Selling an Inherited House in Florida
“I inherited a house in Florida from my family. Now what?“
Here at ASAP Cash Offer, this question is asked the most.
Inheriting a property in Florida can be a financial boost, a complex and mentally taxing burden, or anything in between. For many people, the person who they inherited the house from is someone they were close to. Dealing with the house repairs and daily upkeep can be stressful and emotionally trying. For others, the individual may be a distant relative the heir had no real relationship with and it’s simply a welcome fast sell to cash home buyer.
Whatever the case may be, ASAP Cash Offer can assist those individuals who have inherited a house and want to sell it as quickly and easily as possible without having to make any repairs, without having to deal with a realtor, and without having to show the property to buyers. However, not everyone wants to or needs to sell a house to investors such as ourselves. We will transparently break down the process and if works for your situation, than great, ASAP Cash Offer will glady offer you a fast cash settlement for your inherited property. We will also talk about the other options available to you when attempting to sell or otherwise manage an inherited house.
Most like if you are reading this article right now, living in this newly inherited property is not for you. You’ve thought about renting out the house for monthly checks, but in the end a fast & easy cash buyer offer sounds ideal. However, for some people, including those who may have inherited the house they grew up in and may have positive emotions associated with the property, that may be a desirable outcome to keep in mind for future generations.
When an old pipe bursts and floods the bottom floor at 2am or the toilet is backed up, you’ll be the one the tenants call to address the issue instead of selling your inherited house for a fast cash offer.
For those uninterested in living in their inherited property, the other option that still allows the heir/heirs to retain ownership of the property is to put a tenant in the house and manage it as a rental property. In the Florida area, with high house prices relative to rent, this is usually most feasible if the house you have inherited does not have a mortgage or debt. Renting can provide consistent, somewhat passive cash flow while allowing you to keep ownership of an house that should increase somewhat in value over the next 10 to 15 years. Although the passive income and potential for appreciation is appealing, many people are not interested in dealing with the frustration that come with managing rental property. When an old pipe bursts and floods the bottom floor at 2am or the toilet is backed up, you’ll be the one the tenants call to address the issue, instead of selling your inherited house for a fast cash offer. If a tenant doesn’t pay rent and must be evicted, that will of course be your responsibility as well. With this recent pandemic happening, constant Eviction Moratoriums, we can see that this case is becoming all too common. Read how The key to being an effective landlord is educating yourself– especially on how to properly screen tenants- which is about 80% of success or failure in land lording.
If you’ve decided not to personally live in the house, and not to keep it as a rental property, your other option will be to sell the property. Selling a property in a normal scenario is usually fairly simple. Houses typically are owned by one or two people who are usually on the same page in terms of desired closing date, sale price, and condition of the property. However, selling a property in an inherited situation can be quite complex. In many cases the house will be inherited not by just one person but by several family members such as siblings, cousins, aunts/uncles, etc. With an often diverse group of interested parties with vastly different needs, interests, and financial motivations, it’s common for arguements and fights to come up on how to handle the sale of the inherited house.
The other option is to sell the house, providing cash for the property, and splitting the proceeds with the heirs based on the will or probate court ruling.
If one family member has the financial means, it is possible for them to buy out the interest of the other heirs. To do this, people typically have 2 independent appraisers assess the value of the property, and buy out the ownership stakes based on that determined value. If there isn’t one heir with the interest or ability to buy the others out, the other option is to sell the house, providing cash for the property, and splitting the proceeds with the heirs based on the will or probate court ruling. If the probate process is already finished and an heir is rightfully named owner with title and deed in hand, then they have the sole discretion on how the property should be maintained or if it should be sold to the #1 Cash Home Buyers In Florida or using a realtor and waiting up to 6 months, where they would pay commissions, closing fees, and taxes.
This is actually quite common as approximately 68% of American adults do not have a will or other estate plan in place, according to a recent Gallup Poll.
When selling the inherited house it is important to first understand whether or not the deceased party had a will that clearly specified what was to happen to the property upon their death. If the deceased had not willed the home to a specific person/people, or died without a will at all (which is called intestate), the house will typically have to go through the probate process. This is actually quite common as approximately 68% of American adults do not have a will or other estate plan in place, according to a recent Gallup Poll; a figure that strongly risen over the last decade.
Probate is the legal process by which the tangible and intangible assets of a deceased person’s estate are passed on to their legal heirs. This could range from stock portfolios, to bank accounts, and of course physical possessions and real estate property. This process will involve lawyers and financial professionals and typically cost 2-5% of the total value of the assets being dealt with. Probate in Florida can take anywhere from a few weeks to over two years, according to the American Bar Association. Probate takes time because most states have minimum periods of time that creditors are allowed to respond, most commonly around 6 months, during which the probate estate funds cannot be distributed. For more information on the Probate process, and the role the executor plays, find more information here on the most trusted website for legal adviced: NOLO.
Probate takes time because most states have minimum periods of time that creditors are allowed to respond, most commonly around 6 months, during which the probate estate funds cannot be distributed.
The probate process can be time consuming and confusing, so seeking the help of a competent professional, such as a probate attorney, is advisable. It is also often helpful to deal with a buyer of the property who understands the probate process and is able to wait the several months or even a year that it may take to sell the property. Here at ASAP Cash Offer, we’ve bought many inherted properties and are well versed in buying homes in this situation.
If you want to sell your inherited house fast for cash, and without having to make any repairs, your best bet is to sell to a Cash Home Buyer and Investor at ASAP Cash Offer. Depending on how much work the property needs, you may even make as much as you would by selling with a Realtor, but not have to go through the work and hassle that selling with a Realtor requires. Frustrations like fixing the property up, waiting for the right buyer to come along, paying commissions and closing costs, having friends and neighbors walking through the house while it’s on the market, etc. If you’re wondering “Do I need to fix up my inherited property?” The answer is simple: no.
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