Inheriting property is not always the windfall that most people assume it is. If you inherit Florida real estate after an elderly parent passes away, and if you do not have the time, means or motivation to keep it, you may wonder what steps you should take next.
From the costs associated with the property to the property being in another state, you may have several reasons for not wanting to keep your deceased parent’s property. The reason, however, does not matter. The important thing is that you are not without options. Yahoo! Finance explains what to do when you inherit real estate you do not want.
Consider the state’s waiting period
Some states have waiting periods for when heirs may sell property after inheriting it. For instance, in Arizona, an heir has to wait 90 days after inheriting property to put it up for sale. Though Yahoo! Finance does not detail Florida’s waiting period, you should, at the very least, take into consideration the time it will take to probate the home. Probate takes, on average, four to six months to complete, though it could take longer. Use the time you have to explore your options in-depth.
Obtain an accurate appraisal
During the waiting period, work with an experienced appraiser and real estate broker to determine the fair market value of the home. You should do this even if the deceased left an appraisal with the property, as the value of real estate frequently changes.
Work with a reputable realtor
It may be tempting to sell your parent’s property to an eager investor but refrain from doing so. Most investors will assume you know nothing about the home and attempt to buy it for far below its market value. Though you will have to continue to make mortgage, tax, utility and other payments on the home until you find a reputable realtor, selling the property the right way can yield a far greater profit than rushing into a sale.
Think about your other options
Real estate is versatile, and there are dozens of things you can do with inherited property even if you do not plan to use it. For instance, Yahoo! Finance suggests renting it out if it is in good condition; fixing it up and flipping it for a profit; turning it into a vacation rental; transferring the property with a quitclaim deed; renouncing or declaiming the property; or donating it.