Estate Sale 101
estate sale 101.
– When a loved one passes on, one or more of his/her relatives may be charged with the duty of transferring ownership and possession of all of the belongings and net assets from the clothes and personal affects to the real estate. Legally, this can be very complicated and take years to resolve if the estate is sizeable. But, if there is a surviving spouse, then the process can be simplified if title to the property is held in a certain manner. And, there is the issue of whether the deceased has a living will.
If the decision is made to dispose of the real estate including the home (through an estate sale, court ordered probate or through the provisions of the living will), then a separate course of action is initiated from the process to dispose of the other net assets. And, if there is no living will, then the legal process of selling homes through probate or trust is a court-regulated process that must be carefully monitored and managed. Court deadlines are non-negotiable, precise and the documentation is highly specialized. The court’s oversight must be honored throughout the marketing and sale of the home.
The real estate can be sold by enlisting the assistance of a real estate broker. This is the traditional method to sell real estate and can be very effective if the condition of the property is good. This will take time to complete (and, the broker must be experienced in this process as no mistakes are allowable by the court). But, if the condition of the property is subpar, then the asset may lanquish on the market as most buyers today are looking for ready to move-in condition homes. New kitchens and bathrooms, manicured lawns and more.
One of the potential buyers of homes in sub-par condition is the house flipper. Be it outdated décor, permit issues, leaky roofs and more, the house flipper will purchase the house in its as-is condition with a very fast closing. As short as a week in some cases. This alternative to the traditional broker might be right in many situations if the executor of the estate lives out of state, wants to dispose of the assets quickly or wants to avoid the headaches of renovating the property. House flippers are not always easy to find, but a Google search using keywords such as “estate sale 101, FSBO (for sale by owner), we buy houses” and more should yield results.
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