When its time to sell family property, it can be a difficult, time-consuming process and further complicated by emotions and potential loss. Family members may be wondering where to start and who to contact, there may be disagreements about how to proceed. Here are some hopefully helpful suggestions that can serve as a starting point for an estate sale.
#1) Assemble your team:
The first thing to establish is a basic structure for decision making. In the case of an estate sale, hopefully, some direction will be provided by a will. The executor(s) or executrix(es), are mandated by the will (or the estate) to take charge of the estate and handle the instructions of the will. The executor should together in consultation with the family, begin assembling a team of professionals to assist in the handling of the estate. Important professionals should include…
Legal representation: A law office will be the primary point of contact for estate resolution and will help ensure the process is fair and smooth. Unsure of who to use? Benjamins Realty has sold many estate properties and has excellent relationships with a number of top legal firms in Waterloo Region. We would be happy to make a referral. Contact us for a legal reference.
Real estate representation: When handling the sale of family property, choosing the right real estate professional to handle the transaction is critical. A realtor should have experience selling estates and be familiar with the legal process. A real estate agent can work together with legal representation to determine when the best time to list the property for sale is (ie. should we sell the house before probate or after?) Furthermore, a realtor should have access to other key partners in the estate process and may be able to assist in sourcing junk removal, cleaning of the home, and of course, staging and listing preparations to ensure the property shows well and achieves the best return.
Movers and cleaners: Not all families are equipped to handle the preparation of a family home for sale. Issues may arise when expectations are placed on the closest family member to handle preparations. If possible, having these items dealt with by a service provider should take added pressure off.
#2) Preplanning is best:
Ideally, families should begin to face the likelihood of having to sell a family home before the need presents itself. Having sensitive conversations with parents and talking amongst family members about what pieces of family history and property are important without an impending estate sale makes the process much smoother. Using compassion and empathy for all involved will be helpful.
#3) Don’t Delay An Estate Sale:
Once the need to sell an estate home or family home has arisen, don’t delay the inevitable. Properties need continual maintenance and begin to suffer if not looked after. This can start a slow and unnecessary decay in value. Furthermore, inheritances are often factored into personal finances so family members may be relying on an expedient process. Issues begin to crop up when the estate process is not handled efficiently or attentively (including the sale of property). Warren Griffen Attorney and Partner at Giesbrecht, Griffin, Funk & Irvine LLP advises “that executors and executrix should look to handle estate resolution without unnecessary delay.”
About Benjamins Realty Inc.
Benjamins Realty Inc. is a boutique real estate brokerage. Our family has been selling real estate in Waterloo Region for over 35 years. Do you need assistance planning for an estate sale? Our firm is committed to providing a transparent, thoughtful sales service that works alongside all members of the family (including ageing parents). We are always available to offer a free, no obligation consultation. Call us today to schedule a meeting or simply fill out the form below!