Selling an inherited home in FL is not as easy as most people think! Read on to learn how to sell a house you inherited in Florida …
Obviously there is always the emotional attachment that pains us when getting a loved ones home ready to be sold – including depersonalizing the deceased’s bedroom and clearing out all of the furniture and belonging…then you add the cost of marketing the home in order to hopefully be able to sell it in the near future.
Now the heirs have the burden of dealing with the expensive costs of liens, violations or other issues. This is usually where the disagreements show their ugly face.
That’s why we at Now Home Buyers have put together some good information that should help guide you in the correct direction, if you ever end up in a similar situation. Here are a few tips on how to sell a house you inherited in Florida, with as little stress as possible.
Making the probate process go smoothly
Get some advice
The first and most important step you need to take is to get some professional advice. You need to know the status your house is in. You need to “verify your ownership”. Speak to a real estate attorney. Use the information on this page of course. We will also give you a fair all-cash offer for your inherited local Florida house if it qualifies. Fill out the form here to get started.
Next Step: Begin the probate process in Florida
Before you start the selling process, the property must go through a probate. Most locations will allow for a summary probate – which is just a simpler process that takes much less time and is a smaller legal process. Once the property goes through the probate process in Florida, you will then be able to put the house on the market to sell it.
The tax basis of your property is the house value on the date that the person who willed you died. The difference between the amount you realize from the sale and the value is basically the gain on which you owe the taxes.
If you have taken on the responsibility to administrate the estate of a passed loved one or became the ‘Executor’ of the estate there is some paperwork that may need to be filed. The Executor of estate form is legally called a letter of appointment of executor.
Here is a sample Executor of Estate Form / Letter of Appointment of Executor from RocketLawyer.com
In order to get Letters of Administration, you have to open what in Florida is called a “formal” probate administration, which begins with the Petition for Administration and supporting documents asking to be appointed as personal representative (executor) of the estate.
At the time of appointment, Letters of Administration are issued to the personal representative by the Court giving him or her the authority to complete the administration of the estate. The Court oversees the administration of the estate to ensure the decedent’s debts are paid and that correct distribution to the heirs and/or beneficiaries.
Florida law actually requires that you have a lawyer file the Petition for Administration and handle a formal administration, you cannot represent yourself unfortunately.
If you need assistance in getting the process started or along your current journey contact Elias or Craig now at (954)634-5755 or just fill our our form below:
How to sell a house you inherited in Florida
Agreeing to sell
If you are ready to sell your house in Florida, you can inform the executor to petition the court in order to get the “go ahead” sign and proceed with the sale from the there. Problems always arise when siblings who share the inheritance have different views – for instance others may want to sell the house while others may not be for the idea. If and when this happens to be the case, it is important to “disagree to agree”. It is also important to involve your estate lawyer in this stage.
Preparing to sell
A house that belonged to an elderly person may require repairs and a bit of updating before you can put it on sale. You will need to get rid of everything! You can choose to hire an inspector to note down potential issues and recommend possible repairs. Although you can sell a home in Florida “as is” you may be forced to accept a lower price, especially if your house requires extensive repairs or cleaning.
Here at Now Home Buyers however, we will always give you a fair deal and help you get as much value from your inherited house as possible. We often times buy local houses in Florida, repair and fix them up and either rent them out or sell them to someone else looking for a great deal.
If your local Florida house meets a few simple qualifications, we can buy your house fast.