Have you and your sibling inherited a piece of real estate due to the passing of a loved one? When this happens, most joint heirs find that the best option is to sell the home and divide the proceeds according to the decedent's wishes. And while you have the option of selling this home on your own, you and your siblings would do well to engage an experienced real estate agent. How can they help now? Here are three important ways.
1. Agents Facilitate Quick Sales
Many families need to sell the real estate quickly. They are paying utilities, mortgages, and maintenance costs for a home that no one may be living in. And the more protracted the process is, the more likely there are to be family squabbles over it.
A real estate agent helps cut down the length of time it takes to sell the property by pricing it well, networking it among buyers, and holding open houses.
2. Agents Help Avoid Conflict
As mentioned, family conflict can be a problem when shared inheritances are involved. This might range from conflicts over what to do with the home and what is a good price to fights over the fairness of each person's share of the inheritance. In addition, emotions often run high during this period of grieving, which can make people act and speak rashly.
An outside, independent party is a good way to mitigate these problems. They provide fair and experienced advice to the entire group and have no "skin in the game" when it comes to choosing sides. And because they serve the interests of all heirs equally, their presence may de-escalate potentially emotional situations.
3. Agents Understand the Legal Matters
With years of experience selling homes for other heirs, a good real estate agent knows what the pitfalls are and how to avoid them.
They may be able to help you understand how to clear the deeds after probate, how to ensure all mortgages are paid off (and to deal with mortgage lenders), and how best to get rid of belongings in the home. You can also access their network of outside providers, such as appraisers and real estate attorneys, to handle specific issues.
Which of these benefits could you and your family use during this difficult time? Regardless of whether you need help making the sale, navigating the legal issues, or keeping everyone on the same page, a good real estate agent could be one of your best allies. Learn more by meeting with a qualified agent in your area today.
Reach out to a local real estate agency to learn more.