You’ve recently inherited a house in Florida. Should you keep it or sell it fast? If you sell, what is the best way to do it?
For some selling their inherited property in Florida is a no-brainer, and it is just a matter of how fast they can do it. For others there can be many factors to consider when choosing whether to endure the risks of holding on, or letting it go.
So what are some of the most important questions those that have inherited houses in FL should be asking themselves and what are the best options for selling?
10 questions to consider…
1. What condition is the inherited property in?
If it isn’t in mint condition (and looks can be deceiving), how much will it cost to fix up? What surprises could arise and make repairs more expensive? Could there already be existing liens, fines or condemnation notices on the property you are unaware of? What other risks may be involved in attempting fixing it up?
2. How much are the holding costs?
How much are the property taxes, regular maintenance, condominium or housing association dues and special assessments, and insurances, including flood and hurricane protection?
3. What will you do with the property if you keep it?
Will you live in it, use it as a vacation home, or rent it out?
4. Do you have property management experience?
If you are considering keeping an inherited FL property as an investment or rental, do you have extensive experience? What about in dealing with property that may be out of the area you live in?
5. What might be a better use of the money?
Is it smarter to sell this home and buy a newer or better fitting property? How about a more affordable property you can afford to keep up? Or would the money be easier to manage in the stock market?
6. What will you do with any unwanted possessions?
There may be many unwanted possessions or furniture. How much stress and labor will it require to deal with this?
7. What was your benefactors desires?
What was your benefactor’s desires? How could they best be delivered on? Would they want the property to be sold and some proceeds be given to charity, or invested for grandchildren’s college tuition, or for the property to provide a sustainable home and happiness? The best way to achieve this still might mean selling it.
8. What are the risks of waiting to sell?
If selling is the best option, what are the risks of waiting? Property values could increase in the future, but will they outpace rising interest rates, inflation and the immediate holding costs? Even in late 2014 Florida had one of the highest concentrations of foreclosures and delinquent mortgages, a situation which will still take years to solve. During this time some house prices could be pulled down by nearby foreclosures and distressed sales.
9. What is the fastest way to sell an inherited house and get top dollar?
Selling by owner has some challenges, including incurring various real estate marketing costs. Using a Realtor can be a popular go to under normal circumstances, but could take too long, and take too much out of the proceeds. A third alternative is a cash buyer, experienced, in dealing with the quirks of inherited property, and who is willing to purchase the house exactly as-is.
10. Who should I sell my inherited house too?
Quick Cash 2 Sell offers a caring and sensitive staff who are experts in handling the nuances of inherited property in FL, and have helped many others get cash for their homes in just a few days.