We frequently hear from users about their biggest challenges as executor. One of
the things we hear about most is the complexity of managing and selling real
estate in the role.
There are many things to manage with real estate in an estate, from maintenance and security, to selecting a realtor, managing showings, and dealing with
disclosure forms, negotiations, offers with multiple contingencies, and the
inspections that follow. It’s a lot of work.
In many cases, a home in an estate will be out-of-date and in need of repair,
so you’ll need to decide if you want to sell it “as is” or try to repair
and update it. I vividly remember how stressful (and exhausting) these
decisions were when trying to settle my parents’ estate.
And, in addition to having sentimental value, in many estates, the home is the
single largest asset – so this asset is of great interest to beneficiaries.
Managing and selling real estate is one part of the process you need to
get right.
I would suggest three simple principles to help you find success in this area.
- Communication with beneficiaries. Talk to them and get their opinions. What do they believe is the best approach to selling? If they want to repair and renovate, what role will they play in that complex process? Do they support investing estate funds in making extensive repairs and staging the house for sale? Finally, what do they thing the house is worth and why?
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- Keep things simple. It’s easy to get caught up in the idea of a home renovation project — but these projects can be very difficult to execute, particularly when you’re not living in the house. Be realistic about the amount of time you can put against the project and the value of the home now versus after the renovation.
- Start making progress now. Don’t back-burner this complex project until the end of the estate settlement process. A home can sell in a month or in a year. Make it a priority to make progress on this massive and important project in the coming days and months.
We’ll have more insights to share shortly on selling a home as executor. Sign up below for a free custom Executor.org plan to walk you through the 100+ steps in the process – including walking you through the entire sales process. You can also get email insights on important topics for executors with our weekly emails.
