If you’ve inherited a property in Massachusetts and you’re thinking about selling it, you might have more options than you realize. Whether the home brings back emotional memories or presents financial burdens, deciding what to do with an inherited house can feel overwhelming.
At Pegasus Home Buyers, we specialize in helping Massachusetts homeowners navigate the many financial options available. Read on to discover six strategies—including traditional and creative solutions—to help you make the best decision for your inherited property.
Selling Through a Real Estate Agent
There’s nothing wrong with selling through a real estate agent, especially if the home is in good condition and you’re in no rush. However, this method typically involves:
-
Paying for repairs and updates to get the home “market-ready”
-
Covering agent commissions, usually 5–6% of the sale price
-
Waiting months for a buyer and to close escrow
-
Staging and cleaning the home for showings
While this route can yield a high sale price, many inherited properties need work—or the heirs simply don’t have the time or energy to wait. In those cases, alternative financial options may be more attractive.
Option #1: Refinance the Property
Refinancing is often overlooked, but it can be a powerful financial tool—especially if you’re interested in keeping the property or using it as a rental.
With a refinance, you take out a new mortgage based on the home’s value. This can:
-
Pay off any existing liens
-
Provide cash to renovate or cover other expenses
-
Allow you to rent out the home and generate passive income
This method works best if you have good credit and stable income, and if the property qualifies under current lending guidelines. However, you’ll still be responsible for ongoing costs such as taxes, insurance, and maintenance.
Option #2: Rent-to-Own Strategy
A rent-to-own agreement allows you to sell the property slowly while earning rental income in the meantime. Here’s how it works:
-
A tenant moves in and pays rent with the intention to buy later
-
Some agreements allow the tenant to pay an additional monthly amount that goes toward the down payment
-
When the tenant is financially ready (or after a set time), they purchase the home
This method benefits tenants who may not yet qualify for a mortgage and provides you with consistent monthly income.
The drawback? You’ll still be the legal owner and responsible for any maintenance or emergencies until the home officially transfers.
Option #3: Sell Fast for Cash
Selling your inherited house directly to a professional home buyer like Pegasus Home Buyers is one of the easiest and fastest options.
Here’s why this method is ideal for many Massachusetts heirs:
-
No repairs or clean-up needed—we buy as-is
-
No commissions, closing costs, or hidden fees
-
Close on your timeline, often in 7–14 days
-
Peace of mind, especially if you’re out-of-state or dealing with probate complications
Selling for cash can be especially helpful when the inherited property is in poor condition, has multiple heirs, or when a fast resolution is needed.
Option #4: Use the Property as a Long-Term Rental
If the home is in a rentable condition or can be easily fixed up, you might consider turning it into a long-term rental. Renting can help you:
-
Build long-term wealth
-
Generate consistent monthly cash flow
-
Hold onto an appreciating asset
Be prepared, though—becoming a landlord comes with responsibilities. You’ll need to manage tenants, handle repairs, and potentially work with a property manager (which adds to your costs). Additionally, you may owe taxes on the rental income.
For families not ready to sell or those who want to create generational wealth, keeping the home as a rental may be a strong financial move.
Option #5: List the Property as a “Fixer-Upper” or “As-Is” Sale
If the home is outdated or needs substantial repairs, you don’t necessarily need to fix it yourself. Instead, you can list the property “as-is” to attract Massachusetts investors and house flippers.
Benefits of this option include:
-
No out-of-pocket repairs
-
Reaching a wide buyer pool looking for deals
-
Selling faster than traditional listings
Make sure your real estate agent markets it properly as a fixer-upper or as-is sale. This will set clear expectations and reduce the likelihood of price negotiations after the home inspection.
Option #6: Donate or Gift the Property
In rare cases, heirs choose to donate or gift the property to a nonprofit, religious organization, or another family member. While this option won’t put cash in your pocket, it can help:
-
Avoid maintenance costs and taxes
-
Remove emotional stress or family disputes
-
Provide charitable tax deductions (in some cases)
Make sure to consult with a CPA or estate attorney before gifting the property, as this choice can have tax and legal implications depending on your situation.
Final Thoughts
When inheriting a home in Massachusetts, you’re not limited to just one way of selling. From refinancing to renting, or selling for cash to donating—it’s important to consider your financial goals, timeline, and emotional attachment to the property.
At Pegasus Home Buyers, we’re here to help you explore all your options and make a confident, informed decision. Whether you want to sell your inherited house fast, rent it out, or explore creative terms, we’re local, trusted, and ready to assist.
Reach out today to learn more about how we help Massachusetts homeowners turn inherited properties into smart financial decisions—without the stress.