Inheriting House Questions
First time posting, and a newbie in real estate. My husband is the heir of one of his aunt’s 2 houses. It’s in the process of probate, the “petition the court to validate the will and appoint the executor” part. It’s a larger house, (CT)with an additional apartment.. We haven’t been there in years, but it unfortunately became the elderly aunt’s hoarding situation.😖 we live 4 hours away out of state.
So many questions, not sure where to start. We are in pretty close contact though texts/email with the aunt’s daughter (someone we didn’t know about until they reunited 25 years ago). She seems very transparent, and has been keeping us informed of everything she’s doing during this emotional and stressful period. She sends pictures, and is almost done with the clean out that she said was her responsibility. (we are thankful as we have no interest in the contents) I always thought nothing could happen before probate was sorted out, but.. 🤷♀️ She IS working with a lawyer, (i believe the aunt’s lawyer) so we’re assuming this is the process before it is handed to us and is our responsibility. She said to maybe start researching realtors as she knows we’ll be selling right away, so that we can be ready to hopefully sell it quickly and smoothly.
I’ve been reading articles about realtors, and how not to be low balled by certain types who can take advantage. I guess one question is how to know you’re not dealing with these franchises, or types that prey on these kinds of situations. Daughter told us “her lawyer” (the one handling the estate probate stuff) would be the “real estate lawyer”. Is this normal?
Any advice to help us navigate will be appreciated. I may not reply right away because of other life stuff popping up, but look forward to coming back here to see!! Sorry this is long, but thank you thank you!
* This could be a very welcoming windfall for us, but am also afraid of a potential disaster too.
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Comments
Do you have a realtor in your local area that you like/trust? If so, ask them for a referral; they get a cut of the commission for doing that, so they'll find someone good who will sell your property for the best possible price. I did this when selling my last house from 1000+ miles away (I did a ton of reno after moving out) and had multiple offers above asking within a week.
I know you said your husband has no interest in the contents of the house. I’m speaking from my own experience with a stepmother and her family. They stripped my dad’s home of all valuables and sold them - down to the oven and refrigerator. I was 3,000 miles away from CT and trusted them. The estate’s “value” would include the contents of the home. I’m not suggesting you want the contents or are overly concerned about their value. Just that you not trust blindly.
Hello PK, sounds like a situation that could accelerate your path to FI, which will be a wonderful legacy. Sounds though that you have a lot of emotions (anxiety, fears) about inheriting this property and would benefit from having a trusted professional to help you and your husband navigate your options. I sold by parent’s house (different state 900 miles away). This situation may be new to you, but long distance property sales happen routinely and you don’t have to go it alone.
You may want to consider interviewing at least 3 realtors from the area where the property is located who have current or recent listings in the same neighborhood who will know the local valuations and market conditions. These agents can be identified by looking at listings on Zillow.com or Realtor.com. You could start by emailing them a brief description of what you want them to do for you, and simply ask them to respond by telling you what they can do for you. A good local Realtor will offer to run market analysis and be prepared to provide a list of vetted local contractors who can provide lawn or other services that may be needed prior to and during the listing. Good luck!
Thank you Fab, truly,😊 for your insight and supportive encouragement. I’ll head to the sites, pronto! Appreciate your ideas, and taking the time to answer. It’s nice knowing there are people out there who care.When this is all over, I’ll share a celebratory note of cheer! 🌸🌸
You’re welcome!
The beautiful thing about inheriting real estate is that you will get a stepped up cost basis so, assuming there is no protracted delay in the sale that could result in a change in value since the time of death, proceeds should be tax free - but be sure to confirm that with your tax advisor.
If there is a probate process (vs assets in a trust), the records will be open to the public. Real estate investors may start mailing you offering a quick sale with no sales charge, but their offer will be deeply discounted for the promise of a quick sale. Be assured you can sell properties “as is” on the multiple listing service (if that’s what you want to do). Just price the property taking into account its condition. If priced correctly, you should not have a problem selling. A good realtor (you need to interview multiple to find the best fit) will know how to price it properly for the condition. You are in the drivers seat as the incoming owners. Don’t let anyone, including a realtor, pressure you in any way.
I once had rental property I spend a lot of money and time fixing up for sale - only to break even after a huge amount of effort (and financial risk). My remaining rental is expected to become vacant in a couple months and will be sold “as is“ conventionally with a local realtor. Even if I’d miss out on some possible up-side if I fixed it up, there are no guarantees and life is too short.
Wishing you the best. 😉