Considering selling an inherited property in Florida? Golex Properties, purchase houses and have extensive practice working with private representatives and heirs of inherited homes. Request a free CASH offer by contacting us!
Inheriting a property is a blessing and a burden, depending on the situation. This is particularly correct if you are navigating through loss. If you feel the obligation of inheriting a property is too much for you, your best option is to sell it.
Fortunately for you, we have simplified the process in this handy guide. So, if you need assistance selling your Florida inherited property fast, read and bookmark our page!
In This Article:
3 Easy Steps to Sell Inherited Property in Florida
Step 1: Figure out if probate is necessary
Selling a Probate Property in Florida is NOT essential if you encounter one of the following three conditions:
- The property is owned by a trust that outlines the trust’s recipients.
- The spouse passed away, but the individual and spouse were included on the deed as “joint tenants in common.”
- A co-owner of the inherited property is deceased, but your deed mentions you have “joint rights to survivorship.”
If one of the above-mentioned situations applies to your condition, you can skip step 2 mentioned below. If not, selling a house in the probate process becomes necessary.
Step 2: Complete Probate
To complete a probate, you need to find a probate attorney.
The best plan to pay your probate attorney is after the sale of the house. That way, they remain motivated to complete your case quickly. If such an attorney agrees, you may have to reimburse them for the court filing fees.
The attorney advises you on the documents needed to complete the probate so your biggest question, how can I “sell my probate property fast,”
The following documents are essential:
- A will if the deceased had one.
- Death Certificate
- List of names of all possible heirs.
- Funeral Receipt
- Hospital Bills
- List of assets of the deceased, such as cars, bank accounts, stocks, bonds, etc.
It takes about 1-6 months, depending on the complexity of the probate. Your probate counsel will give you a better estimate.
Step 3: Decide Your Exit Strategy
You DO NOT need to postpone till your probate is complete to sell your house! We recommend not delaying the process, as waiting may increase your holding costs, property taxes, mortgage payments, insurance, maintenance, etc. Hence, you can and should start the selling process immediately!
Ways To Sell Your Inherited Home
If you are selling your inherited house, there are various ways to do it. Some of these require more involvement than others. We will go over them below.
List Your Home with A Realtor
The first option that you have is to list your home with a realtor. The realtor will list and show the house to interested parties. There may be some up-front expenses in getting the property ready to list. This includes minor repairs and renovations to make the property appealing to a prospective buyer.
When you go through a realtor, that realtor will charge a commission which is normally a percentage of the sales price. In most states, this percentage is 6%. This can be a substantial portion when the house is worth a couple hundred thousand dollars.
List The House Yourself
If paying a realtor does not suit you and you want more control, consider listing the house yourself. This method can be more time-consuming and costly. You must handle all the marketing, showings, and negotiations with potential house buyers in Florida.
You also must handle all the paperwork and may need to seek outside counsel to draft a contract. At first, this may feel like a cheaper option, but the amount of time you must put in can significantly outweigh the cost of a realtor.
Sell To Florida Home Buyers
We buy houses in Florida; we will pay cash for your inherited house and be there with you every step of the way. The benefit of selling your inherited home to us over listing the house yourself or using a realtor is that our method makes it convenient for you. Many who inherit a home want proper guidance, a seamless closing and receive their proceeds.
When using a cash buyer in Florida, you won’t have to fear things like closing costs, months of waiting, indulging in repairs, managing tenants, or renovating the home. We also, can help connect you with one of our trusted probate attorneys who can facilitate the entire process from start to finish. Once the probate is complete, we close. Giving you a completely hands-off approach.
Conclusion
Selling an inherited house can be devastating, with all the procedures you must go through before the sale. We hope this article can answer some questions you may have and provide better clarity on how to begin selling your property. If you need help selling an inherited property, contact us! We can make you an AS-IS offer and connect you with a trust probate attorney. Reach out for a quick cash offer, or fill out the form!
FAQs
1. Can you sell a house while in probate in Florida?
Yes, only if there is a power of sale clause and the will.
2. Does Florida have an inheritance tax?
No, Florida does not enact an inheritance tax on properties. Nevertheless, you are required to pay taxes while selling the property.
3. Is there a time limit on selling inherited property in Florida?
No, there is no time limit to sell an inherited property in Florida.
4. Where To Report The Sale Of Inherited Property?
The sale of an inherited property in Florida is reported on Form 8949.
