Fastest Way to Sell an Inherited House in Lakewood OH ‘As-Is’

Introduction
If you’re reading this blog, you may be overwhelmed by the responsibility of inheriting a house in Lakewood, OH. Whether the house is in pristine condition or in desperate need of repairs, the process of handling an inherited property can feel like a burden. You’re likely looking for the fastest and easiest way to sell the house—without going through a lengthy and stressful listing process. You may also be worried about the costs involved in repairs, inspections, and real estate agent fees. In this blog, we’re here to provide you with all the information you need, addressing your concerns and showing you how selling your inherited house “as-is” for cash could be the best option. We’ll walk you through the process step by step, and by the end, you’ll understand the best route to take to sell the house quickly and efficiently.
Fastest Way to Sell an Inherited House in Lakewood, OH “As-Is”
When you inherit a home, you might find yourself unsure about what to do next. The inherited property may need repairs, or perhaps you don’t have the time or money to fix it up. Selling “as-is” is often the most straightforward option. But how do you go about selling it fast in Lakewood, OH?
The fastest way to sell an inherited house in Lakewood is to find a buyer who specializes in purchasing homes in their current condition, often referred to as cash home buyers. By selling “as-is,” you avoid the need to make costly repairs or updates. Cash buyers can close quickly—sometimes within a week—making it the perfect solution for those who need to sell fast.
Additionally, selling to cash buyers typically means you can bypass traditional costs like agent commissions, inspection fees, and closing costs. This could save you thousands of dollars and speed up the process considerably. If you’re looking for a quick and hassle-free sale, selling to a cash buyer in Lakewood may be your best bet.
Read more about selling your house “as-is” on Zillow, one of the leading real estate platforms for tips on home sales.
Benefits of Selling an Inherited House “As-Is”
One of the most appealing aspects of selling an inherited house “as-is” is that you don’t have to spend any time or money on repairs. Inherited properties are often in less-than-perfect condition, and making repairs could be costly and time-consuming. For example, if the house needs a new roof or major plumbing work, it could cost you thousands of dollars—money that you may not want to invest, especially if you are looking to sell quickly.
Selling “as-is” eliminates the need for costly repairs, and you won’t have to worry about inspections or appraisals. Cash home buyers are willing to purchase the home without requiring repairs, making it much easier for you to sell the property as quickly as possible.
The process of selling a house “as-is” for cash is simple. After contacting a buyer, they will usually inspect the home and make you an offer. This offer is typically made within 24-48 hours. If you accept, you can schedule the closing date, often within a week or two.
If you want more details on how the “as-is” process works in Ohio, take a look at our page on How to Sell an Inherited House Fast in Ohio.
Costs and Fees When Selling an Inherited House
Although selling an inherited house “as-is” can save you from repair and agent fees, there are still some costs you need to consider. Traditional sales often come with costs such as agent commissions (usually 5-6% of the sale price), repair expenses, closing costs, and potential inspection fees. These costs can add up quickly.
For instance, if your inherited house is worth $200,000, agent commissions could cost you $10,000 to $12,000. Add to that potential repair costs of $5,000 to $15,000 depending on the condition of the house, and the expenses can be overwhelming.
On the other hand, when you sell to a cash buyer, most of these fees are eliminated. Cash buyers typically don’t charge agent commissions or require repairs. In many cases, they will even cover closing costs, meaning you can walk away from the sale with more money in your pocket.
However, you should be aware that cash buyers often offer a lower price than the market value of your home. This is because they are assuming the risk of buying a home without inspection or repairs. The trade-off for a quick, hassle-free sale is typically a slightly lower offer.
Learn more about typical costs in home selling on Bankrate, an excellent resource for understanding various home selling expenses.
Why Selling to a Cash Buyer May Be Your Best Option
After weighing the pros and cons, you might find that selling to a cash buyer is your best option. Cash buyers specialize in purchasing homes quickly, without requiring repairs or lengthy negotiations. If you’re dealing with an inherited property in Lakewood, OH, this could save you valuable time and effort.
Additionally, cash sales are less likely to fall through. Traditional buyers who rely on mortgages can face financing issues, causing delays or cancellations. With a cash buyer, once the offer is made, the sale is usually guaranteed, and you can close quickly.
For example, if you need to sell the house quickly to pay off debts or move on with your life, a cash sale offers peace of mind that you’ll receive the money you need without the uncertainty of a traditional sale process.
If you want to learn more about the advantages of selling to a cash buyer, check out our related page, Cleveland Inherited House Buyer: Get Cash Offers in 24 Hours.
How to Determine the Value of an Inherited House in Lakewood, OH
When you inherit a home, one of the first questions you’ll face is how much it’s worth. Knowing the value of your inherited property is crucial for determining the right sale price, whether you’re selling to a traditional buyer or a cash buyer. Typically, home value is determined by comparing recent sales of similar properties (comps) in the area. However, the condition of the house plays a large role in the valuation.
For example, if your inherited property in Lakewood is outdated or in need of repairs, it might not fetch the same price as a comparable home that is move-in ready. A local appraiser can provide a detailed valuation, but keep in mind that traditional appraisals can be costly—often around $300 to $500. You can learn more about how appraisals work on Investopedia’s website.
When selling to a cash buyer, they often base their offer on the home’s condition and the current market. If repairs are needed, you may receive a lower offer to account for those costs. But the benefit is that this process is faster and more straightforward. Cash buyers are also more flexible than traditional buyers, offering a faster closing time, typically in 7 to 14 days.
The key takeaway is that the value of an inherited house may fluctuate depending on the house’s condition and the type of sale you’re pursuing. If you’re looking for a quick sale, working with cash buyers is usually the best option, as they’ll make an offer without asking for repairs.
Navigating Legal and Tax Considerations When Selling an Inherited House
Selling an inherited house is not just about finding the right buyer—there are also legal and tax implications that must be understood. In Ohio, the process of transferring property after inheritance typically involves going through probate unless the property is held in a trust. The probate process can take months, depending on the complexity of the estate, and can incur additional costs. For further reading, you can check out Nolo’s guide to probate.
Regarding taxes, selling an inherited house may trigger capital gains tax. However, one of the benefits of inheriting property is that you receive a “step-up” in the property’s basis, meaning the house is valued at its fair market value on the date of the original owner’s death. This can reduce the capital gains tax you may owe when selling the house.
For example, if the house was worth $150,000 when your relative passed away, and you sell it for $200,000, you would only be taxed on the $50,000 gain, not the entire amount, as long as the sale happens soon after inheriting. If you hold on to the property for an extended period and its value increases, the capital gains tax may be higher.
Navigating these legal and tax issues can be complex, and it’s advisable to consult with an attorney or tax professional to ensure you’re following all the necessary steps and avoiding costly mistakes.
What Happens After You Accept a Cash Offer for Your Inherited House
Once you’ve decided to sell your inherited house in Lakewood to a cash buyer, you may wonder what comes next. The process is significantly faster and more straightforward than a traditional sale. Here’s what you can expect:
- Offer Agreement: After reviewing your property, the cash buyer will make an offer based on the condition of the home and the current market. If you agree to the offer, you’ll sign a sales agreement.
- Title and Escrow: Even though it’s a cash sale, you’ll still go through the title and escrow process to ensure the property is free of liens and that the transaction is legitimate. This process typically takes a few days. For a better understanding of the title and escrow process, visit The American Land Title Association.
- Closing: Closing a cash sale can happen in as little as a week. You’ll sign the necessary paperwork, and the funds will be transferred directly to your bank account.
Unlike a traditional sale, where you may face a lengthy closing process, a cash sale eliminates many of the hurdles. There are no appraisals or inspections, so what you see is what you get. Cash buyers also handle the closing costs, which means you don’t have to worry about paying additional fees.
After closing, you’ll walk away with cash in hand—usually within a few days. The entire process can be completed in as little as seven days, which is a huge advantage if you need to move quickly or deal with other financial matters.
Conclusion: The Bottom Line on Selling an Inherited House in Lakewood
While selling an inherited house “as-is” can have its downsides—such as a potentially lower offer from a cash buyer—the benefits far outweigh the disadvantages if your goal is to sell quickly and without hassle. You avoid the costs of repairs, the delays of working with agents, and the uncertainty of a traditional sale process.
At Always Home Buyers, we specialize in purchasing inherited homes in Lakewood, OH, and can offer you a fast, fair cash offer. If you need to sell quickly due to financial reasons, estate settlements, or just want to avoid the stress of traditional selling, we’re here to help. Our team understands the complexities of inheriting a property and can make the process as smooth as possible. You won’t have to worry about repairs, inspections, or agent fees—just a straightforward cash sale and a quick closing.
Ultimately, the decision comes down to how quickly you need to sell and how much you are willing to compromise on price for a faster, smoother sale. With Always Home Buyers, you can rest assured that you’re getting a trusted, hassle-free solution to selling your inherited house.