How To Sell An Inherited House in St Louis
Dan: We’re here again with Bryan Schroeder of Faster House Real Estate in St. Louis. One of the specialties of Faster House has and Bryan Schroeder has is that they help people who’ve inherited home figure out what the best thing is to do with the house as far as selling it, fixing it up, and maybe even renting it out could be option.
Bryan, I wanted to get your feedback on this and your expertise, you’ve been in the industry for decades now. In your opinion, when it might make more sense to fix a house up before trying to sell it rather than selling it as is?
Bryan: Generally, I think it’s going to be if the repairs are not that much. If it’s just some cosmetic things like fresh coat of paint down your interior or new carpet, just some minor cosmetic things, then I think it probably makes more sense to just spruce it up and list it with a traditional real estate agent
Especially if the person that’s doing it has the time, for one thing, and also is in town. A lot of the folks that… with the way the world is these days, quite often you’ve inherited a house and you’re in another state or something and then that’s definitely a challenge.
If you’re local, you have the money, because sometimes it’s hard to get the money out of estate, and the repairs are cosmetic, then I think it might make sense to just spruce it up and list it with a good, traditional real estate agent in those area.
Dan: It sounds like time is a huge factor. Meaning that do you have the time to mess with it and also maybe do you have the time to wait for it to even sell in that situation. Correct?
Bryan: That is true. Absolutely. Quite often it’s interesting when somebody inherits a house quite often they have three or four brothers and sisters and my experience is that the one that’s handling the affairs of the estate is the responsible one and maybe there’s one or two others that are in the family that are saying, “[Inaudible 00:02:26] so he can get some money in their pockets.” That’s quite often the case so time does come into a factor in that instance sometimes.
Dan: So that would be a good reason to try and sell the house as is. What are other situations where you see people anywhere … you’re thinking, ‘Yeah. It makes much more sense for you to sell this house as is rather than spend much time on it?’
Bryan: That’s usually the case where it hasn’t been updated for years. Especially if you’re getting into it and you need to update electrical, or plumbing, or replacing your kitchen or updating bathrooms, really digging into the house a little bit, then definitely, from my experience, it makes a lot more sense for you to sell it as is. Most people especially in their busy lives don’t have the time to manage a major rehab project unless they’re really in the trade and they really know what they’re doing, which most people these days don’t. They usually underestimate the time required and the amount of money required to get a house fixed up and in shape to list it if it hasn’t been updated for years.
Dan: I think in one of our earlier interviews you said listing and selling a house and fixing up a house can be a full time job.
Bryan: Yeah. Pretty much, it sure can. A lot of people had said they hadn’t done it before they underestimate the time required. Another thing, these days so many cities and counties, they’re updating houses to current codes and if you’re not up on what those are you can be making mistakes and you really need to get the city or county or whoever is the authority in that area into the house to see what kinds of things that they’re going to require before you get going on the project.
Dan: If someone decides they can’t, they don’t have the time, the resources, wherewithal to fix up a house and try to sell it themselves. What does Faster House do to help people in those situations? Is it just give cash for the house or is there a lot more services you provide?
Bryan: We give people options. One of the things that we do is we offer them a price for the house just as is, what we can do just help get the house out of their hands as is. We make it quick and easy and convenient for them. We can pay cash, post fast. If they sell the house to us they don’t have to worry about real estate fees, commissions, closing cost, stuff like that. So, we’re really the easy button for them.
We can also help them if there’s items in the house that need to be removed. Quite often they bought the house with everything in it. Just tell them, “Get the things out of the house that you and your family members want and we’ll give you a price, kind of like a package price for cleaning up the house, selling anything that might be of value but they don’t want and leave it that way.”
Dan: Awesome. Thanks for your time. I really appreciate it. That’s very helpful information for anyone in the situation that’s inherited a house and trying to figure out what to do with it. That’s all the time we have for today. We will have more interviews getting Bryan’s feedback and expertise on what to do if you have a house and need to sell potentially quickly, especially if you inherited one.
In the meantime, if you want to get hold of Bryan especially if you’re in the St. Louis area you can visit the website fasterhouse.com. Thank you for watching the video. Bryan, thank you very much for your time.
Bryan: Thanks for having me.
If you have inherited a house in St. Louis and need to sell it please call us at 314-926-0660 or fill out this form