We buy houses Miami in any situation. We know that selling a home, you inherited is difficult for several reasons. You juggle several things at once, dealing with emotions and sentiment towards a deceased loved one, a complicated probate process, and finally, an added financial responsibility. According to Florida Probate codes, the formal probate administration process can take up to six to nine months, before the property can be sold, the legalities completely differentiate it from selling a regular piece of real estate. In this post, read on to find a simple guide on how to sell a home in probate in Miami FL. If you have been struggling to sell your Florida home in Probate; At Your Trusted Home Buyer, we can help you sell the home fast, receive a direct cash offer, and our full support with the red tape!
What is Probate?
Probate is the process of executing a deceased’s will and administering the assets to the named beneficiaries. The legal transfer of an asset to the beneficiary is the probate process. If not named in the will, the court will appoint an executor, who is responsible for initiating the probate process and seeing to it that the deceased’s assets are distributed, and all pending debts and taxes are paid. In the presence of a will, this process is called testate probate, and Florida probate codes dictate that beneficiaries must file for probate within 10 days post-death of the testator. Intestate Probate (without a will) is a court-supervised process, and according to Florida probate codes, beneficiaries must file a petition for administration
How long does Probate take?
In Florida, there are two main types of the Probate process. Under Florida law, If the value of the property is exceeding $75,000 this would fall under formal probate administration and can take anywhere from 6 to 9 months. If the value is under $75,000, this would fall under summary administration. Summary administration is a significantly cheaper and quicker process and can be completed within a month.
Homestead Exemption and Mortgage Payments
If the inherited home had a mortgage, the beneficiaries are now legally bound to make the mortgage payments. If the home was the primary residence of the beneficiaries, it will qualify for the homestead exemption. Vacation homes or future residences may not qualify.
- Contact a Probate Lawyer
Probate is a complicated legal process. Avoid unnecessary stress and hire an attorney who specializes in probate to guide you through the intricacies of selling a home in probate.
- Get the Home Appraised
Once the courts grant you probate, the logical first step would be to contact an appraiser to find the current market value of the home. Deriving the real value of the home is important to prevent selling at a loss and understanding the ideal sales price for the property.
At Your Trusted Home Buyer, we can assist here. We are professional real estate investors, contact us for an honest valuation of the home for an all-cash offer.
- Sell the Home
- Real Estate agent: The big worry with real estate agents in the slow-moving and cumbersome process is their hefty commission usually between 5- 7%. However, agents are adept in dealing with the MLS and will take full responsibility for handling the red tape. The convenience can come at a grimacing cost.
- FSBO: if you want to save some money on commissions, selling the home yourself could be the avenue. However, this is not the right choice if you have little to no experience in the industry. Besides getting more frequently low balled, legal mistakes or errors in paperwork can be a costly liability.
- Real Estate Investor: The upside to selling the home to Your Trusted Home Buyer is immense. If you need to sell the home fast, we are your number one choice to do so. We buy houses Miami, Orlando, and in all cities of Florida in any situation. We will pick up the tab for all repairs and the closing costs. Probate can be a hassle and selling the home post that is no piece of cake. We can eliminate the sale stress and help you close quickly with a fair cash offer in hand
What makes Your Trusted Home Buyer different is we care about people over price. We have helped numerous consumers sell their homes amidst personal challenges like foreclosure and probate. We would like to help you next!
Moreover, Probate is an intricately detailed process. Please look at the reference links in the post and contact appropriate resources. Read more about Florida probate court processes and laws here