Selling Inherited Property In Fort Lauderdale FL? Here’s What You Should Know

We buy houses in Fort Lauderdale FLWe buy houses in Fort Lauderdale Florida. Are you selling an inherited property in the Fort Lauderdale area? We are your local Fort Lauderdale FL home buyers, and we offer cash for houses in Fort Lauderdale FL, and can buy your inherited property fast.

Then use this helpful guide to selling an inherited property. Down below we have everything that you should know about the process to help you make a successful sale today.

Probate Process For A Property In Florida

If you are selling an inherited property in Fort Lauderdale, then you’ll first have to go through the probate process.

The probate process doesn’t normally encounter legal issues or take much time, but you normally have to wait for it to end before advertising the house for sale. During this time, you will also need to consider:

Getting Everyone On Board When Selling The FL Property

The heir of the property will need to be identified, as a clear title is necessary to sell an inherited property. 

Tax Implications Of Selling An Inherited House In Fort Lauderdale

In regard to taxes, you will also need to know that:

  • Inherited properties don’t qualify for a home sale tax exclusion
  • The stepped-up tax basis can be helpful
  • The IRS will require you to report sale proceeds
  • It’s still a reportable event 
  • There’s a difference between inheritance tax and estate tax

You need to do your research to fully understand how the sale will impact you financially before you move on to the preparation stage of selling an inherited property. 

Preparation To Sell An Inherited Home In Florida

Once you’ve moved on from the financial implications and logistical side of things, you can start preparing the home for sale. Preparation tasks will include anything like:

  • Cleaning out personal belongings
  • Holding an estate sale
  • Choosing the right real estate agent

Vacant Home Insurance Policy For Inherited FL House

You will especially want to make sure you have a vacant home insurance policy, as maintenance will be a priority when you’re waiting to make a sale. 

Insurance will protect the estate from liabilities while you try to keep up with utilities, property taxes, lawn care, and going through the contents. Selling an inherited home can be overwhelming, but having insurance will help. 

Pricing The Inherited Property In Fort Lauderdale

Luckily, when you are pricing an inherited house, the process is pretty much the same as if you were selling a property that you did not inherit. 

When pricing, make sure that you don’t:

  • Expect to get your asking price
  • Price the property top
  • Settle for less
  • Be too eager to make concessions
  • Accept the first offer

Above all else, make sure that you figure out what you are willing to compromise before trying to sell. Knowing your expectations will help you make a great sale that will truly meet your needs. 

What To Expect When Selling Inherited Property In Florida

Selling inherited property is, again, very similar to selling any other property. Selling this property is a multi-step process, an inspection will be one of the biggest determinants of financial success.

Conflicts may arise and you must always make sure that your expenses and obligations are paid on time. Hidden problems may suddenly need repairs and you need to be on top of your game for anything that may arise. 

Sell My House in Fort Lauderdale FL

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 Fort Lauderdale FL, and we’re helping local homeowners have a quick and hassle-free sale. If your Fort Lauderdale FL house qualifies, we can make you a quick and fair cash offer.

Ready to sell your inherited property in the Fort Lauderdale area? When you’re all set to sell, contact us. We’re ready to help you!

the Author - Omer Reiner

Omer Reiner is one of the owners of FL Cash Home Buyers, LLC. Omer's passion is to help homeowners out of tough situations by providing them with solutions that meet their unique situations. Since he started investing in Real Estate in 2011, and because of his extensive knowledge and expertise of the Florida Real Estate market, he has been featured on many online publications such as Forbes, Yahoo, GoBankingRates, HomeLight, MSN, and many others.

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