How do you sell an inherited home?
When a family member leaves you a home after they pass, it’s usually considered to be a gift and a blessing.
However, with this extremely generous gift comes additional responsibilities.
While you’ve likely not considered the complications associated with your new inherited property, Florida inheritance laws can wreak havoc on the selling process.
What’s more, selling an inherited home in Florida can also come with emotional ramifications you may have not foreseen.
If you have siblings or other family members living on the property, what are their plans?
Unfortunately, we've occasionally seen other family members grow combative when talk of a for sale sign arises.
To help you navigate the red tape of the sale of your inherited home, we break down seven considerations you must make before selling an inherited home in Florida.
- Mortgage Payments
- Home Owners Dues
- Insurance Premiums
- Estate Settlement Fees
- Property Taxes
- Upkeep on the property
- Costs associated with updating
While these seven items may not feel like a big deal at the moment, managing selling an inherited home in Florida from out-of-state can become complicated.
Read on to learn more.
How do you legally manage selling an inherited home in Florida?
Even if you know you are the rightful heir to the property, there is a legal process that has to occur in order to legally transfer ownership.
The State of Florida is very specific on how that process must take place.There are many specifics that have to be accounted for to ensure that it is done correctly.
If it is done incorrectly, selling an inherited home in Florida will definitely cost you more in the long run.
Have you ever purchased something that you knew was the cheapest option but then realized shortly after it broke that perhaps you should have purchased one that was better quality?
Getting the estate settled correctly is similar to this type of situation. If you try to do it yourself and mess it up, it will all have to be done again. Not only will this prolong the time frame for selling an inherited home in Florida, but it will increase your costs in the long run as you still need to upkeep the property and pay all associated fees that you are now responsible for.
Depending on the situation, this can run into thousands of dollars in fees. Even if you're 100% sure you do not want to sell the property as-is, feel free to reach out to us for our guide on selling an inherited property.
Selling an Inherited Home in Florida with a Real Estate Agent
The first thing people usually consider is listing their inherited home with a real estate agent. This is sometimes a great idea. In a hot market, the home or vacant land could sell fairly easily. Keep in mind, though, it will only sell as well as it is marketed. Check your reviews on your realtor to ensure they have a A+ track record.
Don't forget to keep in mind the costs associated with updating landscaping, repairing any necessary items, and anything else needed to get the property ready for sale. Additionally, you will have the costs associated with settling the estate. Depending on the situation, this can run into the thousands of dollars in fees if it’s complicated. Even if you're 100% sure you do not want to sell the property as-is, feel free to reach out to us for our guide on selling an inherited home in Florida
What About a Quick All-Cash Sale?
FL Real Estate Buyers has helped more homeowners with a quick cash sale than anyone, and when it comes to inherited property, we have a proven track record.
Not only do we work with a very experienced legal team that specializes in the most complicated of situations, but we also pride ourselves in holding your hand through the entire process.
Because of the amount of people that we have helped through this type of situation, we are able to get these services at a discounted rate and, if it would help you and your family, we can look at the option of paying for these services for you.
Our role is to customize your solution specific to your needs. If that means selling as quickly as possible, we can make this happen faster than anyone else. If you need some time and need some help figuring out all of the speed bumps, we have seen a lot of situations related to selling an inherited home in Florida. We have experience that we can reference order to work our way through any difficulties. If you are not local, this can prove challenging. Here are some examples of how we can help you:
- Finding a relocation place for family that are living in the property.
- Paying back HOA dues
- Paying back taxes
- Paying liens
- Correcting violations
- Much more!
Other Cash Buyers
There is always more than one way to accomplish a goal and working with us may NOT be the option you want to take. The best way is what works best for YOU!
There are many things to consider when selling such a valuable asset as a piece of property.
First, Google the person or company. Check to see if they are rated by the Better Business Bureau. Even some of the nationwide home buyers do not have a Better Business Bureau rating and perhaps you'd like to ask yourself why that is? If the company is a franchise, they are only as good as the franchise owner. The marketing, fancy website and brochures, are all designed by professional marketers. When it comes down to brass tacks, do you trust them?
Recently, many inexperienced "investors" have shown up in our local real estate market. They attended a weekend seminar or watched some videos online sharingt tips and tricks to make some extra money. Cash buyers who have just started in the business may be desperately trying to find financing after they make you an offer, and financing can be very hard to get. Often, they make a series of excuses to put off the closing and finally walk away if they never get financing, you’re left in the lurch.
Whether it’s an internet buyer who suddenly lowers your offer or an under-funded buyer who cancels your sale, whatever situation has made you want to sell your house has probably only gotten worse all because of someone who didn’t turn out to be a trustworthy buyer.
I received a ton of mail after my Mom passed away. This was the first and only phone call I made. I felt so comfortable with them that I did not feel the need to look anywhere else.
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