an investor. You don’t need to put the property on the MLS to reach investor buyers. You need to find someone that buys probate houses (hint: we do!) and talk to them. A few benefits of avoiding the MLS:
– You don’t pay a commission to a real estate agent to sell your house.
– You’ll close faster – investors can make decisions and close in a matter of days… often because they have no financing contingency or appraisal to satisfy
– Investors aren’t afraid of distressed properties.
If the property is habitable, you have more options. You can list the property with an agent, but if it’s not updated, you won’t get top dollar for it and you’ll still have to wait for a retail buyer to close…plus not all houses sell! Investor buyers offer a unique advantage in these situations where they can offer creative solutions to maximize the dollar you get on the property and still avoid paying a commission.
CAUTION: Not all house buying companies have the same resources. At Sunrise Real Estate, we pride ourselves on listening to the seller’s situation and crafting a customized win-win, so that the deal works for all parties. And if we can’t make an offer that suits your needs, we also have real estate agents that we’ve vetted over the years and can refer you.
If your inheritance includes a house from an estate in CT, call us. Be prepared for an honest conversation and we’ll make you an offer. YOU HAVE NO OBLIGATION to accept the offer and if it doesn’t work for you, we can always refer you to agents.
Sunrise Real Estate. Solving real estate problems every day.