We buy houses in Florida. If you or your siblings owned an inherited property in Florida, the big question is whether or not you can sell it. That’s important to know because selling an inherited house can be a complicated situation amongst siblings. When one person inherits a house or property, the decision-making process is fairly simple. But if two or more siblings inherit a house together, that opens up all kinds of potential problems, especially if the relationship is already strained. Ideally, all of the siblings would come together to agree on the same decision, but anyone who has a brother or sister knows that’s not how it often works. Unfortunately, siblings sometimes find themselves working against each other with a decision like whether or not to sell an inherited property. We are your local Florida home buyers and we offer cash for houses in Florida.
There are many scenarios that can present problems for you. What if one of the siblings wants to live there but another wants to sell it off? What if both siblings want to live in the house but only one of them can? What if everyone wants to sell but they’re not on the same page about the timing? There are more ways it can all play out, all of which require smart maneuvering to balance emotions and finances.
If you and your siblings have inherited a Florida house but are unable to come to a consensus about what to do with it, there are some options to consider. Even if you find yourselves at an impasse, there are options that can help move a sale forward. Let’s take a closer look at whether or not siblings can force the sale of an inherited property in Florida.
Selling An Inherited Property When You Have Siblings
You’ll Have to Go Through Probate Regardless
If you and your siblings decide to sell a Florida house or property you’ve inherited, you are legally required to go through the probate process. Depending on the property’s value, you may be able to move for summary probate or you might have to go through the full process.
Summary administration is a shortcut that many Florida estates have been able to use in these cases. If the death of the decedent happened over two years ago, or all the property equals less than $75,000, you can qualify for summary probate, which is a lot less hassle and time.
If those conditions can’t be met, you’ll have to go to formal probate. In order to sell the property, you’ll need the permission of the court and the permission of all siblings who own a percentage of it. If everyone agrees to sell the house, it shouldn’t be an issue. But if one or more of the siblings disagree about what to do, you’re going to have to figure out a solution. You might even need to hire lawyers to help find a reasonable solution for everyone. That of course means you’ll have to pay legal fees as well.
See if You Can Buy the House Out
If you’ve inherited a Florida house or property with your sibling, it stands to reason that you both own 50 percent of it. If one of you wants to sell but the other doesn’t, the logical solution is for one of you to buy the other one out.
In order to do this, the sibling who wants out will have to finance their own value and then transfer full ownership. They can give their sibling cash for their percentage and then transfer the deed into their name. At that point, the sole owner can do whatever they want with the Florida property. Also, any profits from the sale would go directly to that sibling since they are the sole legal owner. That also means there are some costs to consider as that person will be responsible for closing costs and an appraisal, amongst other closing costs and potential real estate commission fees.
Make a Private Arrangement
As above, let’s say one sibling is going to sell you their stake in the inherited property but in this scenario, they don’t qualify for a mortgage. Does that mean the deal can’t happen? Of course not. The siblings can simply finance the transaction between themselves.
The sibling or siblings who don’t want to sell would create a promissory note for their share of the property’s appraised value. Then they would pay the other sibling in installments, either monthly or yearly, with interest, in order to eventually get bought out. It not only removes that sibling from any concerns related to the Florida property but also provides extra income to the sibling receiving it. You can also amend the arrangement to give the sibling retaining ownership the power to foreclose on the house if the payer defaults on any payments. This opens a can of worms mixing business and family but it can work.
Try to Work it Out
Inherited homes can create emotionally draining problems and can become difficult to sell. If the siblings grew up in this Florida house or someone spent their formative years visiting, there are a lot of memories that will be tied up in the property. Even if finances don’t make it a good time to keep the property, some people will want to hold onto it simply out of sentimentality. However, this can lead to a lot of frustrations between family members who aren’t on the same page.
You really don’t want the sale of an inherited house to be the reason a rift grows between siblings. It’s also almost certainly not what the decedent intended when they left the property to everyone. You don’t want to get bogged down in arguments over finances and family bickering.
The best foot forward is sometimes just to talk it out. Hear what everyone has to say and talk out the emotions are that are blocking someone from wanting to sell. Make it clear that you hear them and respect their thought process and see if you can speak to them in a way that isn’t about your own self-interest. Try to steer everyone towards the reality of the situation, especially if finances aren’t right to maintain ownership of the house in Florida.
Sell As-Is to a Cash Buyer
When you and your siblings inherit a home in Florida, it can lead to emotional situations, especially if you’re not on the same page about what to do.
One way to prevent all of the headaches would be to sell the house as-is to a cash buyer like Florida Cash Home Buyers. We buy inherited homes and properties in Florida all the time and we are well-versed in how the process works. If the inherited house is going through probate, we can help you navigate that process smoothly. We work with dedicated probate attorneys who know how to get our probate cases handled quickly and affordably.
That also means we can help you close the process quickly and then make you an offer to buy your inherited house for cash. Doesn’t matter if the house needs repairs or cleaning, we’ll buy your Florida house as-is. If you or your siblings don’t want to keep making mortgage payments or just want to sell the property fast, we can close the sale in a matter of days and put cash in everyone’s hand for it. We can make the process simple, we can work on your schedule, and we can pay you cash for your inherited property no matter it’s condition. Contact us today to get a no-obligation offer!
Sell My House in Florida
If you think you need to sell your house in Florida fast, then you may need us. We at Florida Cash Home Buyers are local homebuyers in Florida, and we’re helping local homeowners have a quick and hassle-free sale. If your Florida house qualifies, we can make you a quick and fair cash offer.
For more information or if you have any questions feel free to give us a call at (954) 519-7040 or fill out the online form and we will get in touch with you.