This article appeared in Sunday July 1 2017 Altoona Mirror in the Senior Section
Selling Inherited Property
Unfortunately a passing of a family member will mean the responsibility of selling inherited property. Estates where you are named the executor or executrix have you in charge. What follows is not legal advice, for that you need to contact your attorney. I am going to give you some tips on how to handle the real estate transaction.
The number one tip is to get a Realtor involved right away. We can give you many more tips and help along with specific advice for your property and situation. Every home and area is unique and the local expert can guide you through the best approach to get the property sold.
Next is to make sure the property gets on the market as soon as possible. Leaving it vacant for a long time and not getting it ready for sale creates an insurance problem. Vacant properties are often broken into and vandalized so insurance premiums increase.
Don’t overestimate the value. Often inherited property comes with fond memories of family and friends. Your Realtor will guide you not only in pricing but in offers and negotiating. The most frequent problem I see is sellers who turn down good offers early. Don’t assume because you got a reasonable or ‘not quite good enough’ offer early on that there will be others. Buyers tend to make better offers when a property first hits the market. The longer the property is on the market the lower the price will go.
Don’t rent it. You will get requests from folks who will want to rent it. It’s best to sell it and move on, you don’t want to become a landlord as part of this process.
Selling the property ‘As is’. Sellers of inherited properties don’t want the burden of fixing up the property and getting it ready for sale. While you can sell it the ‘way it sits’ it will bring the lowest prices if it is in poor repair and it doesn’t show well. Lenders who loan money on properties have restrictions on some safety and repair items that will preclude that loan type. Again your agent can help.
Commission. Here’s an opportunity to save some money. Use a Perry Wellington Realty agent and avoid that 6% commission – we only charge 4.5% commission and we are the number one brokerage in the area.
If you have questions, you can contact me at 814-695-5323 office 934-5246 cell or email at firstname.lastname@example.org
Adam Conrad Jr. MBA, DREI®, CRB®, SRS®, SRES® e-Pro is the broker/owner of Perry Wellington Realty, licensed in PA, FL, MD, WV, VA and SC with over 135 agents in 15 offices. Adam is the Owner and Director of Education and owner of Advance Academy, real estate school. Adam has lectured in business and entrepreneurship at Pennsylvania State University and other colleges. He hosts a TV Show on CBS affiliate WTAJ-HD weekly on Fridays at 430pm and on the radio Wednesdays noon-1230 on WCBC 1270 in Cumberland MD and Thursdays from 11-noon on WRTA 1240 . He is also an author and contributor to Inman news. Statistics courtesy AHAR MLS 1/1/2017 – 6/30/17.