Selling Inherited Property in Chicago, Illinois Is Easy

Inheriting real estate property is like finding a hidden pot of gold in real life. It may seem like a stroke of luck until you face the bureaucratic aspect of things — paying taxes, dealing with the legality of your find, and sorting ownership disputes. The inconvenience can be a source of headaches, and you’d rather get rid of the treasure than deal with one more piece of paperwork.

At JeffBuysYourHouse.com, we offer an alternative: sell inherited properties to a cash buyer like us. It’s the easier process that allows you to access the equity and escape the inconvenience. Keep reading to learn more.

Potential Problems with Inherited Properties

An inherited property that you don’t use as a primary residence can present a few problems, especially if you hold on to it for longer than necessary.

1. Property Taxes: In Illinois, the state property tax is 2.07% of the property’s fair market value. This is much higher than the national average. If the property you inherited has a value of $200,000, you may need to pay more than $4,100. This value is not small, and you may not have enough liquid cash to pay it. Failing to pay will result in possible tax liens.
2. Maintenance Costs: According to Forbes, the maintenance costs for a single-family home are around $6,548 in the U.S. Having another home will just increase this expense, leaving you hemorrhaging money.
3. Vandalism and Neglect: Since the inherited property is not your primary residence, it runs the risk of vandalism or decay from neglect. Not only do these issues diminish the property’s value, but you may also start facing penalties for creating a public nuisance. You may need between $500 and $1,000 for each offense.

Different Ways to Access the Money

There are a few things you can do to access the equity or earn money from the inherited property.

Rent the Property

You open applications for tenants and lease the property to the one that meets your requirements. This practice allows you to earn rental income regularly. However, there are a few disadvantages. For one, you’ll still be in charge of property taxes and insurance. Plus, you will need to follow certain processes and rules enacted by the local government for landlords.

Traditional Real Estate Sale

Another possible route is by selling the property through a listing. This process is familiar to most people, and there are plenty of professionals who can help with the sale. However, a traditional sale can be complex. In addition, the entire transaction can last longer than 62 days, the average in Chicago. The longer the property stays on the market, the higher your expenses become.

Engage With a Cash Buyer

A cash buyer like us purchases properties regardless of their condition or attached legal issues. The transaction works like a simple exchange of goods, providing convenience for property owners.

Access Trapped Equity in Your Illinois Property by Selling for Cash Fast

Sell inherited properties to JeffBuysYourHouse.com and enjoy a streamlined process. We’ve perfected our methods to ensure maximum convenience for property owners.

1. Send through the information about your property. You can submit through our form or by contacting us.
2. We will evaluate your property and send back a cash offer in as quickly as 24 hours.
3. If you accept the cash offer, you then can decide on the closing date. It can be within a week or after two months.

Once we close the transaction, you can cash in your check and use the equity as you please.

We Buy Chicago Houses in Any Condition

JeffBuysYourHouse.com buys properties as is, no matter their state or attached legal issues. It’s not just inherited properties, though. We also purchase homes with the following problems.

1. Needs Repairs: Our team will not require you to make expensive repairs before making a cash offer.
2. Renovations Gone Wrong: Instead of fixing botched remodeling projects, sell the property to us and avoid shelling out more money.
3. Code Violations: Avoid paying costly code violations by engaging with a cash buyer.
4. Trash Filled: Let us take care of the trash so you can move on to a cleaner home.
5. Damaged Homes: Whether your home has water, termite, or fire damage, it’s no problem for us.
6. Bad Rental Property Tenants: Sell your rental property and get rid of the headache.
7. Hoarder Homes: We won’t ask you to remove the accumulated items before buying the property.
8. Fixer-uppers: We can take care of the repairs so you can walk away free.
9. Dirty or in Bad Shape: No matter the extent of deterioration, count on us to proceed with the transaction.
10. Death Estates: Access the trapped equity and move on from the death of a loved one.
11. Abandoned: Instead of dealing with the issues associated with abandoned homes, sell the property to us instead.
12. Rundown Homes: Even ramshackle properties are acceptable.
13. Foundation Cracks: We will buy homes that have structural issues, like cracked walls or foundations.
14. Vacant Land and Houses: Access the trapped equity from vacant real estate by selling it to our team.

Sell the Property to Us for Cash Quickly

If you don’t want to deal with the bureaucracy of owning an inherited property, we’re here to help. Our process works much faster than traditional real estate sales, saving you time and resources. If you’re ready to take the leap and learn the current value of your property, send the details to us now! We will get back with a free and instant cash offer to help with your decision-making.

 

Learn More About Our Process

Over the years, we’ve perfected our process for buying real estate because we buy houses Chicago IL. Our systematic approach has led to many satisfied clients and positive reviews. Find out more about how we buy houses to learn why we remain a trusted company in Chicago.