If you’re selling an inherited property in the Fort Lauderdale area, we are your local Fort Lauderdale FL home buyers. We buy houses in Fort Lauderdale Florida and offer cash for houses in Fort Lauderdale FL, so we can purchase your inherited property quickly. We also have a helpful guide below for selling an inherited property. Here’s everything you need to know about the process to help you make a successful sale today.
Probate Process for a Property in Florida
If you’re selling an inherited property in Fort Lauderdale, you’ll first have to go through the probate process. The probate process usually doesn’t encounter legal issues or take much time, but you’ll need to wait for it to end before advertising the house for sale. During this time, you’ll also need to consider getting everyone on board when selling the FL property. The heir of the property needs to be identified, as a clear title is necessary to sell an inherited property.
Tax Implications of Selling an Inherited House in Fort Lauderdale
In terms of taxes, you’ll need to know that:
• Inherited properties don’t qualify for a home sale tax exclusion
• The stepped-up tax basis can be helpful
• The IRS will require you to report sale proceeds
• It’s still a reportable event
• There’s a difference between inheritance tax and estate tax
You’ll need to do your research to fully understand how the sale will impact you financially before you move on to the preparation stage of selling an inherited property.
Preparation to Sell an Inherited Home in Florida
Once you’ve moved on from the financial implications and logistical side of things, you can start preparing the home for sale. Preparation tasks will include anything like:
• Cleaning out personal belongings
• Holding an estate sale
• Choosing the right real estate agent
Vacant Home Insurance Policy for Inherited FL House
You’ll especially want to make sure you have a vacant home insurance policy, as maintenance will be a priority when you’re waiting to make a sale. Insurance will protect the estate from liabilities while you try to keep up with utilities, property taxes, lawn care, and going through the contents. Selling an inherited home can be overwhelming, but having insurance will help.
Pricing the Inherited Property in Fort Lauderdale
Luckily, when you’re pricing an inherited house, the process is pretty much the same as if you were selling a property that you didn’t inherit. When pricing, make sure that you don’t:
• Expect to get your asking price
• Price the property too high
• Settle for less
• Be too eager to make concessions
• Accept the first offer
Above all else, make sure that you figure out what you’re willing to compromise on before trying to sell. Knowing your expectations will help you make a great sale that will truly meet your needs.
What to Expect When Selling Inherited Property in Florida
Selling inherited property is similar to selling any other property. It’s a multi-step process, and inspection will be one of the biggest determinants of financial success. Conflicts may arise, and you must always make sure that your expenses and obligations are paid on time. Hidden problems may suddenly need repairs, and you need to be on top of your game for anything that may arise.
Sell My House in Fort Lauderdale FL
If you think you need to sell your house in Florida fast, then you may need us. We at 123SoldCash.com are local homebuyers in Fort Lauderdale FL, and we’re helping local homeowners have a quick and hassle-free sale. If your Fort Lauderdale FL house qualifies, we can make you a quick and fair cash offer.
Ready to sell your inherited property in the Fort Lauderdale area? When you’re all set to sell, contact us. We’re ready to help you!