Inheriting a house can be a challenge. While a house may be an asset, it can also be an emotional burden as it's a constant reminder of the loved one you lost. Many people would like to sell the house as soon as they can for closure and of course to settle the probate process.
There are times when speed is of the essence and the top priority. This may be for emotional closure, but often it's due to financial reasons including a need to settle debt and/or being able to distribute the assets for the estate, and of course that often can't happen until you have the proceeds for the home.
Eveyone's situation is different, and the condition of the home may vary too. If you're planning to go the traditional route (i.e. having a real estate agent list the home), it can take a while.
First, it may take you 3 to 6 months to prepare the house market. Part of this may be due to the need to clean out and sort through the items in the house (a process that isn't fun, and as a result, many people delay it). There may also be some minor delays due to the probate and title transfer process.
But, one of the other big delays involves repairing, improving and cleaning the house so it's market ready. This may involve getting estimates from multiple contractors including painters, flooring contractors, handymen, electricians, etc. And, there there is the time to actually get the work done (and work with the contractors' schedules). And, you will likely need to spend some time and money in moving or removing the furniture.
There's also the process of interviewing and choosing a real estate agent. Sometimes, this can be done rather quickly.
Then, it's finally time to put the house on the market. This is where the time starts to elapse. Currently, here on Long Island, the average time on market is 6.5 months. That's because it can often take 3 months to market the house and find the right buyer. And, then from there, it can take at least 3 months for the combo of inspector, appraiser, getting the contracts prepared and agreed to, and of course there is the time for the buyer to get approved for the mortgage. Things tend to take longer in NY as we are an attorney estate.
Many are surprised by this time. But, it is the average time on the market and the stats don't lie.
This whole time that the house is sitting there, it costs you money. There are real estate taxes, maintenance costs, vacant home insurance, utilities, etc. And, of course if there is still a mortgage left, that needs to be paid, too.
We have found that for the average house on Long Island, it costs close to $20,000 for every 6 months that the house sits there. And, that of course reduces the amount of the inheritance.
So, what if you can't wait that long? What can you do?
Well if you really need to sell your inherited home in Wantagh fast, you may want to consider selling to a cash investor. A cash investor can buy your house quickly and for cash.
At Long Island Cash Home Buyer LLC, we help homeowners on Long Island who need to sell quickly. We usually close in as little as 2 to 4 weeks. And, if we buy your house, we can buy it "as is" so that you don't need to worry about paying for any repairs, nor the time to do those repairs. We are the buyer, and we can buy your house for cash, without you needing to put the house on the market. It's a much faster and easier process.
If you need to sell your Wantagh NY house fast and for cash, we can help you. Just give me (Rich Witt) a call, and I'd be happy to help.
Let us help you.
Contact us Today!