1.
Estate Sales
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!
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