Are you one of the lucky people to inherit a house in Jacksonville, Florida? If so, congratulations! However, did you know that one in three people who receive an inheritance end up wasting it? To ensure that you don’t fall into that statistic, it’s important to make the most out of your inheritance.
One option is to move into the new home and leave your rental life behind. Alternatively, you may choose to sell the property and move on. Regardless of your decision, it’s crucial to prepare yourself for dealing with an inherited property in 2023.
We are your local home buyers in Jacksonville, FL, and we can help. We offer cash for houses in the area, so you can sell your inherited property quickly and easily. Don’t hesitate to contact us today to learn more about our services.
1. Confirm the Owner
When inheriting a house, the first step is to verify the rightful heir of the property. It is not sufficient to assume ownership based on past experiences or conversations with the deceased. Even if someone has taken care of the property or the deceased for a long time, they need to have it in writing, signed and witnessed.
In cases where there are multiple heirs, multiple marriages, or several generations of people who feel entitled to the property, legal assistance may be necessary. An estate attorney can help resolve any issues related to multiple heirs for a small percentage of the overall inheritance.
2. Get Insured
Once the issue of inheritance is resolved, the new owner of the property will have to take care of its maintenance. This could be one of the reasons why some people prefer to sell the property as soon as possible.
To protect yourself from potential liabilities, it is recommended that you get an insurance policy. Moreover, you will be responsible for paying the utility bills, property taxes, and ensuring that the exterior of the property complies with local laws.
It is important to keep the property well-maintained, as this can help you sell it faster. By properly protecting the property, you can also ensure your safety in case any prospective buyers are injured during a visit or if there is any damage caused by natural disasters.
3. Get the Property Appraised
Selling your property on the open market is one way to go, but selling to an investor offers several advantages.
When you sell your property on the open market, you may be selling it to someone who is buying their first home. While this can be a great experience, it can also be time-consuming and emotionally draining. On the other hand, selling to an investor is a faster and more convenient way to sell your property.
Investors are experienced in expediting sales and can provide you with a cash infusion that will enable you to close the sale as quickly as possible. Plus, you can sell the property as-is, without the need for costly repairs or renovations.
4. What To Expect During the Sale
When you’re planning to sell a property, there are many potential issues that could arise. These could include unknown liens, illegal deeds, or missing heirs that need to be located. Additionally, errors in public records, such as incorrect property lines or misspelled names, could cause significant problems.
You may also face emotional interactions with buyers, difficulties negotiating with siblings who have a stake in the property, or even meetings with lawyers. While no home sale is perfect, with the right guidance, the process should be relatively painless.
Inherit a House, Make a Plan
When you inherit a house, it is important to make a plan quickly. If you decide to sell the house, there are several channels and options available, so you need to make a decision promptly on how and when you want to sell it. Fortunately, the real estate market is currently on an upswing, so the process should be relatively straightforward. If you are interested in learning more about Florida real estate, we invite you to take a look at our guide.
Sell My House in Jacksonville FL
If you are a homeowner in Jacksonville, Florida and want to sell your house quickly, then you may want to consider reaching out to 123SoldCash.com. We are local homebuyers who can help make the process hassle-free for you. If your house qualifies, we can provide you with a quick and fair cash offer.
If you have any questions or need more information, please feel free to give us a call at (786) 904-1444, or fill out the online form and we will get back to you.