Last year, a Triangle estate lawyer contacted a woman from New England to inform her that she was the executor of a will which included a home in Cary. She asked for the lawyer’s help in selling the house, particularly because she was living out of state.
It can be difficult for estate lawyers to find all the time and resources needed to prepare and sell real property in an estate sale, said Chris Edwards. He is a Triangle realty broker who specializes on handling estate and probate homes for estate attorneys and executors.
The New England woman, who was the executor of the estate, would have needed to visit Cary a half dozen times if not for the estate lawyer’s introduction to Edward’s firm. Edwards said that selling real estate for estates like this requires more than just listing the property. It’s not just a matter of putting up a yard sign. The broker must be familiar with the estate, probate and foreclosure processes.
Full Of Stuff
Edwards recalled that the Cary house had a lot of old furniture, clothes, antiques and art. There was also a garage with a Jeep 2019 in it, as well as a sauna. “Preparing the house to sell is one of the most difficult tasks for an executor. It can be an estate sale, a clean-out, a move and storage, the shipping of contents to family, remodeling, keeping the utilities on and completing a thorough cleaning.
He continued, “The budget will be determined by the amount available in the estate.” The Triangle real estate market will remain hot for many years. Real estate brokers should know which repairs and improvements should be made based on budget and market conditions in the area to maximize value.
Do not call The Carpet Guy
Finding contractors who are qualified, affordable and can finish work on time is a difficult task. A good broker will have a network of subcontractors that can handle all tasks.
The broker will supervise and coordinate the work, as well as approve payments from the estate. Edwards said that the executor should not have to worry about receiving a call from a carpet guy.
The broker should give the executor a marketing plan that is comprehensive to make sure the listing looks its best both online and in person.
Outstanding Money Owed
A homeowner who was in arrears on their mortgage or property taxes when they died can also be a source of pain. Edwards helped the daughter of Clayton man owed $72,000 to the lender in mortgage payments and fees when he died.
I taught the heir how to stop the foreclosure at the Wake County Court. She presented the listing agreement to the court and it stopped the foreclosure proceedings for 60 days, while we prepared and sold the house. Edwards recalled that she paid $72,000 to the lender and had about $170,000 left in her pocket. Before she contacted my office, she had considered selling the house to an investor at a much lower price just to get rid of it. Executors can lose a lot of cash by not preparing the home for sale on the open marketplace.
No Drama
There can be drama if multiple family members are involved in the decision-making process. The executor may be forced to explain the repairs needed and the cost involved. “The broker should have experience working with family to ensure that the process runs smoothly.”
A real estate agent should be able sell commercial and raw land, which could be part of a deceased person’s estate.
“The broker should develop a business plan that focuses on helping estate attorneys and executors achieve the best outcome possible.”
The post Maximize value & minimize headaches when helping executors sell a house first appeared on Attorney at Law Magazine.