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What should I know about selling deceased estate property?

What should I know about selling deceased estate property?
Asked By Sherry | Wichita, KS | 560 views | Selling | 1 year ago
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Semi-Pro
27 Answers
Josephine & Raj Sharma

Legacy Homes Realty

(134)

Here are some things to consider when selling a deceased estate property: Determine who has legal authority: Before selling a deceased estate property, it is important to determine who has legal authority to sell the property. This may be the executor or administrator of the estate, who has been appointed by the probate court. Obtain necessary documentation: The executor or administrator should obtain the necessary documentation, such as the death certificate and the will, if there is one. This documentation may be required by the probate court or the real estate agent. Determine the value of the property: The executor or administrator should obtain an appraisal or valuation of the property to determine its fair market value. This can help to set a reasonable asking price. Hire a real estate agent: It is recommended to hire a real estate agent to assist with the sale of the property. The agent can help with pricing, marketing, and negotiating the sale. Prepare the property for sale: The property should be cleaned and any necessary repairs should be made before it is listed for sale. This can help to attract potential buyers and increase the value of the property. Consider any tax implications: There may be tax implications associated with selling a deceased estate property, such as capital gains tax. It is important to consult with a tax professional to understand these implications. Communicate with beneficiaries: The executor or administrator should communicate with the beneficiaries of the estate to keep them informed about the sale of the property. This can help to prevent any misunderstandings or conflicts. Overall, selling a deceased estate property can be a complex process, consult with a real estate attorney, but with careful planning and preparation, it can be successfully accomplished.
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Novice
2 Answers
Angelo Zegarra

AVENEW REALTY

(21)

Selling a deceased estate property can be a complex process that requires careful planning and execution. Here are some important things to keep in mind: Obtain legal advice: You will need to obtain legal advice to ensure that you are authorized to sell the property and that you comply with any legal requirements. Determine who is responsible for the estate: The executor of the will or the administrator of the estate is responsible for handling the sale of the property. Get a professional appraisal: Get a professional appraisal to determine the market value of the property. This will help you to set a realistic price and avoid underpricing or overpricing the property. Clean out the property: Remove all personal belongings from the property before putting it on the market. This can be a sensitive process that requires sensitivity and care. Hire an experienced real estate agent (ME) : A real estate agent with experience in selling deceased estate properties can help you navigate the process and get the best possible price for the property. Disclose any defects: You are required by law to disclose any defects in the property to potential buyers. Be prepared for a longer selling process: Selling a deceased estate property can take longer than selling a regular property. This is because it can take time to obtain the necessary legal and administrative approvals. Be sensitive to the emotions of family members: Selling a deceased estate property can be an emotional process for family members. Be sensitive to their feelings and communicate with them throughout the process. Overall, selling a deceased estate property requires careful planning, legal advice, and sensitivity to the emotions of family members. By following these guidelines, you can navigate the process successfully and ensure a smooth sale.

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Novice
1 Answer
Shawn Hartmann

RE/MAX Results | Grand Avenue Office

(53)

Hi Sherry, Since the statu of. The property will dictate how you go about selling, I’d recommend starting by discussing the specific property with a local elder law or estate attorney. Google one for your area. Once you know the specific details of what is needed to proceed, then find an agent who is experienced with handling an estate transaction.

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