Selling a home you have inherited can be rife with emotional hazards, no matter where that house is; Stripping a home of its personal effects can feel akin to erasing the memory of the person or people who lived there. Maybe it was your childhood home, or your parents’ retirement retreat. Occasionally, emotions lead to anger. Siblings may argue about the best way to manage the sale of this house or maybe the house is not exactly a gem, and there is a feeling of resentment at being tasked with the burden of selling it. Regardless, most inheritors are left emotionally vulnerable when faced with this task.
In addition to the emotional aspect of selling an inherited home, there is the business side of the process. Marketing, home repairs, negotiations, clearing up any liens, and navigating the probate process can make even the most levelheaded person’s blood pressure rise. Here at Florida Cash Home Buyers, we have seen it all, and we have developed our own protocol for helping people through the procedure.
Our years of experience and the relationships we have developed in the Broward County real estate industry perfectly poise us to offer you tips on selling your inherited home. Here are the most crucial things to know about probate and inherited property:
1. Understand the status of your inherited home: Verify ownership. Do your research and consult with a real estate attorney.
2. Make a plan: Determine your goal. If several of you have inherited this house, come to an agreement on the desired outcome – do you want to just be done with this, and walk away breaking even? Do you believe there is profit to me made? How much? Who will handle the negotiations? Have you researched the market value of the home? Do you want to deal with home repairs and buyer demands or do you want someone to do this for you? Those are some of the questions that need to be asked and answered. And then take a second look at those answers – are they realistic? Have you hired a home inspector to objectively asses the home? Do you want a professional opinion on this at no cost to you?
3. Want to go it on your own? Then the next step to selling a home in probate in Broward County is start the actual probate process. Most counties allow for a summary probate – a simple process with less legal maneuvering, that can be done in a fairly short time (4-6 weeks). Sometimes, though, even a summary probate can take months. There are many variables that come into play: how long the original homeowner has been deceased and which judge the matter falls to will influence the time frame.
4. Ready to sell? Have your executor petition the court for the “go-ahead” to do so. Make sure any sibling disputes are acknowledged with an “agree to disagree” inclusion. This is best handled with a professional. We can help you find a reputable real estate attorney for this sensitive matter.
5. Taxes: Yes, taxes. Remember to factor these in when calculating any profit. The tax basis of your property is the house value on the date that the person who willed the house you died. The difference between the amount you realize from the sale and the value is the gain on which you owe the taxes.
We can explain it all to you and let you know what the numbers will work out to be.
If this all seems complicated, that’s because it is. But it doesn’t have to be. Here at Florida Cash Home Buyers we will always give you a fair deal and help you get as much value from your inherited house as possible.
You can sell your inherited Broward County home fast.
We buy houses in Broward County every week, handle all repairs and updates, and rent or sell them to someone else looking for a great deal. If your local Broward County house meets a few simple qualifications, we can buy your house.