Selling An Inheritance House In Florida Doesn’t Have To Be Complicated…
Selling your inherited house during probate in Florida doesn’t have to be a complicated process, and it’s something that you can figure out on your own in a few minutes time by performing some basic online research, such as reading this article.
Our professional home buying company Fast Offer Florida is standing by to help you with all of your probate needs, and answer any questions you may have about this process, and we can even provide you with an instant cash offer on your house through our live chat feature.
There are three main ways to inherit a property in Florida: by deed, by will, or by trust.
1) Inherit By Will
This is the most common form of probate, where someone dies and leaves an executor named in their living will and testament, which authorizes this particular person to sell the property however they see fit after the owner’s death.
Typically, most of our clients who call in are dealing with an “executor” situation, and they have been put in charge of the sale of a property, and are looking for a quick solution.
Our professional home buying company specializes in purchasing houses during the probate process directly from the executor for cash, so all we have to do is agree on price, draw up the contracts, and execute the transaction at a local title company in the area to consummate the deal.
If you are ready to sell your inheritance house now and want to get a fair cash offer right away then give us a call or text right now at (786) 292-7144.
2) Inherit By Deed
You inherit a house by deed when someone dies and they reserved a “life estate” where you are the remainderman, or you jointly own the house with your parent or other family member from which you are inheriting the property.
To inherit the property by deed your name has to be on that paperwork somewhere, otherwise you will have to be named in the will as previously mentioned in method one.
3) Inherit By Trust
You inherit a house by trust if the trust agreement states that you, or you with others, are entitled to the house. A trust is usually formed by using an LLC where there are joint owners, and each member owns a piece of the trust.
Therefore, in order to sell a property that is owned by all members of the trust, all owning members of the LLC must agree on pricing arrangements in order to liquidate the home and divide the assets in the fastest, most effective way possible.
The Estate’s Outstanding Debts Must Be Settled Immediately
Throughout the probate process, the executor is tasked with making sure all the decedent’s debts are paid in full, and there are no outstanding, unpaid balances.
Once an executor is granted authority to administer the estate, he is required to notify the decedent’s creditors that the estate is currently in the process of being probated, so they have an opportunity to collect on any monies owed.
The decedent’s creditors then submit claims to the probate court; the executor must pay the claims after the court approves them. Under certain circumstances, an executor may sell real property, such as a house, if other assets are insufficient to pay creditors’ claims.
If you are the executor of an inherited estate and want to get an instant cash offer on your home right now then please give us a call or text right now at (786) 292-7144
What To Do When You Inherit A House In Florida?
- Sell directly to an investor. If you simply want to cash out, and don’t want to be bothered with the managing of listing the property with a local real estate agent, or fixing it up and managing contractors, then selling directly to an investment company such as us here at Fast Offer Florida is a great option, and you should reach out to us directly for a free quote on your home.
- List it with a real estate agent. This is the option where you will likely net the most cash, but it will also cost you some up front, out of pocket expenses in the form of listing fees, repair costs, holding costs, and commissions when the property sells. Listing with an agent can be a good option if you are local to the area and are able to manage the sale, but if you are out of state then it might not be such a good option for you.
- Turn it into a rental property. Another alternative option that you could choose to go with is turning your inherited house into a rental property. If you own the home free and clear, then your monthly cash flow would be 100% of the profits left over after paying all utilities and other monthly holding costs.
To learn more about selling houses during the probate process in Florida please read http://info.legalzoom.com/can-inherited-house-sold-executor-florida-knowledge-consent-21271.html
An Overview Of Florida Probate Court Procedures
The probate process in Florida can be quick, or really drawn out and lengthy depending on what type of inheritance it is. We are going to go over both types so you will be able to recognize them during your own probate process…
Fast Probate Court Hearings Vs. Slow Hearings
Let’s start with the fast probate. If you probate an estate and the person has been deceased for more than 2 years, then the probate can go pretty fast. As a matter of fact, probate can take less than a week if you have all your family in order and you have a good probate attorney. If, on the other hand, someone recently died and you want to sell the property, then you may have to go through the slower probate.
The reason why this type of probate is slow is because you have to publish an official public notice to creditors in the newspaper and wait at least 4 months before you can sell the property on the open market. Probate allows creditors to dispute homestead status or allows them to collect on real estate that is not homestead. The creditor issue is the reason why probate takes so long. You have to wait during the publishing period because unknown creditors need to get the chance to file a claim to get paid.
If the creditors don’t come forward to collect their payment in that four month time frame, or if there are no creditors and the time period passes, then you are finally eligible to sell the home on the open market through a licensed realtor or directly to a private investment company such as us here at Fast Offer Florida.
What If There Is An Existing Mortgage In Place?
If there is an existing loan in place when the person dies, and then you inherit the home, that mortgage company will be listed as the first lien holder on the title, and will have to be paid in full upon the sale of the property.
Once that debt is satisfied in full, you are able to keep the difference. If there is no loan in place then you will obviously keep all of the proceeds from the sale of the home after all closing costs and other transactional fees have been covered.
This is one of the main reasons why people who inherit properties in Florida choose to sell directly to investors such as us, because they can pay off the existing loans quickly and keep the difference without going through any of the hassle of managing a repair project or listing the home on the open market through a real estate agent.
Get A Cash Offer On Your Inherited House Today
If you like the sound of our home buying program and would like to have us take a look at your inherited house and provide you with a free quote in less than 24 hours, then please give us a call or text right now at (786) 292-7144 and someone from our team will analyze your home and give you a fair cash offer that works for you.
You can then take as much time as you need to think it over and talk it over with your family to decide if it’s a good fit for your situation.
No pressure, no stress. We are only here to help find win-win solutions where we both benefit.