Often times, beneficiaries inheriting a property have a decision to make. Do I prefer a quick and easy sale to an investor, or, do I opt for a longer, more drawn out process, in the hopes of obtaining a higher possible price?
There is no right and wrong, and the answer depends on what’s best for you and the estate.
The upside to selling to a cash buyer is that typically these are investors, home flippers or value-add purchasers who are sophisticated in real estate transactions. Most of these buyers can purchase with no loan or appraisal contingency, pay real estate commissions, pay some or all closing costs, and purchase “AS-IS.” This streamlines the transaction in many ways, and also offers you a chance to save on many costs and headaches. Most of these investors prefer to purchase the property “Off-Market” and before the property hits the MLS.
The downside of selling to an investor is that you won’t have the benefit of going to the MLS and offering the property for sale to the entire world. This means that in theory, you might sell the property for less than market value. In most cases, the investor will demand a better bargain in exchange for the conveniences above.
The upside to selling with a real estate agent is that you have the comfort of knowing that your property was marketed to the entire world. A good real estate agent will properly photograph the property and present the property in the best manner possible to attract the highest possible price. In many cases, when properly marketed, probate property can sell in multiple offers commanding a premium.
However, with the advantages of selling with a real estate agent comes the disadvantages of paying a full real estate commission, a much lengthier sales and offer process, and potentially more closing costs.
Each family’s situation is unique. Maher Probate Realty works closely with a large list of cash buyers and can bring you direct offers, with our commission paid by the buyer (in most but not all cases), from cash buyers. Give us a call if this is the right approach for you.
Alternatively, if you are in no rush to sell and believe it’s in your best interest to widely market the property, we can help you with that as well. We have put together an excellent 36-point service plan which can be obtained here: https://maherprobaterealty.com/service-plan/.
Call us today to discuss your unique real estate situation. We can review the facts with you and help guide you toward the best outcome.