Chris Lawrence: Hi, I’m Chris Lawrence, the owner of Helping Homes, a local home buying company in Rochester, New York. If you’ve inherited a house with a mortgage in Rochester, New York, and you’re thinking about selling it, you may have more options than you realize. Here are just a few financial options that you can pursue when inheriting a house with a mortgage in Rochester, New York.
Option one, refinance. One option is to refinance the property with a bank and use that money for other things. When you refinance a property, and if you have equity, you can pull that money out tax-free. Although you still own the house, this is a financial option that some people may consider if you are looking to sell in order to get money out from the property. You still can use the house or maybe even rent it out, however, you will need to pay back the loan to the bank, but it’s an option to consider to get money and keep an appreciating asset.
Option two, rent to own. Another option is to sell the house over the longterm by selling to a tenant. Typically, these are tenants who can’t get a mortgage but want to own a house, so they’ll pay you rent over time, and they’ll be able to purchase the house. There are ways to structure a rent to own to create a win-win situation to protect the owner and the renter.
Option three, sell your house directly to a home buyer. One option that owners inheriting a house with a mortgage in Rochester have the ability to do is to sell their house directly to a local home buyer, instead of selling through a real estate agent.
Even if we don’t end up purchasing your property, we will give you our expert opinion on what the best solution is for your situation. Give us a call today to see if we’d be a good fit for you.