By Laura Hyatt
Let’s talk about selling a property for a loved one or a property that you inherited, basically a property that you never lived in yourself. Now here’s the thing, there’s a couple things that you need to take into consideration and the first of that being, how did you get this property? Is it because a loved one passed away and they left it to you and now you’re handling the estate or is it something where maybe we moved Mom or Dad into an assisted living center. Either way you’re going to want to make sure that you have proper authority to sell.
Preparing to sell an inherited property
If we are dealing with a property that you inherited we want to make sure that the property has gone through probate, and that the attorney has given you clearance to do with it what you please.
Preparing to sell a property for a loved one
In the event that you move Mom or dad or any relative into an assisted living facility and need to sell their property, you need to make sure that you have proper authority to do so via what’s called a power of attorney. In the state of Georgia it is a very specific power of attorney that specifies the legal address of that property and gives you permission and authorization to do what you will with the property.
Next steps
Once you get the legal aspects sorted out and you have the authority to sell the property there are steps that you need to take to get that property ready for the market. First and foremost you need to declutter the property. Go through and find any valuables or family heirlooms that you want to keep and anything that is left over you can sell in an estate sell. An estate sale is a great opportunity to get rid of a bunch of items at once, and we have a lot of great resources that we’re happy to connect you with. After the property is emptied you are going to want to get it cleaned professionally. This is probably going to cost several hundreds of dollars but it is necessary to do, so that we can get the home photo ready. Having the home show well in photos is so important because those photos will be used to market the property.
Remember to keep the utilities on
Something that most people do not think to do especially since the property is empty, is to keep the utilities on. It is super important that you have the utilities turned on and keep them on throughout the duration of the selling process, up until closing. You do not want potential buyers to go to the property and not have the AC or heat working or any of the lights not turning on. However you can go ahead and cancel utilities that won’t be used anymore like the cable, phone, wifi etc.
What if the home I am selling is in a different state?
Hopefully you live nearby and can coordinate and help facilitate all the things that need to be done to get the property on the market but if you don’t you’ll want to find some who does that is willing to help out. Perhaps a family friend, relative or even your local real estate agent can grant access to the house cleaner, estate company etc.
Necessary Paperwork
Throughout this process you will be asked to fill out a lot of paperwork. Something that is very important to fill out is the Seller’s Property Disclosure which is going to ask a lot of specific questions related to the property. Fill it out to the best of your capabilities, what it does is gives potential buyers a better feel for the property by disclosing termite bonds, conditions of structures etc. It is understandable that you will not know all of the information but just try to fill it out to the best of your capabilities. Since you are dealing with a specific power of attorney there is going to be additional paperwork required once the property goes under contract, so just be prepared for the closing attorney to ask you for a couple of extra things. They are just checking to make sure that you do have authorization and power to sell the property.
Remember to Give Yourself Grace
The most important thing when it comes to selling a property for a loved one or selling a property that you inherited is to give yourself grace. It is more than likely an emotional time and that’s okay, that is why you hire your local real estate agent to be your guide and take you step by step what to do.
If you have questions about selling a property for someone that you love or that you inherited or if you need to hire a real estate agent to walk you through that process and be your guide, schedule a call with us, we would love to help!
