Are you selling inherited property in the Fort Lauderdale area? We buy houses Fort Lauderdale and can buy your inherited property fast.
Then use this helpful guide to selling inherited property. Down below we have everything that you should know about the process to help you make a successful sale today.
If you are selling inherited property in Fort Lauderdale, then you’ll first have to go through the probate process.
The probate process doesn’t normally encounter legal issues or take much time, but you normally have to wait for it to end before advertising the house for sale. During this time, you will also need to consider:
Getting Everyone On Board
The heir of the property will need to be identified as a clear title is necessary to sell an inherited property.
In regard to taxes, you will also need to know that:
- Inherited properties don’t qualify for 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 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.
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
You will 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.
Luckily, when you are pricing an inherited house, the process is pretty much the same as if you were selling a property that you did not inherit.
When pricing, make sure that you don’t:
- Expect to get your asking price
- Price the property top
- Settle for less
- Be too eager to make concessions
- Accept the first offer
Above all else, make sure that you figure out what you are willing to compromise 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 Fort Lauderdale
Selling an inherited property is, again, very similar to selling any other property. Selling this property is 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.
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!