If you have inherited a real estate property along with siblings, selling is often the easiest option to split the profit of the home. If you all are handling the sale of a property, you may be presented with a number of offers on the home. You should have a real estate agent help with the listing and selling of the home so that it is done in a quick and efficient manner, but you will still have to approve offers. If you are vetting offers from different parties, here are some reasons why you should pick the quick-sale home buyers from the pack.
No chance of financing falling through
Though there may be contingencies for major issues found during inspection, a quick sale to a cash buyer is still less likely to fall through. Someone who is using a mortgage loan to purchase a home must secure financing and make it to closing without anything happening. There is always a possibility that financing can be withdrawn when dealing with lenders, leaving you back at the drawing board and losing other offers.
Closing dates are easy
When you don't have to deal with a middle man, the sale of your inheritance home will be quick and easy. Mortgage loans often require a number of processes and paperwork. Closing dates for a mortgage holder may need to be around 30 days out or more, depending on the lending company and any issues that the loan company and buyer need to hash out. With a cash buyer, your quick sale can truly remain a quick sale. The closing day can be just a few weeks out, with some only being a week out if the paperwork is properly prepared on each side.
Less to handle emotionally and financially
If you have inherited a property from your parents or a loved one, it can be hard to think of getting rid of the place they once lived. Having a real estate agent help you handle a quick sale will make things easier monetarily and emotionally. Being able to retrieve the inheritance that your loved one left for you after the sale will allow you and your siblings to have exactly what your benefactor intended. Having to negotiate and constantly lower the price of your loved one's property can also seem crass. With a cash buyer, you can set a best and final offer, which will allow both parties to come away with a happy conclusion with less time spent on the back and forth.