If you have an elderly parent or have inherited a family home, deciding what to do…..or even where to begin is an overwhelming task. Carol Borman can help guide you during this very emotional time.
Some of the information I can give you will help you to decide the following:
Deciding to keep, sell, or rent. Unfortunately, competing interests among siblings can make this decision difficult. “Caught in the middle, the executor has to ask the heirs to keep their emotions under control and put the rational facts on the table,” If medical bills, tax issues, or other stressors require cashing out, then selling is usually the best option. It also produces a specific amount of money that can be divided equally among those involved.
Establishing the value of the home. Whether listing the property for the beneficiaries or assisting an heir who wants to buy the house, it's important to start by obtaining a cost market analysis and getting an appraisal for tax purposes. The executor can put the property on the market with the expressed provision that one of the heirs has the right of first refusal to match the highest offer.”
Figuring out the extent of repairs needed. Often homes need updates or repairs before being listed for sale. I help clients determine how much work is worthwhile before putting the home on the market, which will depend on the property and circumstances.
Deciding to sell furnished or unfurnished. Beneficiary clients not only have to make decisions about a property, but also the possessions inside the home. It’s not unusual for an inherited home to be filled with a 30-year accumulation of stuff. Carol Borman has access to people who can help you with valuations, sales, donations, disposal, cleaning, etc.
Determining if an investment property is realistic. If you are leaning toward keeping the home as an investment, you need to make sure a good relationship between the beneficiaries will last long-term. Carol Borman will also help you consider the local rental market and what it will take to maintain the property. She can also give you information about your responsibilities as a landlord.
There is a lot to consider! The first step is to call Carol and get the information you need! I can take the stress out of real estate, and guide you through this process every step of the way!