If you have inherited a property in Florida, you might be wondering how to sell it quickly and easily. Selling an inherited property can be a complex and emotional process, especially if you have siblings or other relatives involved. However, with some planning and preparation, you can sell your inherited property in Florida and move on with your life.
Here are some steps to follow when selling an inherited property in Florida.
Determine the ownership status of your inherited property
Determine the ownership status of the property. The first step is to find out who owns the property and how it is titled. If the property was left to you by a will, you will need to go through a probate process to transfer the title to your name. Probate is a legal process that validates the will and distributes the assets of the deceased person. Probate can take several months or even years in Florida, depending on the complexity of the estate and the number of heirs. You will need to hire a probate attorney to handle the probate process for you.
If the property was left to you by a trust, you will not need to go through probate. A trust is a legal entity that holds assets for the benefit of the beneficiaries. The trustee, who is usually appointed by the person who created the trust, has the authority to transfer the title of the property to you without court intervention. You will need to contact the trustee and provide proof of your identity and relationship to the deceased person.
If the property was owned jointly by the deceased person and another person, such as a spouse or a sibling, you will need to determine how it is titled. If it is titled as tenants by the entirety or joint tenants with right of survivorship, the surviving owner will automatically inherit the property without probate. You will only need to record a death certificate of the deceased person at the county recorder’s office.
If it is titled as tenants in common, each owner has a separate share of the property that does not pass automatically to the surviving owner. In this case, you will need to go through probate for the deceased person’s share of the property.
Decide how to sell the inherited property
Once you have established your ownership of the property, you can decide how to sell it. You have several options to choose from.
Sell your property fast to a cash buyer
You can sell your property directly to a cash buyer like House Solutions USA who can buy your property as-is and close quickly. This option can save you money on repairs, fees, and closing costs, and you will be able to sell your house much faster than on the open market. You will need to find a professional cash buyer who can offer you a fair price and who can handle all the paperwork and legal issues for you.
Sell it yourself
You can list your property on a for sale by owner website and handle all aspects of the sale yourself, such as marketing, showing, negotiating, and closing. This option can save you money on commissions, but it also requires more time and effort on your part. You will also need to deal with any legal issues that may arise during the sale, such as title defects, liens, or disputes with other heirs.
Hire a real estate agent
You can hire a real estate agent to represent you and handle all aspects of the sale for you. This option can save you time and hassle, but will cost you thousands of dollars in commissions. You can sell your house without a realtor but if you decide to go this route, make sure you find a reputable and experienced agent who specializes in probate real estate and who can advise you on how to price, market, and sell your property effectively.
Prepare the inherited property for sale
Before you list your property for sale, you will need to prepare it for potential buyers.
Cleaning and decluttering
You will need to remove any personal belongings, trash, or junk from the property and make it look neat and tidy. You may also want to hire a professional cleaning service to deep clean the property and make it smell fresh.
Making repairs and improvements
You will need to fix any major issues that may affect the value or safety of the property, such as leaky roofs, broken windows, faulty plumbing, or electrical problems. You may also want to make some minor improvements that can enhance the appeal or functionality of the property, such as painting, landscaping, or updating fixtures.
Staging and decorating
You will need to make your property look attractive and inviting for potential buyers. You may want to hire a professional stager or decorator who can help you arrange furniture, accessories, lighting, and artwork in a way that showcases the best features of your property.
The one exception of having to all the above work in preparing to sell your inherited property is that you have the option to sell your house fast to a professional home buyer like House Solutions USA. We buy houses in any condition; it does not matter if it is messy or needs repairs as we take care of that ourselves. That is part of the service we provide.
Negotiate and close the sale of the inherited propery
Once you have listed your property for sale, you will need to negotiate and close the sale with the buyer.
Reviewing and accepting offers
You will need to review any offers you receive from buyers and decide whether to accept, reject, or counter them. You will need to consider not only the price, but also the terms and conditions of the offer, such as contingencies, closing date, financing, and inspections. Wherever possible, you should consider using the FARBAR contract; this is the standard contract used in the State of Florida and has a lot of language used in it to protect sellers and buyers alike.
Completing inspections and appraisals
You will need to allow the buyer to conduct any inspections and appraisals they request as part of their offer. This is commonplace when selling an inherited property in Florida. You will also need to provide any disclosures or documents required by law or by the contract, such as property condition, title, or environmental issues.
Resolving any issues or disputes
You will need to resolve any issues or disputes that may arise during the sale process, such as title defects, liens, repairs, or disagreements with other heirs. You may need to consult with your attorney or mediator to help you reach a satisfactory solution.
Signing and recording the deed
You will need to sign and record the deed that transfers the title of the property to the buyer. You will also need to pay any taxes, fees, or commissions associated with the sale.
Receiving and distributing the proceeds
You will need to receive and distribute the proceeds of the sale according to the terms of the contract and the probate court order. You will also need to report any income or capital gains taxes that may apply to your sale.
Selling an inherited property in Florida can be a challenging and rewarding experience. By following these steps, you can sell your inherited property in Florida quickly and easily. That being said, if the process described above seems intimidating and a lot of work (it is), have no fear. Get a fair cash offer from House Solutions USA, and sell your home quickly; we are probate experts and can guide you through the process of how to sell your inherited property in Florida quickly and without hassles.