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How to Sell an Inherited Property in Tampa
Do you have an inherited house in Tampa, Florida that you’re thinking of selling?
If so, you’re in a unique position with its own set of challenges and opportunities. The truth is that inheriting a property can feel like a windfall, but it’s crucial to understand the ins and outs of the selling process to ensure a smooth transition.
Since Florida has particular rules for inherited homes, we’ll walk you through the basics, helping you avoid potential pitfalls and make the most of your sale.
If you’re interested in selling an inherited house in Tampa, Florida for cash, we can help. Our home buying company in Tampa specializes in buying inherited properties, and we can make you a fair offer without any hassle. Contact us today to learn more.
“I Inherited a House in Tampa and Need to Sell.”
We buy inherited houses, condos, and multi-families in Tampa, Florida, regardless of their condition. We’ll take care of all the clean-up and repairs, so you don’t have to worry about a thing.
Can You Sell An Inherited House in Tampa, Florida?
Yes, you can sell an inherited house in Tampa, Florida. However, there are a few things you need to keep in mind before you put your house on the market.
First, you’ll need to go through the probate process. This is a legal process that transfers ownership of the deceased person’s assets to their heirs. The probate process can take several months, so it’s important to start planning early if you need to sell your house quickly.
Let’s dive into this topic in more detail…
What to Know About Probate Court
In Florida, before selling an inherited property, it typically goes through what’s known as the probate process, which might last anywhere from 6 to 9 months. However, depending on the circumstances, such as the presence of multiple beneficiaries or if a will wasn’t left behind, this duration could stretch even longer.
During this time, you’ll be required to present the deceased’s death certificate and provide evidence of property ownership. Moreover, be prepared to settle any lingering financial obligations tied to the property – think outstanding mortgages, property taxes, and assorted bills.
Exceptions to the Probate Rule in Florida
Yet, the good news is that certain scenarios allow for bypassing the often lengthy probate process, including:
- Florida Lady Bird Deed: These special types of deeds, also known as enhanced life estate deeds, permit property owners to transfer the house’s title to a chosen beneficiary. The best part is that the original owner retains the authority to alter or cancel these deed details and maintains complete control over the property for the duration of their life.
- Inheriting a House in a Trust in Florida: Trusts serve as legal vessels facilitating the transfer of property ownership upon the grantor’s (original owner’s) passing to the chosen beneficiary. Throughout the grantor’s lifetime, they can continue enjoying the property’s benefits as though they remain the outright owner.
What if there is a Mortgage On Your Inherited Florida Property?
Probate court aside, if you’ve inherited a property with a mortgage, you have three viable options to consider. These are:
- Liquidating Assets for Debt Settlement: Sometimes, the most straightforward path is to sell off the inherited property and use the proceeds to cover the pending mortgage. After the debt’s cleared, any remaining profit is then distributed amongst all rightful heirs.
- Assuming the Mortgage: Alternatively, if you wish to retain the property, you can opt to have both the real estate ownership and the outstanding mortgage transferred to your name. This way, you become the homeowner while continuing to service the existing debt.
- Facing Foreclosure: In instances where none of the inheritors is willing or able to manage the mortgage, Florida’s lenders have the right to initiate a foreclosure process on the property.
The Alienation Clause Nuance
A key element to note here is the ‘Alienation Clause.’ This clause kicks into effect when the ownership of an inherited property changes hands to a new beneficiary. It essentially demands the full settlement of the mortgage. Yet, specific provisions could allow inheritors to make mortgage payments incrementally. To navigate these waters, consulting a real estate attorney can prove invaluable.
What Happens If Someone in Tampa, Florida Dies Without a Will?
If someone dies without a will, they are said to have died intestate. In this case, the state of Florida will distribute the deceased person’s assets according to its intestate succession laws.
Florida’s intestate succession laws are designed to ensure that a deceased person’s assets are distributed to their closest living relatives. The following table shows the order of priority for inheritance under Florida’s intestate succession laws:
|Order of Priority||Heirs|
|6||Other relatives, such as aunts, uncles, nieces, and nephews|
If the deceased person does not have any living relatives, their assets will be distributed to the state of Florida.
What is the Cost of Inheriting Property in Tampa, Florida?
The cost of inheriting a property in Tampa, Florida, depends on numerous factors. Additionally, there are other costs associated with inheriting a property, such as:
- Probate fees: Probate is the legal process of administering a deceased person’s estate. Probate fees vary depending on the value of the estate, but they are typically around 1% of the estate’s value.
- Attorney’s fees: If the deceased had a will, the heir may need to hire an attorney to help them navigate the probate process. Attorney’s fees can vary depending on the complexity of the estate and the experience of the attorney.
- Appraisal fees: If the property is being sold, the heir may need to pay for an appraisal to determine the value of the property. Appraisal fees typically range from $300 to $500.
- Real estate agent’s commission: If the property is being sold, the heir may need to pay a commission to the real estate agent who helps them sell the property. Real estate commissions typically range from 5% to 6% of the sale price of the property.
In addition to these costs, the heir may also be responsible for any outstanding debts or liens on the property.
Here is an example of how much it might cost to inherit a property in Tampa, Florida:
|Probate fees||1% of the value of the estate|
|Attorney’s fees||Varies depending on the complexity of the estate and the experience of the attorney|
|Appraisal fees||$300 to $500|
|Real estate agent’s commission||5% to 6% of the sale price of the property|
Are There Taxes on Inherited Houses in Florida?
Yes, there are taxes on inherited houses in Florida. However, there are a few things to keep in mind.
- Inheritance Tax: First things first, let’s address the elephant in the room. If you’re concerned about inheritance tax, breathe easy. While it’s a levy some states impose when one inherits property, Florida stands as an exception. The Sunshine State doesn’t charge an inheritance tax on real property. And here’s a bonus: Spouses and children of the deceased are typically exempted from this tax across states that do charge it.
- Transfer Tax: When the property’s ownership changes hands, there’s a one-off transfer tax. In Florida, this amounts to 0.7% of the home’s total sale value.
- Property Tax: This annual levy is based on the assessed value of the property. In Florida, it averages out to about 0.98% of the property’s total sale value.
- Capital Gains Tax: This tax kicks in when you decide to sell the inherited property. Notably, you’re not taxed upon inheritance but upon sale, and the IRS calculates this based on a stepped-up basis. Fortunately, Florida doesn’t burden individuals with a state-specific capital gains tax.
Can I Avoid Capital Gains Tax on Inherited Property in Tampa, Florida?
If you’ve inherited a property in Tampa, there are a few things you can do to avoid paying capital gains tax when you sell it.
- Live in the property for two out of the five years before you sell it. This is known as the primary residence exclusion, and it allows you to exclude up to $250,000 of capital gains from your taxable income (or $500,000 if you’re married filing jointly).
- Do a 1031 exchange. A 1031 exchange is a tax-deferred exchange of investment properties. This means you can sell your inherited property and buy another investment property without having to pay capital gains tax immediately.
- Donate the property to a qualified charity. If you donate your inherited property to a qualified charity, you can deduct its fair market value from your taxable income. This can be a good option if you have a highly appreciated property and don’t want to sell it for cash.
Which option is best for you will depend on your individual circumstances. Be sure to talk to a tax advisor to discuss your options and choose the one that’s right for you.
Here’s a bonus tip: If you’re not sure whether your inherited property is considered your primary residence, talk to a tax advisor. They can help you determine if you meet the requirements for the primary residence exclusion.
What Happens If There Are Multiple Inheritors?
Another important element to consider is that it’s not uncommon for properties in Tampa to be inherited by multiple family members. This can add layers of complexity to the selling process, as all inheritors must agree on the sale and the distribution of the proceeds.
However, there are strategies to simplify things. One effective approach is the appointment of a neutral party, such as a trusted friend, family member, or attorney. This neutral individual can serve as a mediator to address concerns, facilitate discussions, and ensure that everyone’s interests are represented fairly.
Here are some of the benefits of appointing a neutral party to help sell an inherited home in Tampa:
- Transparency: A neutral party can help to ensure that the selling process is transparent and fair to all inheritors.
- Communication: A neutral party can help to facilitate communication between the inheritors and other stakeholders, such as real estate agents and attorneys.
- Conflict resolution: A neutral party can help to resolve any conflicts that may arise between the inheritors.
- Expertise: A neutral party may have expertise in real estate or estate planning, which can be helpful in navigating the selling process.
Addressing Disagreements Among Inheritors in Florida
While it’s ideal for all inheritors to agree on the sale of an inherited home in Tampa, this isn’t always possible. If you’re unable to reach a unanimous decision, the majority of inheritors have the option to move forward with the sale by filing a partition action in Florida probate court. This legal process allows the court to order the sale of the property and divide the proceeds equitably among the inheritors.
If the sale of the property occurs after the probate process has been completed, the partition action must be filed in the local circuit court, not the probate court.
How Do I Sell an Inherited House in Tampa, Florida?
Now that you have everything in place, it’s time to finally list your home. The steps involved are similar to selling any other property, but there are a few key things to keep in mind.
- Hire a real estate agent who specializes in selling inherited houses. A good agent will be able to help you navigate the probate process and market your house to the right buyers.
- Set the right price. Do your research to determine a competitive price for your house. You can use online resources like Zillow and Trulia to get an idea of what similar houses in your area are selling for.
- Invest in professional photography. Good photos are essential for marketing your house online and in print. Hire a professional photographer to take photos of your house that showcase its best features.
- List your property on the MLS. The MLS is the primary database used by real estate agents to find homes for their clients. Listing your property on the MLS will give it maximum exposure to potential buyers.
- Hold open houses and viewings. This is a great way to show off your house to potential buyers and answer any questions they may have.
- Negotiate terms. Once you start receiving offers, be prepared to negotiate on price and other terms. Don’t be afraid to walk away from a deal if you’re not happy with the terms.
- Close the sale. Once you’ve accepted an offer, you’ll need to close the sale. This will involve finalizing paperwork, settling closing costs, and transferring ownership of the house to the buyer.
At the end of the day, the challenges associated with selling an inherited home can seem daunting. But with the right approach, you can transform the process into a smoother, more rewarding endeavor.
If you’re aiming for a quick, no-hassle sale, consider selling your inherited property to a cash home buyer. Cash home buyers offer several benefits, including:
- Speed: Cash home buyers typically close on deals quickly, often as fast as 7 business days. This can be especially beneficial if you need to sell your property quickly to settle an estate or to avoid ongoing expenses associated with owning the property.
- Convenience: Cash home buyers typically purchase properties in their current condition, meaning you don’t need to worry about making repairs or improvements to the property. This can save you time, money, and hassle.
- Certainty: Cash home buyers often make cash offers with no contingencies, meaning you can be confident that the sale will go through without any unexpected complications.
- Avoiding commissions and fees: Working with a cash home buyer can help you avoid paying real estate agent commissions and other fees associated with selling a property.
If you’re interested in selling your inherited property to a cash home buyer, I recommend contacting a reputable company that specializes in buying homes in Tampa, Florida (such as Pavel Buys Houses). We can provide you with a fair cash offer for your property and close on the sale quickly and easily.
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Benefits of Selling Inherited Property to a Cash Home Buyer
Selling an inherited property to a cash home buyer in Tampa can provide several benefits, including:
- Speed: Cash home buyers typically close deals quickly, often as fast as 7 business days. This can be especially beneficial if you need to sell the property quickly to settle an estate or to avoid ongoing expenses associated with owning the property. For example, if you inherited a rental property that you don’t want to manage, selling it to a cash home buyer can allow you to quickly and easily offload the responsibility.
- Convenience: Cash home buyers typically purchase properties in their current condition, meaning you don’t need to worry about making repairs or improvements to the property. This can save you time, money, and hassle. If the inherited property is in need of repairs or updates, this can be a major advantage.
- Certainty: Cash home buyers often make cash offers with no contingencies, meaning you can be confident that the sale will go through without any unexpected complications. This can be especially important if you have other inheritors who are relying on the proceeds from the sale.
- Avoiding commissions and fees: Working with a cash home buyer can help you avoid paying real estate agent commissions and other fees associated with selling a property. This can save you a significant amount of money, especially if the property is high-priced.
- Flexibility: Cash home buyers may be more flexible in their offers and terms than traditional buyers, allowing you to negotiate a deal that works best for your situation. For example, if you need to move quickly or if you have any special needs, a cash home buyer may be more willing to accommodate you.
Overall, selling an inherited property to a cash home buyer can be a great way to get a fast, convenient, and hassle-free sale. If you’re considering selling an inherited property in Tampa, Florida, get in touch with us to learn more about your options.
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If you inherited a house in Tampa, Florida, and you’re interested in selling or exploring your options, reach out to us today for a free, no-obligation consultation.
What Type of Inherited Properties Do You Buy?
At Pavel Buys Houses, we specialize in purchasing various types of inherited properties in Massachusetts. Here is an outline of the types of properties we buy:
- Single-family homes: Whether the inherited property is a small cottage or a spacious family house, we are interested in purchasing single-family homes of all sizes and conditions.
- Multi-family properties: If you have inherited a duplex, triplex, or larger multi-unit property, we are experienced in evaluating and purchasing these types of properties as well.
- Condominiums and townhouses: Inherited condos and townhouses are also within our scope of interest. We understand the unique dynamics and considerations involved in these types of properties.
- Vacant land: If the inherited property is undeveloped land or a vacant lot, we are open to exploring its potential and making a fair offer.
- Distressed properties: Inherited properties that require significant repairs or renovations are not a deterrent for us. We have the expertise and resources to handle properties in various conditions.
No matter the type or condition of the inherited property, we are committed to providing a hassle-free and efficient selling process. Our goal is to offer you a fair and competitive offer, allowing you to sell your inherited property in Massachusetts quickly and conveniently.
We Make it Easy to Sell Your Inherited Property
Sell your inherited house without making any repairs. We’ll purchase your home or condo as-is, allowing you to take what’s most important to you and leaving the rest for us to handle!
We’ll buy any home (yes, even an inherited house you’ve discovered is a hoarder house) and eliminate the headaches and stress associated with a traditional home sale.
Probate Related Resources
- Hillsborough County Probate Court: This is the court that oversees the probate process in Hillsborough County, Florida. The website provides information on the probate process, forms, and other resources. https://www.hillsclerk.com/court-services/probate-guardianship-and-trust
- Florida Probate Courts: This website provides information on the probate process in Florida, including links to probate courts in each county. https://help.flcourts.gov/Other-Resources/Probate
- Florida Bar Probate and Guardianship: This website provides information on probate and guardianship law in Florida, including links to resources for attorneys and the public. https://www.floridabar.org/the-florida-bar-journal/2020-a-challenging-year-for-keeping-up-with-changes-to-probate-and-guardianship-rules-and-statutes/
- Hillsborough County Clerk of the Circuit Court: This website provides access to probate court records, forms, and other information. https://www.hillsclerk.com/
- Hillsborough County Legal Aid Society: This organization provides free and low-cost legal assistance to low-income individuals in Hillsborough County, including assistance with probate matters. https://www.hillsbar.com/page/ProBonoAid
- Florida Legal Services: This organization provides free and low-cost legal assistance to low-income individuals in Florida, including assistance with probate matters. https://www.floridalegal.org/
We Buy Inherited Houses in Tampa in Any Condition
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Where We Buy Inherited Properties in Tampa
Inherited a property in Tampa, Florida? We can help! We’re interested in buying inherited properties of all types, from single-family homes to condos. Whether your property needs repairs or is in perfect condition, we’ll make you a fair cash offer.
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