Inheriting a property is a wonderful gift and selling it can be the best option for freeing up capital to spend on your own home, invest in a business, or support your loved ones. If you’ve decided to sell your property, here’s some advice on pricing an inherited property and managing the negotiation process to make sure it’s as smooth and rewarding as possible.
#1 – Set a realistic asking price
It’s natural to want the best possible price for your property, but in reality you aren’t going to always get it. There are many different factors that influence what a home will sell for. This includes the current market conditions and the amenities in the area to plain old luck in finding the right buyer. Even if you know the area well, start by having the property evaluated by 2-3 real estate agents to get a clear idea of what it may sell for. They will likely come in with slightly different amounts, but you can average this out to get a general idea of what the property is really worth.
#2 – Prepare to be flexible with selling price
Very few sellers get the price they want on their home, so it’s best to prepare yourself to be flexible right from the start. Depending on the home and market conditions (how many similar homes are on the market, the value of the area, local property taxes, the condition of the home, etc.), you may find yourself getting offers that are thousands of dollars lower than what you may want. Instead, set yourself a lower limit of what you are not prepared to accept, and work from there. Don’t settle for less than what the property is worth, but don’t try push for an unrealistic amount either.
#3 – Know what your priorities are
When pricing an inherited property and selling it, many people have different concerns about the process. Some people want to get a certain amount of money out of the property, others want to make sure the home goes to someone who will love and treasure it, and others want to simply sell the property quickly. Sit down and take some time to work out what matters most to you (and to anyone who inherited the property alongside you). For example, factors such as delinquent property taxes or mortgage payments on the home can mean that selling the property quickly is best.
#4 – Don’t make too many changes
Unless the property is clearly in very good condition, it’s worth it to have a home inspection done by a professional contractor. This will help you price the property more effectively and inform your property negotiations during the sale process. However, don’t go overboard with fixing the property up or remodeling bathrooms and kitchens. These expensive and time-consuming projects usually don’t give a good return on your investment. If you do want to fix it up, it’s better to focus on small or essential changes such as basic repairs, repainting, and improving the home’s curb appeal. Most buyers do love a fixer upper as this means they can put in improvements that suit their personal style.
#5 – Practice negotiation tactics
Today, many sellers don’t want to use real estate agents because of the considerable commission they charge, instead choosing to sell property privately. If you want to go this route, it’s a good idea to learn some negotiation tactics. We recommend preparing where you are willing to compromise and what you want to stand firm on and not taking the first offer if it means compromising heavily on the sale price and making concessions on closing costs and home improvements. We also recommend taking the time to get quotes from cash property buyers in Dallas to see how your different options measure up.
Want to Sell Your Inherited Property as is? Talk to Our Cash Property Buyers in Dallas
If you want to sell property fast without having to look for a buyer, dealing with a real estate agent and paying their commission, or even emptying the property, then the best option is to sell directly to cash property buyers in Dallas.
We can sell your property in 24 hours, putting a lump sum into your account in just a few days. Here’s how our process works:
- You enter your information on our website. We’ll contact you directly to discuss an offer for your property (you can also get a free property evaluation from our website)
- You can accept or reject the FREE NO-OBLIGATION offer
- Cash will be deposited into your bank account – with no real estate agent fees
- We can handle all aspects of the process, including clearing out the property
- You can also call us directly on 469-858-008
That’s all there is to it!
You can also download our FREE eBook for more information on how to sell your property in 24 hours.
Our team is compassionate and highly motivated to offer you the best possible market-related price for your inherited property, so you can sell your property in 24 hours. Not only does this cash go straight into your bank account as soon as the sale goes through, but you also pay zero real estate agent commission.
At Shiny Key Properties, our trained consultants have years of experience in assisting local and out-of-state property owners to sell their property. To find out more about our cash for property Dallas service, please contact us today and speak to one of our friendly team members.