Inheriting a house from a loved one can be both touching and, let’s be honest, a tad overwhelming. On the one hand, it can feel like a gift; on the other, you’ve just been handed a to-do list that likely includes maintenance, repairs, and extra bills you never budgeted for. The stress of juggling all those responsibilities might have you itching to put the house on the market just to regain your sanity.
But before you race off to find a real estate agent, you should know there’s more than one way to turn that inherited property into cash. In fact, you might be surprised at the range of options out there—some of which can save you time, energy, and maybe even a few gray hairs. In this post, we’ll explore three different financial routes for selling an inherited property in Pittsburgh, so you can decide which path works best for you, your schedule, and your wallet. Ready to dive in? Let’s go!
First, Let’s Talk About Selling Through An Agent…
The first thing that comes to some peoples’ minds is hiring a realtor to help you through the process. While there’s nothing wrong with this, there are some things to consider before doing so. Realtors charge a commission fee that can eat up thousands of dollars in fees. Even if you list your home yourself, be prepared that many buyers’ agents will still expect a commission. They will also expect the house to be in excellent condition most of the time, which can mean costly repairs for the homeowner. And what if there are 5 homeowners, like siblings who just inherited a property? It can be very difficult to try and be fair on who pays for what, and can even end in family fights! We’ve seen it happen!
Second, Let’s Look At The Other Options…
Option #1 (Easiest). Sell Fast to a Cash Buyer
Here’s a little secret for anyone who’s suddenly found themselves with an inherited house (and a lot of unexpected dust bunnies): you don’t have to stick a “For Sale” sign in the front yard and pray for a buyer. Instead, you can go straight to a house-buying company—like us at Restart Home Buyers—and let them snap up your home as-is for cash, often in just a few days. No open houses, no agent commissions, and zero headaches. It’s quick, painless, and surprisingly hassle-free.
Option #2 (A Bit Trickier). Rent To Own
Another option is to play the long game by selling to your tenant. Typically, these are folks who can’t nab a mortgage just yet but desperately want a place to call their own. So they’ll rent from you now—and over time, they’ll either chip in extra above the rent to build up a purchase credit, or wait until their credit score glitters enough to get a loan. In other words, you become both the landlord and the stepping stone to their future homeownership, all while pocketing rent in the meantime.
Option #3 (Can be Tricky). Refinance
Not quite ready to wave goodbye to that inherited gem? Here’s another angle: refinance it. Think of it as a stealthy way to ‘sell’ without actually giving up the deed. You’ll get a chunk of cash from the bank, but still retain the home—meaning you can live in it, rent it out, or keep it cozy for visiting relatives. Of course, you’ll owe the bank back for the privilege, but if you just need some dough and aren’t quite ready for a full-on sale, refinancing could be your golden ticket.
There you have it! 3 financial options you can pursue when selling an inherited property in Pittsburgh!