Real Estate-Estate Services
There is no “textbook” case of how a real estate transaction transpires. Every transaction is unique and has its own demands. There are a multitude of challenges that will inevitably surface in varying degrees. Expecting them, being prepared and knowing how to move forward are essentials in how we develop strategies. Strategies that provide the right end results for our clients. These are precisely the reasons why you need a problem solver in your corner and why we offer Real Estate-Estate Services. Nothing is “textbook.” Especially in an estate sale. Being able to navigate the complexities of these transactions is what equates to a successful closing. Read below to see how we recently solved some hefty challenges for our clients.
Below is a case study on one of our recent estate sale transactions.
HowWe Successfully Closed An Estate Sale
Introduction
The sale of a home as part of an estate due to a family loss is a difficult prospect. The family is understandably in an uncomfortable place so having everything lined up and being able to explain what to expect is more important than it usually is. Not having to revisit the same topic becomes paramount.
The Sellers
The Challenge: Getting On The Same Page
Four heirs involved in the estate sale after the loss of their last remaining parent. None of the heirs live in the same state and one lives abroad. Some of the relationships are estranged.
- Initial consultation with heirs/executors to determine if they have legal authority to sell the home.
- Keeping all parties informed & updated on all progress, legal requirements, individual & collective needs.
- Earning & keeping consensus from all parties involved to move forward.
- Gather all documentation associated with the estate ie., death certificates, wills, probate documentation, liens and/or judgements against estate, calculations of payoffs, power of attorney, etc..
- Physical inspection of property to determine value, condition, vacating & possessions, marketing strategy specific to property, (as is; potential work orders associated with the type of financing.)
- Determining what type of deed to convey to protect the parties.
- Preparation of estimated net proceeds based on findings
- Discuss with title officer requirements to ensure title, e.g., probate documents, Lack Of Probate affadavit, and authorized signatories.
- Keeping all parties on task with the timelines.
Solutions:
- Being an intermediary and a creating a platform of communication to all parties to facilitate immediate notification & follow up to all pertinent information & action items. Email, phone calls to consult with heirs, title officers, & attorneys.
- Daily management of all required steps and timelines (2-8hrs/day through closing depending upon intricacies of both the parties and the property/stage currently at.)
- The Process - knowing where to start & what resources to use and how to use them from a legal standpoint.
- Pull title report to determine who owns property, lien holders, tax debts.
- Required documentation up front - pointing heirs in right direction to obtain necessary legal documentation to authorize the sale.
- Utilizing resources such as title and assisting attorneys involved.
- Manage and negotiate the purchase and sale along with the timeline contingencies.
- Confirm pre-qualification of interested buyers to ensure compatibility with financing.
Results:
All required documentation agreed upon, signed-off, and distributed to necessary parties within timeline of the original closing date. Successful closing in standard timeline despite complexities of an estate sale.
Standard timeline: 30-45 days
