|Posted on January 31, 2022 at 6:35 PM|
There is a lot of stress involved in selling your inherited house in Florida. When you inherit a property, you want to make the best decisions for yourself and your family. It all comes down to finding the best way to sell the house.
There are a lot of possible solutions at your disposal. We will look at all of them today to help you make the right decision according to your situation.
Let's talk about the probate process first
Before you can even think of selling the home, the probate process needs to be complete. This is the technical process of passing the ownership onto you from the deceased or another person.
Since many people want to buy a perfect winter home in Florida, you will probably want to rush this in hopes of selling the house fast. However, you need to take this process one step at a time.
A good thing to know is that you don't need to go through the probate process if:
• the name on the deed of the property is of the deceased and their spouse;
• it's in the name of people titled "Joint Tenants with Rights of Survivorship";
• the ownership of the home was in a trust that passes the rights upon death automatically;
You will need to go through this process if the deed of the property is only in the deceased's name.
To learn what name is on the deed, you can search online for a digital version of the official county records and check it yourself. Keep in mind that some counties do not have digital versions for records older than 20 to 30 years. In this case, you will need to go to the office and ask for it.
Finally, the probate process starts as soon as a last will and testament are sent to the clerk of court. This happens within ten days of the person's death. If there is no will, you will need to file a petition of administration to start the process.
Different ways of selling your inherited house in Florida
Once you become the property owner, you can start the selling process. There are a couple of different approaches you can take:
• you can hire a real estate agent;
• sell the home yourself;
• sell the home to a professional home buyer;
There is also the option of renting the home.
Working with a real estate agent
A real estate agent is the best option for selling your home. They know the market, speak with a lot of buyers daily, and they can help you get the price you want.
However, not all real estate agents are equally good. You can always run into a scammer. Or the real estate agent's commission is too high.
Luckily, there is one fantastic option to consider. Some companies work with licensed real estate agents and can get you a portion of the commission back at the closing of the deal. This is an excellent option if you wish to save some money.
Sell the place yourself
Another option to consider is selling the home yourself. The DIY strategy is not for everyone. There are many legal things to think about, and there is no one to help you out with the paperwork. We spoke with the Best Movers in Florida, a database that communicates with many moving companies in the area. Per their experience, a lot of their clients want to sell on their own but change their minds later when they realize the complexity of the task.
However, if you know a lot about the home selling process, it is a good idea to do it yourself. This way, you don't have to think about paying the real estate agent's fee. But, if you do decide to go with an agent, it is recommendable to look for one that gives you a percentage of the commission back, as we suggested earlier.
Sell your home to a professional home buyer
Just like there are companies that can connect you with the real estate agents that give a rebate on the commission, there are companies that buy properties and resell them later. They are known as professional home buyers.
One of the main reasons to pick this option is that selling a home this way is quick and easy. Furthermore, if you are selling a home with unpermitted work, they will still buy it without any questions! Usually, these types of homes go for a lower price, and it is sometimes hard to find a buyer. If the previous owner did not have permission for any remodel they did, that could become quite a problem.
That's why professional buyer companies are definitely a choice to consider!
What to do if you decide to rent the place?
If you are still unsure about selling your inherited house, you can always rent it for some time. One of the options is to find a family that will live there. The other option is to consider renting your home to agencies like Airbnb or Booking. This is an excellent way to earn money if you don't plan to live there yourself. And, you still get to keep the house, so you can sell it later if you wish.
If you decide to rent the place, it is a good idea to get yourself a storage unit. Find the right solution, because you will need to store some stuff away. You need to tidy up the place, change the furniture, and make it presentable. That's why a storage unit is essential - you can store any items that you don't want to sell or keep in the house.
As you can see, selling your inherited house in Florida can be done in many ways. It is up to you to pick the option that suits you best. Our recommendation is to go with the real estate agents that can get you a rebate on their commission. Best of luck with finding a buyer!
Meta description: Here is a guide on selling your inherited house in Florida. Find out everything you need to know and start the process now!
Written by: Lisa Roberts with US Moving Experts