For most people, selling an inherited home in Florida may seem to be a complex process – 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. From understanding when probate is necessary, to completing the probate process, and finally, 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 necessary if you meet one of these three conditions:
- The property is owned by a trust that outlines the trust’s beneficiaries.
- Your spouse passed away, but you and your spouse were listed on the deed as “joint tenants in common.”
- A co-owner of the property passed away, but your deed mentions 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.
A simple probate shouldn’t cost more than $2,500 – $3,500. It can get a little pricier than that if you have a complex case. Beware of attorneys who charge large retainers up front! They will take you to the cleaners for fees. We’ve seen attorneys charge clients anywhere from $10,000 – $15,000 for simple probates, which is usurious!
The best way to pay your probate attorney is from the house sale. That way, they are motivated to complete your case as quickly as possible. If you find one who agrees, you may still have to reimburse them for the court filing fees, generally $300-$500.
Once you find one, he/she will advise you on the documents needed to complete the probate.
You will likely need the following documents:
- A will, if the deceased had one.
- Certified Copy Of Death Certificate
- List of names and addresses of all possible heirs.
- Funeral Receipt
- Hospital Bills
- List of assets of the deceased, such as cars, bank accounts, stocks, bonds, etc.
Once you’ve found your probate attorney and have given them all the info they require to file your case, you are looking at anywhere from a 1-6 month process, depending on the complexity of the probate. Your probate attorney will give you a better estimate once they know your case.
Step 3: Decide Your Exit Strategy
Regardless of step 2, you can and should complete this step simultaneously! You DO NOT need to wait until your probate is done to sell your house! We discourage waiting because your holding costs, property taxes, mortgage payments, insurance, maintenance, etc., will increase.
To clarify, to close on the sale, your probate may need to be completed or authorization from the court granted to sell, but again, you can and should start the selling process immediately!
How do you decide your exit strategy?
There are a few ways for you to dispose of the asset:
- Hire a licensed realtor
- Sell to a House Buying Company
- List the Property Yourself
Pros and Cons Of Hiring a Licensed Realtor
If you know of a good realtor, consider this option. Properties listed with a competent realtor will likely get you the most money, depending on the home’s condition. If the property is in mint condition and you have an excellent, reputable agent with a track record of selling homes in your area, this may be your best option. If you don’t know of an agent, the downside is the time commitment to find and interview them. Also, selling can take 3-6 months once they list your home, and there’s no guarantee that you will find a good agent. We’ve seen many agents who over-list properties and tell you what you want to hear to gain the listing and not perform. I would consider it if time is on your side and you have the energy to find a good agent.
Sell to a House Buying Company Like Us
Consider this option if you need to sell immediately or your house is not in financing condition.
How do you know if your house is not in financing condition?
The roof must be fully functional and have several years of life left. You need working appliances, HVAC, plumbing, electrical, Windows, and Doors.
If one or many of these items are not functioning and you have the money to fix them and want to go the realtor option, consider fixing them. If not, a house buyer may be the way to go, as a realtor would likely have to sell a cash buyer anyway, and that buyer likely isn’t paying more than your cash buyer.
List the Property Yourself
This is your best option if you want to get the most money for your home and are willing to put more time and energy into selling your home, answering calls, conducting showings, negotiating offers, and accepting and approving contracts.
If you are not versed in real estate and still have the time and energy to complete this option, hire a real estate attorney to help you with the contract negotiations and closing.
To list the property yourself, look for a “Flat Fee Broker.” There are several of them you can google 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.
You want to make sure you are listing your property for a competitive price and also want to make sure you take high-quality photos and videos of your home to publish the listing.
We recommend getting an appraisal to determine what you would list the property for if you’re not versed in real estate values, and a photography company to take high-quality photos.
Both appraisal and photos will likely cost you $600-$1000.
Be ready 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 at 954-519-7040 or email us at Info@FloridaCashHomeBuyers.com
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.
Sell Us Your Inherited House in Florida
As you can probably tell from this guide, we have lots of experience buying inherited properties in Florida. Since 2011, we’ve purchased hundreds of inherited homes and worked with several top-notch probate attorneys to provide the best-selling experience for our clients. Here’s a short testimonial from one of our sellers, Ronald:
“Hello there, my name is Ronald Harvey and I sold a house to Florida Cash Home Buyers back in March of this year. My sister and I inherited some property due to the death of my mother, and we were looking for an agency to use. We did research, we looked at reviews, and out of all the agencies we chose Florida Cash Home Buyers, and I’m GLAD we did! We found that the customer service was excellent, they honored all their commitments, and we closed in 30 days! I’m giving this review because they did an excellent job. I’ll tell anyone, Florida Cash Home Buyers is the way to go!”
We are a local home-buying company that has been a BBB accredited business since 2015 with an A+ rating. To learn more about our team and company check out our site, and if you’re ready to take the next step, contact us today to get a cash offer! 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.