Selling an inherited property

Inheriting a property can be an emotional journey and if you decide that selling the property is the right option then unfortunately that journey can be a long one.

Selling any house on the open market can be a frustrating and difficult process let alone a property that needs a little bit of TLC. It also takes time and effort, not only the many months that it could take to find a willing buyer but also time spent speaking to multiple estate agents, arranging viewings, regularly inspecting the property and carrying out any maintenance work that is required. There are also costs that are accumulating during this time such as standing charges for utilities and council tax. All of this can easily become overwhelming and stressful, especially at an already difficult time.

There is an alternative to a traditional house sale that many people selling an inherited property consider and that is selling to a house buying company. You will get a little less money but it can be a small price to pay for a stress-free, guaranteed sale that can happen in as little as a few weeks meaning that you can draw a line under this difficult time and move forward without the stress of the house sale hanging over you.

How selling to a house buying company works

House buying companies, also known as cash house buyers or quick sale companies, as the name suggests purchase properties directly from sellers, regardless of condition.

This means that there is no time spent looking for a buyer and no effort spent on marketing the property or getting it up to scratch. There is also no need for an estate agent, the company will independently value your property and then they will make you an offer based on the valuation. If the offer is something that you can accept then they can buy your house in as little as 14 days. If the offer is too low for you at this time then you can simply reject it and keep it as an option if you need it further down the line.

If probate has not yet been granted then they can still do all of the legal work and once probate has been granted they can be in a position to purchase the property straight away. Also with an inherited property companies qualify for stamp duty relief meaning that they can offer more for an inherited property than they can other properties.

House buying companies make their money by buying properties at a discount to market value and then reselling them at the full amount so you can expect an offer from a company for an inherited property to be around 80 – 85% of the full market valuation.

The benefits of selling an inherited property to a house buying company

A 15 – 20% discount on the amount you receive for the property can seem like a large amount but this type of sale does come with certain benefits that for some people more than outweigh the final amount received.

These benefits include;

Speed – this is by far the biggest advantage compared to an open market sale, which can typically take at least 6 months and often over a year if a property is not in perfect condition. A company can complete a sale in as little as 14 days or anytime after that suits you. This not only means that you can access the equity tied up in the property sooner but also you will not have to pay as many bills or other holding costs.

Condition doesn’t matter – While an open market buyer might be put off if a property is not in tip top condition a house buying company will buy properties in any condition, any work that needs to be carried out will just factor into the valuation.

Private sale – No for sale signs, no pictures splashed across the internet and no public viewings, a sale to a company is completely private, keeping your business away from prying eyes.

No fees or costs – There is nothing that you need to pay out at any point of the sale, the company cover your solicitor costs and there are no fees for the service beyond the lower selling price.

The drawbacks

As previously mentioned you will receive around 80 – 85% of the full market value, this is obviously the main drawback to selling this way.

The other drawback is that there are companies in this market that are looking to fleece you. These companies operate in two ways, they will either entice you in with a high offer that they have no intention of ever paying only to reduce it at the last minute after dragging the sale on for many months.

Alternatively and perhaps more common are the companies that have no intention of ever buying your house, these companies will sign you into a contract at a certain price and then will try to sell the property on the open market behind your back which will inevitably take many months. When they agree a sale for more than they offered you they will pocket the difference which is often tens of thousands, meaning that you would have greatly over paid for the service an estate agent would do for much less.

Luckily with a bit of knowledge you can avoid these sharky operators.

Choosing the right house buyer

It is important to thoroughly vet any house buying company before you give them a call or make an enquiry on their website.

There are some tell tale signs that a company is not acting in your best interest such as;

Asking you to sign a contract – a genuine house buying company with good intentions will never ask you to sign a contract at any point.
Not letting you choose your own solicitor – this is a major red flag in any situation, the solicitor should be your independent legal representative if a company insists that you use one appointed by them alarm bells should start ringing.

Apart from these more obvious signs there are a whole host of more subtle ones to be aware of which is why we put together our free guide on how to find a house buyer that you can trust. You can get your free copy emailed to you by entering your email address.

Getting a no obligation cash offer

If you don’t have the time, or the will, to spend hours researching dozens of companies then don’t worry we have you covered. We have spent years investigating all of the house buying companies in the market and have a list of vetted companies that we know can deliver the fast, hassle free house sale that you need at this difficult time.

You can get an indication of what a cash offer for your inherited property might look like by using our ‘cash offer calculator’ below and if that could work then you can go on to get a free no obligation cash offer from a vetted company.

Get An Estimated Cash Offer With Our Free Calculator

Answer a few simple questions to find out what a cash offer from a genuine buyer might look like by clicking the ‘cash offer calculator’ button below if the estimated offer works for you we can match you to a vetted and approved house buying company who will make you a genuine cash offer for your property.

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Selling an inherited property

How selling to a house buying company works

The benefits of selling an inherited property to a house buying company

The drawbacks

Choosing the right house buyer

Getting a no obligation cash offer

Get An Estimated Cash Offer With Our Free Calculator

“Nothing is so fatiguing as the eternal hanging on of an uncompleted house sale”

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