Selling an Inherited Home in Florida the Smart Way
Selling an inherited home in Florida may seem like a complex process for most people, but it doesn’t have to be. This concise guide breaks down the task into three simple steps, helping you navigate the sale of your inherited property with ease and confidence. The guide covers everything from understanding when probate is necessary to completing the probate process and choosing the best exit strategy for selling. This short article is your go-to resource for an easy and hassle-free experience in managing and selling your inherited Florida home.
3 Steps to Selling Your Inherited Property in Florida
If you want to sell your inherited home in Florida fast and easily, here are three simple steps to follow:
Step 1: Determine If Probate Is Necessary
In the state of Florida, probate is not required if you meet any of the following three conditions:
- The property is owned by a trust that clearly outlines the beneficiaries of the trust.
- If you and your spouse were listed on the deed as “joint tenants in common” and your spouse has passed away.
- If a co-owner of the property has passed away, but your deed mentions that you have “joint rights to survivorship.”
If one of these conditions applies to your situation, you can skip step 2. If not, read below on how to complete the probate process.
Step 2: Complete Probate
To complete a probate, you must find a probate attorney.
Probate is a legal process that involves the distribution of a deceased person’s assets to their heirs. The cost of a simple probate should not exceed $2,500 – $3,500. However, if the case is complex, the cost may be higher. It is important to be cautious of attorneys who charge large retainers upfront, as they may overcharge you for their services. Some attorneys have charged clients anywhere from $10,000 – $15,000 for simple probates, which is unreasonable.
The best way to pay your probate attorney is from the sale of the deceased person’s house. This will motivate them to complete your case as quickly as possible. However, you may still have to reimburse them for the court filing fees, which are generally $300-$500.
Once you find a probate attorney, they will advise you on the documents needed to complete the probate.
It is probable that you will require the following documents in order to proceed:
- A will, if the deceased had one.
- A certified copy of the death certificate.
- A list of names and addresses of all possible heirs.
- The funeral receipt.
- Hospital bills.
- A list of assets of the deceased, such as cars, bank accounts, stocks, bonds, and so on.
After you have provided your probate attorney with all the necessary information to file your case, the process can take anywhere from 1-6 months, depending on the complexity of the probate. Your probate attorney will give you a better estimate once they know the details of your case.
Step 3: Decide Your Exit Strategy
You can complete this step simultaneously, regardless of step 2! You don’t have to wait for probate to sell your house. Waiting increases holding costs, taxes, mortgage payments, insurance, and maintenance.
To clarify, in order to close on the sale, your probate may need to be completed or authorization from the court granted to sell. However, you can and should start the selling process immediately!
How do you decide your exit strategy?
There are several ways to dispose of your property:
- Hire a licensed realtor
- Sell to a House Buying Company
- List the Property Yourself
Pros and Cons Of Hiring a Licensed Realtor
If you are planning to sell your property, it is advisable to consider hiring a competent realtor. A good realtor can help you get the most money for your property, depending on its condition. If your property is in excellent condition and you can find a reputable agent with a proven track record of selling homes in your area, this may be your best option. However, if you don’t know any good agents, it may take some time and effort to find and interview them. Additionally, selling a property can take anywhere from 3 to 6 months once it is listed, and there is no guarantee that you will find a good agent. Some agents may over-list properties and make false promises just to get the listing, but then fail to deliver. Therefore, it is important to take your time and find a good agent if you have the energy and time to do so.
How do you know if your house is not in financing condition?
It is important that the roof of your house is fully functional and has several years of life left. Additionally, all appliances, HVAC, plumbing, electrical, windows, and doors should be in working condition.
If any of these items are not functioning properly and you have the funds to fix them, you may want to consider fixing them before selling your house through a realtor. However, if you are unable to fix these issues, selling your house to a buyer who pays in cash may be a better option. This is because a realtor would likely have to sell to a cash buyer anyway, and that buyer is unlikely to pay more than your cash buyer.
List the Property Yourself
If you want to get the most money for your home and are willing to put more time and energy into selling it, then listing it yourself is your best option. This means you will have to answer calls, conduct showings, negotiate offers, and accept and approve contracts. If you are not familiar with real estate, it’s recommended to hire a real estate attorney to help you with the contract negotiations and closing.
To list the property yourself, you can look for a “Flat Fee Broker.” There are several of them you can find online and pay a few hundred dollars to list your house for sale on the MLS and popular sites such as Zillow, Redfin, Realtor.com, etc. It’s important to list your property for a competitive price and take high-quality photos and videos of your home to publish the listing.
If you’re not familiar with real estate values, it’s recommended to get an appraisal to determine what you should list the property for. You should also hire a photography company to take high-quality photos, which will likely cost you $600-$1000.
Be prepared to pick up the phone, as all calls will come to you! We hope you found this article useful in selling your inherited home. If you have any other questions regarding selling your inherited home, feel free to reach out to us at (786) 904-1444 or email us.
As a professional house-buying company and realtors, we can help you with options 1 and 2, or connect you to a flat-fee broker if option 3 is what you want.
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Opting for the traditional route of listing with a real estate agent provides maximum visibility to potential buyers through the MLS (Multiple Listing Service). The agent takes charge of the process, but this enhanced exposure comes at the cost of agent commission fees.
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