Sell Your Inherited House In Orlando Florida
Did you inherit a house that needs to, or has already, gone through probate? Wanting to sell that property?
First off, let’s talk about what probate actually is.
According to the Florida Bar, probate is “a court-supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent’s debts and distributing the decedent’s assets to his or her beneficiaries.”
One enormous aspect of probate includes real estate. Specifically, properties that are in the name of the deceased only, with no one else having the right of survivorship. Note: A property that is owned by a deceased person and a person who has the right of survivorship is NOT a probate property.
And that’s what brings us here. Say you have a probate asset property and you want to get it sold, what are your options?
First, find a great probate lawyer to help you – if you don’t know of any, connect with us and we can give you a recommendation.
We have dealt with many probate cases in the past and know what it takes to have it successfully proceed.
A lawyer knows the rules, documents, and legal assistance that you need to complete in order for probate to be successful. Having a lawyer will help you and get the probate process done as quickly and efficiently as possible.
Usually, even if the deceased had a will, that will not be enough to avoid probate.
In Florida, properties that are in the name of the deceased only, with no one else on the title who has the right of survivorship, must go through probate even if the deceased had a will. This is because the will itself does not get recognized as sufficient evidence to convey title (give title of the property to another person). Wills can be forged, edited, or changed entirely without the knowledge of the deceased, so they cannot be presumed to be valid after the deceased has passed.
There are two types of probate possible:
Formal Administration (aka Regular/Full Probate):
- Most common form of probate
- Includes 3 steps: Opening estate, administering estate & closing probate
- Takes a minimum of 3 months, but usually takes 6-9 months
- A shortcut (less time and money) compared to a Formal Administration probate
- It requires that the death occurred more than 2 years ago, OR that all property in the estate (minus the amount exempt from claims of creditors) is less than $75,000
- Depending on homestead status, status of last will and testament, beneficiary agreement, and various other things, a Summary Administration may or may not be able to happen
- Can take 4 weeks to 3.5 months to complete
Even if the person passed away years ago, probate can still be successfully completed.
Say your loved one died 10 years ago, or even 50 years ago, probate can still get started. In Florida there is no deadline to complete the probate. Keep in mind, during this time the property taxes should still be paid by the family/heirs so that tax deeds on the property are not given to others.
All beneficiaries/heirs will need to be available to sign waivers, consent forms, and other probate documents
The more people that are beneficiaries to will or the deed, the more complicated it can get, as everyone needs to sign the documents for probate
Also, when the house sells, each of these beneficiaries needs to sign the sales contract, deed and closing papers.
Easy to sell the house as-is
If you find a buyer during the probate process, they will most likely be willing to take the house as-is without any repairs made to the property – which takes a load off of you and makes it easier to sell the home. Investors in particular are more willing to purchase homes as-is.
Once the court names you as executor/personal representative, you can sell the home
We are investors who are able to walk through the process with you, and understands the time and steps it takes to finalize the deal.
Sometimes it is best to sell the home early on in the probate process, as it costs money to keep a home running (e.g. utility bills, insurance, property taxes).
Please note: We are not Probate Attorneys or Judges. If you need specific legal advice for your situation, please contact an attorney for information specific to your state, as requirements vary widely from state to state.