ESTATE SALES: 15 Tested Tips To Self Inherited Property

When a distant relative dies, dealing with the grief can be difficult enough. Or when elderly parents or aunts and uncles give up their home for assisted living or a nursing home, the transition can be difficult. Often in addition to the emotions, the family must deal with tasks that can't wait: the sale of the house and disposition of its contents.

To assist family members who take on the responsibility across town or for a long-distance estate sale, here are some helpful pointers. Our estate sales experience has helped us divide these insights into two parts:

• Property Maintenance
• Preparation
• Special Legal Concerns

Proven Techniques To Help You Sell An Inherited Property The Easy Way

Property Maintenance and Preparation
Be prepared to spend some time in or near the house immediately. Then plan return trips until it sells. If several other heirs or relatives are involved, draw up a timetable
of tasks and divide the list. Make an inventory of everything in the house and a list of needed repairs to get the house ready to sell. Get information on local market conditions, tax payment due dates, inspections, and other items as needed.

• Find out which items are willed and to whom, and arrange to have them picked up
• Remove clutter and excess furniture before listing the house-but don't clear out everything.  A hospitable home shows best.
• Consider putting excess furniture in storage, holding an auction or sale, or calling a charity to pick up the remaining items (get receipts).
• Ask neighbors or nearby relatives to keep an eye on the empty house. Let
  trusted neighbors know your name, your car, and when you'll be around so they can spot if there's a problem at other times and notify you.
• Use electric timers to give the house a lived-in look; be sure the yard is kept clean and trim, and all newspapers and flyers are picked up.
• Schedule work to be done on the house when you plan to be there. Keep a list of everyone you've talked to or need to talk to. Try to locate the names and phone numbers of contractors the owner would have used.
• Set up appointments well in advance if you live far from the property, and make sure weekend visits also include a work day or two to meet with accountants, attorneys, etc.
• Cancel deliveries, magazine subscriptions, newspapers, cable TV, and other extra services.
• Keep paying the utility bills and mortgage, and keep the lights, heat and phone turned on.

Special Legal Concerns
Find out where you stand legally. Who inherited the house under what arrangement? Is there an executor who will pay bills? Or, in the case of relatives who can no longer live alone, have they given you or another the authority to handle the sale?

• Hire an appraiser to establish the true value of the property prior to putting it on the market.
• Get permission in writing from all beneficiaries to sell the property. You may also need to get court approval, if you are acting as the estate's executor.
• Diligently search to determine any and all of the previous owner's outstanding liens or obligations. This will give you an idea of the exact status of the property.
• Consult with legal counsel who is versed in the applicable federal and state laws pertaining to estate sales. Do not make decisions or sign anything without consulting a lawyer first.
• Learn about local ordinances governing home sales and inspections from your real estate agent. Also find out about local practices regarding buyer and seller responsibilities and what property is typically sold with the house.
• Remember to work with professionals every step of the way, and keep focused on the task at hand. Once the ordeal is over, give yourself a break. Take a nice vacation to unwind and deal with your emotions.

Work With a Professional
We'd be happy to put you in contact with a top real estate agent outside our territory or in a distant market through our affiliates network.

• Ask their advice on how to make the property marketable.
• Determine if you can do any fix ups or whether you need a local contractor.
• Otherwise consider marketing the property "as is" at a lower listing price.
• Learn about local ordinances, inspections, and real estate practices that affect the sale, such as what fees are typically paid by the buyer or the seller.