Selling An Inherited Home in Florida
Dealing with the death of a close family member or friend can be difficult enough. Having to deal with an inherited house can be even more burdensome. An inherited house from a loved one can come along with a lot of responsibilities. When you inherit a house, you have two main options for what you can do. These are to keep it or sell it.
Why Sell An Inherited House?
In many cases, the benefactor or benefactors will choose to sell the inherited house. They may decide to do this for many different reasons. The most common reason is that there are multiple benefactors, and selling the home will allow them to split the profit amongst themselves. In other cases, the benefactor may not want the responsibilities that come along with homeownership. These include things like paying taxes and upkeep of the home.
Regardless of the reason that you may choose to sell your inherited home, it can seem like an overwhelming process at first. However, with the right strategy in place and knowing what you’re in for, you’ll be able to successfully sell your inherited house for money. A large part of choosing the right strategy is knowing how the deceased person’s will is set up.
How Is An Inherited House Sold?
Before you can sell an inherited house, you need to understand what particular scenario you’re in according to the deceased person’s will. In general, there are four different scenarios that you may be dealing with. These include:
- In the first scenario, an executor or administrator of the deceased person’s will can handle the sale of the home. This sale takes place during the probate process. Once the inherited house is sold, the proceeds are transferred to you, the beneficiary.
- In the second scenario, the inherited house is held in a trust. When this occurs, there is no need for the probate process. The trustee will simply sell the house while it’s still in the name of the trust and then transfer the proceeds to you, the beneficiary.
- In the third scenario, the inherited house is also in a trust. However, the property is deeded to you from the trust. This is one of the simpler scenarios where you can avoid the probate process and have legal ownership of the inherited house.
- In the fourth scenario, the deceased person’s estate goes through the probate process. Once the probate process is completed, the title of the house is transferred to you. This makes you the new legal owner of the property.
For the purpose of this article, we’re going to stick to the two scenarios where you can sell the house after you obtain legal ownership of it. Most people find themselves in one of these two scenarios. Understanding what to do next after you obtain ownership of a house is imperative in order to keep your costs low and ensure that you get the highest resale value out of your home.
Common Ways To Sell Your Inherited Home
When it comes to selling your inherited home, there are many ways to do it. Some of these are more involved than others. To ensure that you understand all of your options, we’re going to go over them below.
List Your Home With A Realtor
The first option that you have is to list your home with a realtor. The realtor will take care of listing and showing the home to interested parties. While this may seem like the most hands-off option for you, it does come at a cost. When you go through a realtor, that realtor is going to take a percentage of the sale price of your home. In most states, this percentage is three percent. This can be a significant chunk of change when we’re talking about a home worth a couple hundred thousand dollars.
Here are a few downsides about listing your home with a realtor and selling to a conventional buyer, an individual who will be getting a mortgage.
- They will want all repairs to be made or a credit for those repairs.
- The house will have to be broom swept and emptied out completely at closing.
- It will take a minimum of 30 days to close, more realistically 40.
- On top of realtors commissions and repair credits, you will have to pay your portion of closing costs.
- There will be showings.
- There will be a full inspection done.
- There will be an appraisal.
List The House Yourself
If the idea of paying a realtor is not in your budget, you may consider listing the house yourself. This requires a lot of time and money. You have to take care of all the marketing, showings, and contact with potential buyers. You also have to handle all of the paperwork. While this may seem like a cheaper option, to begin with, the amount of time that you have to put into this method can significantly outweigh the cost of a realtor.
Sell To FL Home Buyers
Here at FL Home Buyers, we will pay all-cash for your inherited home. The benefit of selling to us over listing the house yourself or using a realtor is that the process is very quick. Many who inherited a home just want to get the home sold and enjoy the proceeds. When using a cash buyer in Florida, you won’t have to worry about things like closing costs, months of waiting, doing repairs, handling tenants, going through the probate process, or dealing with any sort of liens on the home.
What Are The Benefits Of Selling To Cash Home Buyers?
As you have read through the possible ways to sell your house, it’s likely become clear that selling to a cash buyer is your best and quickest option. Many benefactors opted for this method due to its simplicity. Let’s take a look at all of the major benefits that you can gain from selling your inherited house to a cash home buyer.
One of the biggest irritations of selling your inherited house is waiting for the sale to go through. When you sell the house yourself or you use a realtor, you can expect it to take at least 30 to 60 days. This is assuming the potential buyers will be contacting you or your realtor within the first week of its listing. That’s a total of one to two months, at the bare minimum, until you can get the proceeds from your house.
Here at FL Home Buyers, we work very quickly to get you the cash you want. With simple paperwork and cash on hand, we can typically close on the sale of your home within seven business days. Instead of waiting for months to sell your home, we, as cash home buyers, can provide you with funds within one short week. Due to the quickness of the selling process with a cash buyer, it becomes very clear why many people opted for this option.
No Repairs Needed
When you opt for selling your home on the open market, you may find yourself responsible for repairing damaged items in the home. If the home is in not-so-great condition, you may need to do repairs to the home before you can even list it on the market to get a good resale value for the home. This takes time and costs money. When you deal with a cash buyer, they will buy the property as-is. This means that you will not have to make any repairs to the property, which saves you both time and money.
They Pay For Closing Costs
When it comes to selling a home, most people are aware of the fact that they have to pay for closing costs. This includes paying for titling services and other necessary tasks in order to transfer the property to the new owner. The closing costs on a home can run anywhere between five and six percent of the sale price.
Let’s say that your home is worth $100,000. This would cost you $5,000 to $6,000. That’s a large chunk of change out of the proceeds for your inherited house. When you opt for selling to a cash buyer, they will take care of paying the closing costs. This can alleviate one of the major burdens that you have about selling the home that you inherited.
They Help In Complex Situations
If the house that you inherited is currently being rented, it can throw a wrench into your plans. This brings up a lot of questions regarding how you can sell the home and whether or not you have to honor the tenant’s lease. When you sell to a cash buyer, you don’t have to worry about this, as they will handle the existing tenants when the property is transferred.
Another common issue is the probate process or dealing with liens that are against the house. When you sell to a cash buyer, you don’t have to worry about dealing with these issues. The cash buyer will take care of dealing with any liens on the property and going through the probate process to initiate the sale. This means that you can sell my house fast without the headache when you use a cash buyer.
Give Us A Call Today
We buy houses for cash. If you just inherited a home, it’s time to let us help you through our quick sale process. We buy houses in as-is condition, so that you don’t have to do any costly repairs to sell your home. Your countless online searches for ‘ sell my house fast ‘ are over. We’ll buy your house within seven short days so that you can get the money you want quickly.