Northville Real Estate Agent Explains
Although inheriting a home can be a generous gift from a loved one, dealing with the estate settlement process can be overwhelming – especially if you live out of state. You’re more than likely still grieving the loss of a relative, yet important decisions need to be made quickly and efficiently.
First, will you move in, rent or sell the property? Is there a mortgage on the property? Mortgage terms or market conditions may determine how soon you put the home on the market.
In this article, Northville real estate agent, Tracy Wick will be focusing on the steps for selling your inherited home and how to sell it as quickly as possible without leaving money on the closing table.
Estate Settlement Process
Determine the Value of the Inherited Home
Before you place real estate on the market, you will need to find out what it’s worth. Start by taking photographs, recording measurements and other data.
Identify and list any repairs that are needed on the home’s interior or exterior.
Order a formal appraisal to determine the cash value of the estate in its entirety.
Complete a comparative market analysis by looking at recently sold properties that are similar to your inherited home. A comparable home will be similar in square footage, acreage, number of bedrooms etc. You must also consider the condition of the home and where it is located. An experienced real estate agent can provide a comparative market analysis for you.
Secure the Home and Tangibles
Immediately change the locks, garage codes and install a security system. Inherited homes that are unoccupied are major targets for theft and vandalism. Today’s technology provides 24/7 live audio video monitoring so even out of state executors can keep a close watch on all activity.
In addition to deterring criminals, a home security system will allow you to remotely monitor contractors making repairs or cleaning out the home.
Stabilize the Condition of the Property
The decor of inherited homes is often frozen in time if an elderly relative has lived there for several years. Address any repairs to the interior and exterior. Make updates where needed but be careful not to over improve the home with no financial benefit. A professional real estate agent can help you determine the updates that will provide the most ROI.
Personal Property Management
Take inventory of personal property, order appraisals for valuables such as fine art, jewelry, antiques and collectibles, then distribute among family members.
Hire a professional company to clean, organize, and stage the home for an estate sale.
Putting the Home on the Market
After all repairs and remediation are complete, and all unwanted items are cleaned out from the property, it’s time to list your inherited home.
Contact an experienced real estate agent who is familiar with the community to help price the property and market it aggressively to buyers. 2019 is currently a sellers market which can benefit the beneficiary. A professional agent can maximize the market value and help you navigate any multi-bid situations so you receive the highest price for your sale.
Contact Northville Real Estate Agent, Tracy Wick
Completing this estate settlement process will require several professionals. You will need to hire a real estate agent, a professional appraiser, security companies, and contractors for repairs and clean-outs.
Why not make one call to Northville real estate agent, Tracy Wick who will manage the entire process for you? Tracy Wick Property Team provides full spectrum, concierge-like services to those who want an easy, ‘hands off’ approach. Our trusted contractors built over 25 years of experience will help you to prepare and sell your home quickly and at a favorable price.