Inheriting a home is, more often than not, a mixed blessing. It can be a financial windfall or a worrisome financial burden, but there is always an emotional toll. Decisions always revolve around the home’s location, condition, value, financing, existing debt, necessary maintenance and upkeep, and whether you or other heirs wish to keep the property, rent it, or sell it immediately.
Taking some time to consider selling an inherited property may be good advice for some. Still, it is challenging for others to deal with the emotional impact, and a fast home sale represents the best way forward.
If you have inherited a home in Fort Lauderdale, here are guidelines to help you decide what is best for you. The Homeinc team of licensed advisors offers beneficial information and assistance, including up-to-date, comprehensive market advice, a free property analysis, probate assistance, and help with necessary repairs. Our Homeinc team is also knowledgeable about local zoning rules and municipal, Broward County, and national code requirements, and we will offer suggestions with no obligation.
We understand that it may take some time to consult with family members or other heirs and that an immediate decision may not be possible. But once you have decided to sell, we can make a competitive cash offer on the property with no showings, listings, updates, repairs, commissions, or closing costs. In short, we take all the hassle out of selling an inherited home.
First Steps to Take If You Inherit a Home
The priority is to determine your role: If you are the estate executor or sole inheritor, you have decision-making authority and must honor any stipulated bequests. However, if other heirs or siblings are in the picture, you should evaluate each person’s role. A surviving spouse is typically granted the primary voice in any decision, but that isn’t always the case. It’s vital to determine the hierarchy of authority as soon as possible to avoid future misunderstandings or ill feelings.
If a will exists, take the necessary steps to comply with the stated provisions of the document. Probate requirements differ from state to state, and the legal requirements must be met in all cases. Homeinc can help with probate in Florida, especially if you live in another state. If there is no will, you should seek professional advice, even if you are the sole heir.
The second priority is ensuring the home is protected during a transition period. Locate all documentation concerning ownership, including the deed, original purchase records, mortgage loan papers, tax and insurance documents, existing utilities, service contracts, and significant repair expenditures. Compile a folder of pertinent documentation, including banking, accounting records, legal rulings, and tax returns that can be used to corroborate repairs and improvements to the property, particularly if the value has increased substantially since the initial purchase.
All ongoing commitments — such as the mortgage, utilities, HOA dues, and insurance — should be transferred into your name or to a designated representative who will pay necessary bills and act as a responsible party for legal notifications regarding the home. Make a list of any outstanding debts or property liens so they can be dealt with appropriately.
Clear Out Personal Belongings
As difficult as it might be, removing personal items and memorabilia from an inherited home, including clothing and photographs, is best accomplished sooner rather than later. The task tends to become more difficult the longer you delay. Prepare an inventory of furniture and art, and determine how it will be disbursed to family members or disposed of in another way.
Although there are many guidelines about how to deal with personal effects, each heir’s path will be different. Accept offers of help if that makes your job easier, and don’t hesitate to follow helpful suggestions that help you deal with the physical and emotional trauma of cleaning out an inherited property.
Please don’t assume there is nothing of value in the house or that art and collectibles are worth more than their actual value. Consult with appraisers or professionals before holding a sale or making donations. Finally, never give in to feelings of guilt for moving in a direction that seems right to you, no matter what others recommend.
Make the Decision to Sell or Not
Once you have taken the basic steps to protect and preserve the home for the short term, you face a long-term decision. Options are somewhat limited: Move into the house, rent it, or sell it. Whatever path you consider, investigate the financial implications of your choice before making a final decision. Your decision depends, of course, entirely on individual circumstances. In general, keeping an inherited house as an investment or selling it is the choice of most heirs. Either can have financial consequences.
The team of licensed advisors at Homeinc stands ready to assist you with your inherited home. In addition to offering help with probate, we are known for our knowledge of local home values, ability to make a fast decision, and a quick cash offer. Sometimes, we can schedule a closing in as few as five days, and proceeds from your closing are wired directly to your bank account.
When you work with Homeinc, you are freed from the responsibility of updating or repairing your inherited home, no matter what condition it’s in. There is no need to make repairs or updates or to pay commissions and closing costs.
Call or text Homeinc at (888) 850-2636 with any questions you have about our services. With more than 70 years of experience, we can help you sell an inherited house or make a cash offer if you need to sell a home quickly for any other reason. Our experienced team members take pride in making the process easy for our sellers.