You just received the news. You have just inherited your parents’ home. Your adult children don’t want it. Your brother and his family are shying away from it.

What to do?

In the State of Florida, there is some basic information you need to know about. The first item is probate. If the property was solely owned by the deceased and no direct transfer mechanism was established, it must go through the probate court. A personal representative or executor will be appointed to distribute the deceased’s assets according to the will (if one exists) or according to Florida’s intestate succession laws (if there is no will). However, if the property is titled in a way that allows it to transfer automatically outside of probate (e.g., joint ownership with
right of survivorship or a trust), that certainly makes the process easier. So, with probate, your first order of business is to contact a reputable, experienced probate attorney. With inheriting a home, you must make one of the following decisions:

-sell the home
-rent the home
– negotiate with any family members living in the home
– or let the mortgage company foreclose after you walk away.

You need to make a choice sooner rather than later, as there could be delays, especially if there are title issues. Many legal experts suggest that selling the home quickly will save money, time, and stress. Hopefully, the home is in good shape and there are no outstanding mortgages.

If there is an outstanding mortgage, talk to an experienced realtor about a short sale. In addition, you’ll be ahead of the game if you include a CPA. The tax burden accompanying inherited property can be a topic of concern and confusion. Talk to your CPA about the estate tax, the inheritance tax, property tax, and capital gains tax. You’ll feel more comfortable with the entire process when you are familiar with these items. If you decide to sell your inherited house, keep in mind that there are several avenues. One of the quickest ways is to sell the house at auction. However, an auction is unpredictable. You must hire a skilled professional auctioneer and whether your home sells or not, you still have to pay the auctioneer and the associated charges.

Have you seen signs along the highway that read, “We Buy Ugly Houses”? Those people are simply investors and again, there is no guarantee you’ll receive an acceptable offer. Investors want to purchase your home for the lowest price possible.

Another method is “For Sale By Owner.” Statistics from Florida experts report that the average FSBO home may sell for 15% less than homes sold through traditional real estate methods.

The best way to sell an inherited home, along with an experienced attorney and CPA, is to hire a professional realtor experienced in short sales and inherited properties. These realtors are trained to advise their clients on the options and consequences of their choices. One of the best-trained realtors in the area is Realtor Karen Jorgensen with Charles Rutenberg Realty. Contact her at Myfloridahomes4u@gmail.com and begin your smooth journey to closing on your inherited home!