Picture this: You have inherited a house, need to settle an estate, and want to sell the property.
This post is all about providing valuable insight to settle an estate and sell an inherited house.
One of the trickiest situations in the real estate industry is when it’s time to settle an estate.
You have inherited a house, need to settle an estate, and want to sell the property. It sounds straightforward enough, but trust me, it’s anything but.
I’m going to share some insider secrets on how to navigate this delicate scenario.
After you learn about all of these strategies you are going to feel more confident in your decisions.
This post is all about providing valuable insight to settle an estate and sell an inherited house.
The Unique Challenges to Settle an Estate
Let’s start by acknowledging the unique challenges that come with selling an inherited house and how to determine market value to settle an estate.
Emotions are running high, memories are intertwined with every corner of the property, and there’s often a sense of urgency to settle the estate and move on.
This is where a savvy realtor comes into play. But also, a reliable real estate appraiser will help immensely.
Let me break it down for you.
Settle an Estate vs Selling an Inherited House
One of the biggest hurdles when selling an inherited house is determining its fair market value.
And, the truth is, many executors have an emotional attachment to the property, leading to unrealistic expectations about its worth.
Most executors also do not realize that the fair market value to settle the estate is not automatically what the sale price will be when selling an inherited house.
These market values can be the same number or they can be 2 different numbers depending upon:
- When the person died vs when you sell the house
- If the current market is a sellers market, a buyers market, or in balance.
- The urgency with which you want to sell the inherited house
This is where a skilled real estate appraiser comes in handy.
How the Right House Appraiser can Provide the Insight Needed
By conducting a thorough appraisal of the property, the right real estate appraiser can provide an objective assessment of its value to settle the estate.
And they can also help to set realistic expectations to pave the way for a smoother selling process.
Plus, it’s not just about determining the value of the property – it’s also about maximizing its potential.
A knowledgeable appraiser can provide valuable insights into market trends, property condition, and potential areas for improvement that can help boost the property’s appeal to potential buyers.
Whether it’s recommending minor repairs and upgrades or highlighting unique features that add value, the right appraiser can help you position the property in its best light, maximizing its selling price and minimizing time on the market.
Now, I know what you’re thinking – “But how do I find the right appraiser for the job?”
Because you have probably heard me say many times – Not every appraiser is a good fit for every appraisal.
When choosing an appraiser to assist you with settling an estate and selling an inherited house, there are 5 key qualities to look for:
1. Experience:
Look for an appraiser who has extensive experience working with families who need to settle an estate that involves inherited properties.
They should have a deep understanding of the unique challenges and considerations involved in these types of transactions.
This appraiser will also be fully informed as to what exactly needs to be included in the appraisal to settle an estate, such as the specific scope of work and research required by governmental agencies.
2. Communication Skills:
Choose an appraiser who is an effective communicator. They should be able to:
- Ask the right questions. Every single appraisal is unique and there is no one-size-fits-all list of questions to ask.
- Clearly explain their findings and recommendations to everyone involved in settling the estate. Reading and understanding the appraisal report should never be a mystery and all of your concerns should be clearly addressed.
- Navigate sensitive conversations with empathy and tact, especially when dealing with clients who have inherited a house and need to settle an estate.
3. Attention to Detail:
Look for an appraiser who pays close attention to detail and leaves no stone unturned in their appraisal process.
If you are unsure about anything at all, your questions need to be answered.
They should be meticulous in their research and analysis, leaving you with confidence in the accuracy and reliability of their findings.
4. Professionalism:
Choose an appraiser who conducts themselves with professionalism and integrity at all times.
They should be reliable, punctual, and responsive to your needs.
The right appraiser will understand this is a difficult process for you and will be patient and respectful.
5. Credentials:
Make sure the appraiser you choose is:
- Licensed or certified in the state where the inherited house is located.
- Familiar with the immediate neighborhood, and the larger surrounding area.
- Has a website that describes the type of appraisals they focus on, the clients they serve, and their field of expertise.
- And most importantly, provides referrals or reviews so you can decide if this appraiser is a good fit for your needs.
By selecting an appraiser who possesses these 5 qualities above, you can ensure that you receive the best possible customer experience when you need to settle an estate and sell the inherited house.
