Estate of Mind

Over the years, I've helped clients with estate sales — the sale of real property when the owner or owners pass away. While they mourn the loss of a loved one, I am there to assist family members with preparing a house (the real estate property) for sale. This does not include personal property. 

Preparations can range from providing sources where items can be donated to recommending contractors who can help remove the contents of a home. 

Here are several ways a realtor can help you with an estate sale:

• Work alongside the personal representative not around them. A realtor who's done estate sales before knows the personal representative needs court approval for certain steps, understands what the Register of Wills process requires timing-wise, and doesn't push a family to list before the legal authority to sell is actually in place. Sales can stall because an agent didn't check legal authority first and had to unwind a listing agreement.

• Price the house honestly. Families are often emotionally attached to a childhood home and get a number in their head that doesn't match the market, especially if the house hasn't been updated in years. A realtor pulls real comps, walks through with a contractor's eye, and tells you what the house is actually worth as-is versus what it could fetch after specific repairs.

• Know which repairs are worth it. Estate houses tend to be older and often need work: an old roof, dated kitchen, foundation issues. Each house and each estate is different. A realtor who's seen enough of these can tell a family "replace the water heater, skip the kitchen remodel" instead of letting them either overspend or underprice out of fear.  

• Coordinate contractors and vendors. Most families don't have a go-to plumber or a junk removal crew on speed dial, especially if they don't live near the property. This is where a realtor's vendor/contractor list actually earns its keep: cleanout crews, handymen, an attorney to facilitate the estate process and answer questions, if the family doesn't have one yet. 

• Present sale options clearly. As-is sale, light repairs, or full renovation, as well as off-market listing or MLS listing to the broadest audience of buyers — a realtor should walk a family through the options of each segment of the market as well as the estate’s needs, instead of pushing whichever one is easiest for the agent.

• Keep the process moving while the estate is still open. Depending on the mortgage situation, heirs may need to act quickly and could use some guidance. If there is a mortgage, the personal representative may need to act more quickly depending on the availability of funds to pay the mortgage plus carrying costs. If there is no mortgage, the personal representative may have more flexibility depending on the carrying costs of holding the property.

Carrying costs are the ongoing, recurring expenses associated with owning a property, like property/hazard insurance, utilities, property taxes, and HOA fees. A realtor who's done this before flags these things early instead of finding out three months in that the homeowner's policy expired.

If you're navigating this with a family member's estate or you know someone who may need assistance in selling a home as part of the estate, I'm here to help. I understand how stressful and confusing this situation can be, and I’m ready to support you in making the decisions that work best for you.