Did you recently inherit a home that you don't want? Unfortunately, this is a common dilemma that a lot of people run into. But is there an easy and quick way to move on from this often painful time in your life?
Inherit A Home That You Don't Want In Ontario? Sell To Us!
Whether you've lost a parent or a family member, I can understand the responsibility and stress that you may be feeling. Taking over another home on top of your already busy schedule is a lot to handle.
But before we get into how you can quickly get rid of (and often profit) off of your inherited home, let's quickly go over five responsibilities that many people forget about should they decide to keep the property for a few months while deciding to sell.
Pay The Taxes
Setting up the taxes when you inherit a home is another thing that slips people's minds.
If you forget or don't pay the taxes, the city could put a lien on your new home and come after you. The last thing you want is to deal with another financial headache!
Cut The Grass
Just because you don't live in the home, the property still needs to have nice curb appeal.
Far too often the city gets called on owners who forget to cut the grass and trim the shrubbery.
Turn The Water Off
The first thing you should do when you inherit a home is to turn off the water in the basement and drain the lines.
The more that you can reduce the chances of a pipe bursting, the better. Having to renovate a home that you don't even live in is never fun!
Visit The Home Regularly
On top of your already busy schedule, visiting the property is key!
You want to make sure everything is in good order and that no one is trying to enter the home.
Believe us, it's very common for people to enter and even squat (live) in a vacant property.
We've personally seen many damaged vacant properties when trying to help owners sell an unwanted property!
So How Can You Sell Your Ontario Home QUICKLY?
If you inherit a home and want to avoid everything I mentioned above and more, your best solution is to sell privately to a professional real estate investor. An investor can often close VERY quickly - usually 7 to 10 business days. This will greatly reduce the amount of responsibility and time that goes into taking care of your new home.
They also don't care about the condition of the home.
When you inherit a home, it's usually out of date and needs repairs. And oftentimes, A LOT of repairs!
The professional investor doesn't mind buying a home like this and will often waive a home inspection. Something a regular buyer will almost never do!
Investor's can also pay all cash for homes so the purchase won't likely be conditional on financing. You can then forget about your new responsibility in one hour of meeting with them.
That's the major benefit of calling an investor as soon as you decide to sell your inherited home!
But Why Not Use A Realtor Instead?
Many people think they should ONLY sell with a realtor.
And when you're trying to sell your own primary residence and if you're not in any financial debt, yes, selling with a realtor is often the smart thing to do.
But trying to a sell a vacant home that needs a lot of work with a realtor can be a pain.
1 - it usually takes 4-5 months on average when selling with a realtor - by the time the new buyer actually closes and you get paid.
You'll likely need to spruce up the home somewhat to get it ready for the market, and the home might take 1-2 months before getting an accepted offer.
Especially if it's really outdated, which inherited homes usually are.
2 - the buyer won't likely close for another 2-3 months AFTER that on average. This is a typical closing period for a 'regular' buyer.
3 - you'll have to do all of the managing as I stated above for the entire time - cutting the grass/shoveling snow, checking in on the property, paying the bills, hoping the home doesn't get vandalized, etc.
4 - and most important, you'll have to pay costly fees and commissions (typically 5% plus HST of the purchase price!)
This can be a lot when you have your own life going on.
"But won't an investor want a deal and make a low ball offer??"
This is a common misconception.
Yes, some UN-sophisticated investor's will try and get a deal and take advantage of your situation. These type of investor's often just want to get your house under contract so they can sell it to another investor for a fee. They're essentially doing the job of a realtor but without the license.
The key is to find a professional investor which you can usually quickly find online.
Just type "we/I buy houses" in Google and local investors should show up.
It's important to look for professional looking websites and preferably a video of the ACTUAL investor who will buy your home introducing themselves.
You want to sell to an investor who will PERSONALLY buy your home!
But think of it this way, even if they offer you less than a regular buyer would with a realtor, you're not paying for many costs like:
Property taxes for months of holding
Utilities for months of holding
Potential repairs or renovations in order to get it "realtor ready" for the 'general' market
and most important, NO REALTOR FEES AND COMMISSIONS!
As well as not having to worry about keep the property in order or checking in on it every week or so. You can quickly move on and get back to your life.
As you can see, if you inherit a home it's often best to sell to a private investor.
They can make the whole process MUCH simpler and quicker. If you're in this position, think about it. It's always nice to have an easy option in a stressful time.
Sell To Happy Home Buyer Ontario
If you're looking to sell your Ontario home the easy way, with no commissions, fees, inspections or conditions - contact us! We'll make you a solid cash FIRM offer (no conditions) and you can choose to closing date!