Contact Inherited Property Advisors Inc.
Wilton Manors, Florida
Phone
(754) 800-5518
info@inheritedpropertyadvisor.com
Office
Wilton Manor, Florida
Hours
Monday-Friday:
7am – 7pm
Service Areas
We Serve Wilton Manors+ All Of Florida
Inherited Property Advisors Inc proudly serves this vibrant community and its picturesque surroundings. Our experienced team is deeply familiar with the nuances of the Walton Manors + Florida real estate market.
Get an Estimate or Schedule an Appointment
Get In Touch
Have a question or concern? Need to get on touch? Feel free to contact us and we’ll make sure to respond to you in a timely manner.
Email:
info@inheritedpropertyadvisor.com
Phone: (754) 800-5518
Address:
F.A.Q.
Common Questions
What is the tax basis for an inherited property, and how does it affect capital gains taxes when selling?
Inherited properties typically receive a “step-up” in basis, meaning the property’s value is reset to its fair market value at the time of the original owner’s death (not what they originally paid).
This can minimize capital gains taxes if you sell soon after. For example, if the property was worth $300,000 at inheritance and you sell for $350,000, you might only owe taxes on the $50,000 gain.
However, holding it longer could lead to additional gains. Consult a tax advisor for details, as rules like the home sale exclusion might apply if you live in it first.
Do I need to go through probate before selling an inherited property?
It depends on how the property was titled and your state’s laws. If it was in a living trust, held in joint tenancy, or had a transfer-on-death deed, you might bypass probate.
Otherwise, probate is often required to legally transfer ownership. This process can take months to a year, during which you may not be able to sell. An estate attorney can help navigate this and potentially speed things up.
Can multiple heirs sell an inherited property together?
Yes, but all heirs must agree on the sale terms, or it could lead to disputes. If the will doesn’t specify, the property might be divided equally.
Options include one heir buying out others, selling and splitting proceeds, or partitioning the property through court if there’s disagreement. It’s wise to involve a mediator or attorney early to avoid family conflicts.
How do I determine the fair market value of an inherited property?
Get a professional appraisal from a licensed appraiser, which is often required for probate or tax purposes anyway.
You can also compare recent sales of similar properties (comps) in the area using tools like Zillow or Redfin, or hire a real estate agent for a comparative market analysis (CMA).
Factors like location, condition, and market trends play a big role—aim for an accurate valuation to set a realistic selling price.
What costs should I expect when selling an inherited property?
Common expenses include real estate agent commissions (typically 5-6% of the sale price), closing costs (1-3% for title fees, escrow, etc.), potential repairs or staging, and any outstanding property taxes or liens.
If probate is involved, add attorney and court fees. On the plus side, some costs might be deductible from taxes. Budgeting 7-10% of the sale price for total costs is a rough estimate.
How long does it usually take to sell an inherited property?
The timeline varies widely— from a few months to over a year. Probate can add 6-12 months alone. Once ready to list, marketing and closing might take 30-90 days in a hot market, longer in a slow one.
Factors like property condition, location, and economic conditions influence speed. Selling “as-is” to investors or cash buyers can accelerate the process if you’re in a hurry.
What if the inherited property has a mortgage or liens—can I still sell it?
Yes, but any outstanding debts (like mortgages, taxes, or liens) must be paid off from the sale proceeds before you receive your share.
The executor or administrator handles this during probate. If the mortgage is assumable, a buyer might take it over, but that’s rare.
Check for any reverse mortgages, as they could complicate things. A title search early on will reveal issues, and working with a real estate professional can help resolve them.