How to sell an inherited house in Apopka
Most Americans favor the use of a will over a living trust, putting their heirs through undue hardship and expense. If people were aware of this fact, living trusts would be far more common. But unfortunately this is not the case so usually heirs need to find a cash home buyer who can quickly navigate through legal complexities. The complicated side to probate deals prompts traditional real estate agents to avoid them altogether because of a lack of training and the extra time that’s necessary to close.
If you are a beneficiary in Florida waiting for asset dispersion through a will and are about to wait through a lengthy probate process, you are probably searching for a lawyer right now. Just doing a cursory internet search for one in Apopka, Orlando you will see how saturated this niche is. The reason is that probate law is an extremely lucrative business which is free of the hassle associated with trial law. The money that your recently deceased relative saved by making a $300 will is soon to be overshadowed by a big payday at your expense.
The typical time it takes for the Florida probate process is between 6 months to a year. Sometimes the process can take multiple years because of an unfortunate mistake that a decedent can make while writing the will. If the will states that the decedent’s house is to be sold before given to the beneficiaries, creditors of unsecured debts can petition for money that is owed to them. This can happen even though Florida law states that an inheritance property has immunity from all debts outside of mortgage and tax.
Another way a probate can be extended is if a beneficiary challenges how assets are distributed. Of course this can contribute to family infighting and a need to get the process finished as soon as possible. This scenario and others reveal why cash home buyers are an essential part of the puzzle. They can get a house sold quickly where a sale through a real estate agent would be drawn out. Plus, there would be a 6% commission paid as a reward for one or more agents’ participation.
Apopka Probate Steps for Executors
1) Submit the will to the court & petition for administration of the probate as an executor
2) Wait for the Letter of Personal Representative which the judge issues giving you authority as an executor
3) Give notice to all creditors and beneficiaries by mail that the estate is in the probate process
4) Inventory decedent’s belongings for disbursement to beneficiaries in keeping with the directions of the will.
5) Create a final accounting report showing disbursements to beneficiaries and compensation for acting as the executor.
6) The executor files a petition for discharge of the estate when he has completed his responsibilities.
Can you sell a property before the probate process is over?
Yes you can. However, the probate must be under ‘Formal Administration’ where an executor is named. Under a ‘Summary Administration’ this is not allowed as there is no executor to oversee the transaction. But rest assured, if you are going through the probate process you will most likely fit into a Formal Administration… one evidence being that there is an executor.
One thing that you should realize is that the executor has a lot of responsibility in administering the dispersion of assets. For this responsibility he can be financially compensated from the sale of the decedent’s assets. Unscrupulous executors may even overstep their bounds and charge more than they should. That’s why you want to keep the sale of the probate property as simple as possible. A home buyer can come into the situation and take that burden away from the executor to minimize the angst and temptation to charge more.
Lowering the house price to get a sale goes against what the realtor promised so beneficiaries turn to cash buyers to get the sale done.
Why not call a realtor?
We’ve already mentioned in this article that realtors tend to avoid probate deals because they are not comfortable with the legal complexities involved. They would prefer to focus on regular deals, leaving more time to chase even more regular deals. This thinking is ingrained in their business culture to the extent that they are not trained to handle probate deals effectively.
Another noteworthy reason to avoid real estate agents is that a lot of the time the beneficiaries are not local. They don’t want to deal with a prolonged sale of a house in Apopka where they have to pay people to maintain the property. Lawn care and water utilities add up through the months as the beneficiaries get frustrated with the waiting time. One contributing factor to the long wait is that buyers aren’t nibbling at the price which the realtor shoots for.