Selling a probate property in Miami? Inheriting a house can be deeply personal, stressful, and overwhelming.
On the one hand, receiving property is a financial gift. On the other, there are challenges abound. Siblings and family members may disagree on how to utilize the property. Probate houses are often in disrepair making selling more difficult than usual. Litigation to over the deceased’s assets can take months if not years.
Got a Miami property going through probate? These steps help eliminate the hassles associated with selling an inherited Miami home and selling ASAP.
Understanding How Probate Works in Miami. Wondering how probate works in Florida? Probate has 5 stages in Florida: (1) filing the petition, (2) notice to creditors and beneficiaries, (3) payment of the estate’s debts, taxes, and expenses, and (4) legal title in property transferring according with will and/or local inheritance laws, and (5) closing the probate estate.
Puting right team in place. Whether you are the sole owner of the inherited house, or jointly own the property with your siblings, consider whether you need a “team” of experts to assist with the sale of the home. A team of professionals will provide the guidance you need to help eliminate emotions from the process, ensure you are staying compliant and most importantly, help you sell the house quickly. Enlist the help of the following:
Probate Attorney. Hire a skilled attorney to review all necessary paperwork, such as the deed, outstanding mortgages, outstanding property taxes, or liens against the home. An attorney can work through sibling disagreements that can arise during litigation. mediate any family disagreements that may arise.
What makes an attorney a “good fit” to help with your for your helping with a probate home? You want a lawer with experience, willingness to understand your situation, ability to communicate, available for you, a good chemistry and strong rapport, with positive references, and reasonable fees.
It’s very important to conduct an interview to make sure you are selected the right attorney. Ask the right questions, including the following: What experience does the lawyer have in your type of legal matter? How long has he been in practice? What is his track record of success? What percentage of his caseload is dedicated to handling your type of legal problem? Does he have any special skills or certifications? What are his fees and how are they structured? What additional costs may be involved in addition to lawyer fees (postage, filing fees, copy fees, etc.)? Can he provide references from other clients? Does he have a written fee agreement or representation agreement? How will he inform you of developments in your case?
Miami Tax Advisor. Speak with a tax advisor to understand the inheritance and estate tax in Miami, as well as any tax implications and how to report the earnings from the sale. Speak with your tax advisor to determine if local laws requires probate litigation the first place.
Real estate agent. Are you lacking an understanding of Miami real estate or real estate in general? If you’re not sure about the process, connecting with a local real estate agent could be helpful. In exchange for commission, they can list your home on the local MLS to locate a buyer.
Weigh home improvement pros and cons. A common question before selling a Miami house is whether or not you should make home improvements, or selling property that needs repairs. You may view the house as outdated and in desperate need of improvements, but think about how buyers feel. On the flip side, updates such as repainting and landscaping can go a long way to attract prospective home buyers. Required updates that need to be made in order to sell, such as radon testing, can be negotiated in the final sale price in the form of a credit.
Cleaning house. If you don’t want to sell “as-is”, depersonalize the entire house before selling. Remove family photographs, personal mementos, religious or political affiliations, old furniture, or even removing all possessions entirely. Consider moving all items to a storage facility to donate or sell the items at a later date. Check out Miami’s self storage options on Yelp.
Know The Buyer. If the probate house is in very poor condition, you can be better off selling to an investor verses a regular buyer. Where an elderly family member was unable to keep up with the daily demands of homeownership, lots of work may be required. In this case, a fast cash offer from a Florida cash home buyer like House Heroes LLC is an effective route.
What makes a good cash home buyer? Here are a few things you can look for: local investor you can speak with, proof of funds bank statement, integrity, honesty, and professionalism, video testimonials, fees and earnest deposit. You can also check for Better Business Bureau certification, social media presence, membership with local professional associations.
Be prepared to keep up with expenses. The house you inherited might have a remaining mortgage that needs to be paid, as well as monthly fees like electric, gas, water, sewer, waste management, lawn maintenance, HOA fees and utilities. If you’re having some trouble keeping up with the bills, selling fast is one way to prevent from losing cash on a monthly basis.
These tips will help you avoid an emotionally charged process, maximize your sale proceeds and sell the inherited home quickly.
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