When the hard times land in your lap and your family is tasked with the sale of a loved one’s cherished property, there are a few important things to know. I hope this article is clear and answers your questions. If you have anything additional that you would like professional advice on, please don’t hesitate to contact me directly any time.
Family and Executors. It is good to know how many decision makers will be part of the process – even if there is only one official Executor. Sometimes the process can be more lengthy and complicated if there are several active parties. Decisions must be agreed upon, documents must be signed, and time is often of the essence when dealing with real estate. For smooth transactions, ideally, there would be one Executor who is able to make decisions on behalf of everyone involved.
Should we renovate? Often times, estate properties are sold for land value or to have a significant renovation done. Therefore, investing a lot of money in renovations or updating would most likely not be the best return. The most important thing to help a timely sale will be to ensure the property is clean and all the debris and personal items have been removed.
What is Probate? Probate is a judicial process in which a will is provided to the courts as a valid public document regarding the deceased’s last true testament.
Ensure probate has been granted and there is an Executor as point of contact for the transaction. This will assist in an easier sale once you have come to an agreement on price and terms with a purchaser. If probate has not been granted, there will have to be a condition added to any sale document to allow time for probate to be granted and this can deter a purchaser from writing if they have to wait to long for their offer to be considered or approved.
It is important to contact a REALTOR® to understand the value of the property and the processes in selling. Many times, families dealing with estates may not have an understanding of the property’s current value. City tax assessments are not realistic indicators of market value!
As a professional REALTOR® I am able to do in depth research and I also have access to service providers that assist in dealing with estate homes and preparing them for sale.