Inheriting a House in Richmond

Rent it Out

If you decide to keep the house as a rental property, there are a few things you need to keep in mind. First, make sure the property is in good condition and up to code. You may also need to make some repairs or updates before starting to rent it out.

Depending on how depleted the property is, this part could be expensive and extensive. Another thing to consider is how much rent you want to charge. You don’t want to set the rent too high or too low, but you also need to make sure it covers your costs, including property taxes, insurance, and mortgage payments (if applicable). Insurance for rental properties can be expensive, so make sure you factor that into your budget. Also, if the house is in a flood zone, your premium will be higher.

When inheriting a house, any mortgage must change from the deceased to the inheritor, and this can be complicated for two reasons. One, you'll need to seek a loan for the entire purchase price from a willing lender. Second, you must qualify for the loan by meeting the lender's credit and underwriting standards.

If you don't qualify, your only option may be to sell the house.

Caring For Your Rental

Owners that meet the lender's requirements have other considerations. The most important is how involved the property's day-to-day operations you want to be. Are you going to manage it yourself or hire a property manager? You can determine that by distance, time, and experience.

First, how far are you from where you're inheriting a house? If you're out of the area, you'll need to factor in the cost of property management. Property management companies typically charge around 10% of the rent for their services. However, that price can increase depending on the size, number of tenants, and services offered.

Typical tasks property managers can handle include:

• Collecting rent
• Handling repairs
• Finding renters
• Dealing with tenants
• Overseeing inspections
• 
  

Even if you're local where you're inheriting a house, hiring a property management company can be a good option if you’re not able to manage the property yourself.

Hiring a Realtor

If you decide selling an inherited house in Virginia is the best option, you'll have to choose between "for sale by owner" or working with a real estate agency. Selling a home you're inheriting by yourself can be very challenging, especially if you're not familiar with the process. Taking this step might make more sense if you're inheriting a house that doesn't need any repairs or updates.

On the other hand, if the inherited property needs some work, hiring a realtor might be the best option. Realtors have access to resources like home stagers and contractors that can help get your inherited property ready to sell.

If you hire a realtor, there are a few things you need to keep in mind.

The realtor will probably charge a commission, typically around 6% of the sale price. And they'll have to market and show the property. Before starting the process, the realtor will review the home and provide a checklist of what needs to be fixed or updated. Like updating the property to rent, you'll need to make the house presentable to buyers if you want to sell it.

However, this entire process can take some time to sell. It could take a few months, or it could take a year or more. If you need to complete repairs and updates before putting the house on the market, the situation can take even longer. You'll be responsible for the upkeep, realtor costs, insurance, taxes, and other expenses during that time.

This can include handling unexpected problems, such as storm damage or frozen pipes, and regular maintenance, including lawn care, sidewalk and driveway clearing, and gutter cleaning.

In addition, realtors typically require a “buyer’s agent” commission from the buyer, which is usually about 3%. The sale is contingent on the buyer finding a mortgage, so you'll need to factor that into the equation. The process can be long and drawn out between preparing the house for sale, finding a realtor, waiting for inspections, financing, and negotiating.

Additionally, selling the home will incur other costs that will reflect on your sales document, which can make up another 2-3% before any concessions are made for repairs to the homebuyer. These transfer fees are paid by the seller, but with our homebuying program we pay all the closing costs.

Sell Your House for Cash in Richmond, VA

If all these options sound overwhelming and you only want to offload the property fast, your best option is to sell your house for cash in Richmond, VA.

When you work with a company that buys houses for cash, there are no commissions, no repairs, and no waiting. You can get a quote in minutes and have the money in your bank account within days.

Plus, you don’t have to worry about any closing costs, which can amount to several thousand dollars.

When you sell your house for cash in Richmond, VA, you're getting a fair price for the home's total value. However, this doesn't mean market value because the sale is "as is." There's no need to make repairs, complete renovations to improve appearance, or clean and stage the home.

The entire process is simple and straightforward, so you can move on with your life and avoid the hassle of owning a property you don't want or can't manage. All you have to do is accept the offer, sign the contract, and cash the check.

We'll take care of tenants, property management, and can even include the cost of clearing the property in our offer. This service can be a blessing if you find yourself inheriting a house in Richmond, VA, from a relative with an entire home and few or no other heirs.

We understand you have your own home, belongings, and may have limited space, time, or need for additional belongings, such as furniture, clothing, and appliances. Depending on the value of some items, you might get more money by including them in the sale.

If you inherited a house in Richmond, VA, selling to a company that buys houses for cash is likely your best option. It's simple, easy, and can be completed in a matter of days. You don't have to worry about any repairs, updating, or commissions, and you'll get a fair price for the home's physical value.

For more information about how to sell your house for cash in Richmond, VA, contact us today. We're happy to answer questions you may have and provide a no-obligation quote.