If a relative passed away and left you their property, you may consider selling it.
But, unlike selling a normal house, it’s not that easy. This is because the house is likely in probate. Or, it’s about to be.
That means that you can’t just call a realtor and put it on the market. You may have to wait six to eight months before you can sell it.
So, what is probate? It’s the legal process of validating the will and the appointing of an executor. It’s also during this time that debts get paid and the remaining assets transfer to the beneficiaries.
You can sell a house in probate, but it can be a challenge. In this post, we explain 5 easy ways to sell a probate house fast.
Can an Inherited House Be Sold Before Probate?
In short, no.
What you can do in Florida is try to go through a “summary administration”. This is the State’s streamlined process to simplify certain probate estates.
In the Sunshine State, you can qualify if:
- The property doesn’t exceed a value of $75,000. This doesn’t include if the property has a homestead exemption. So, if a property is worth more, they can still qualify for a summary administration.
- The person who owned the property and passed away has been dead for more than two years.
This simplified probate costs around $350 and takes anywhere from a week to two months to complete. This at least speeds up the process, which means you can sell the probate house faster.
An executor can sell the house, in certain circumstances, during probate. But, in general, title companies won’t allow a house in probate to sell.
1. Find an Appraiser
The first step when you want to sell a house you inherited is to hire an independent appraiser. This will give you an unbiased sale price.
You’ll need an unbiased sale price during this process because the deceased may have debts that need to be paid. It will also help you during the next step.
2. Petition the Court
After you get the probate house appraised, you need to ask the court for permission when selling a house in probate. You’ll need to tell them how you intend to sell the house and the sale price. You’ll include the appraisal as proof.
3. Find a Buyer
You can’t start looking for a buyer or putting the house up for sale until the probate court approves it. Once they do, you can start your selling process.
You’ll have an easier time selling it to an investor. Investors, for the most part, are willing to pay cash if they think it’s a great deal. This is regardless of the condition of the home.
Putting it on the open market will take much longer. You’re at the mercy of the market. You also may need to make some renovations you weren’t planning on.
This won’t only cost you time, but it will cost you money.
4. Make Sure the Buyer Has Financing
If you’re selling to an investor, this won’t be an issue. They have working capital to buy houses quickly. In other words, you won’t have to go through the mortgage lending process.
For a private buyer, you will. This can delay the process.
Remember the house is still in probate. You don’t need any other legal snags tying up the sale.
5. Attend All Meetings or Court Dates
You inherited a property you don’t want. Your goal is to sell the house as soon as possible. Make sure you attend every meeting or court date in person.
If You’re Looking for a Buyer, We Can Help
As you can see, if you want to sell a probate house, it can get complicated. That’s where we come in.
We’ve closed over 600 transactions since 2011 and can close yours too.
Are you ready to get started? Read about the benefits of using Florida Cash Home Buyers, then fill out our online offer form. One of our knowledgeable staff members will get back to you within 24 hours.