Estate Sales 101 – How to Sell Your Loved One’s Home

At some point in our lives, we will be faced with the death of a loved one. When named as an estate administrator (trustee), there are important considerations for selling a property. First, let’s clarify the meaning of the following terms:

Power of Attorney: document giving power to handle property while one is away or incapacitated.  Powers of Attorney die with the person.

Will: document appointing trustee(s) of and the way in which one’s estate is distributed after death.

Estate: all property owned by a person at their death.

Death Certificate: document prepared by funeral home with all pertinent information.

Probate: document issued by the court proving a Will and giving trustee(s) authority to deal with the Will.

The first step as trustee is to meet with an estate lawyer. Lawyers help obtain probate (if necessary), transfer title and administer the estate. They will also recommend a trusted realtor.

If an elderly loved one is considering selling, there has never been a better time to sell than right now. Low interest rates, lack of inventory and a growing number of buyers means multiple offers and high prices. Our current seller’s market is moving extremely quickly even if a home is not updated. However, if you are looking to maximize the payout for beneficiaries (or to subsidize long-term care) you may want to consider everything from painting and staging the home to full kitchen and/or bathroom renovations. Your realtor will help you formulate a plan that works for everyone and refer you to other professionals.

Prior to listing the home for sale, the Death Certificate must be registered on title and an application for probate filed with the court. An experienced agent will know the correct verbiage to insert into the agreement to protect all parties should probate not be granted prior to the closing date. Your estate lawyer will notify the court when the property is sold so probate may be expedited. 

Please always seek the advice of professionals who are experts in estate law and real estate to enable you to make the best choices for your family. For more information, feel free to contact me.

Debbie Braun, Realtor at Keller Williams