Massachusetts realtor, Eamon Keane, specializes in working with inherited properties to help grieving families make the best financial decisions with the estate. Keane’s passion for working with inherited properties comes from personal experience of navigating the stress of making decisions during difficult life transitions. He brings the empathy and industry knowledge to assist clients with choosing their best options.
“There are so many things that need to be handled, it is overwhelming,” said Keane. His book “Inherited Home Guide”, he lays out important information for families to track of legal processes, preparing for the sale, removing personal property and much more.
There are five essential tips he stresses are the most important for all property owners to prepare for.
1. Get a professional opinion:
Before making any decisions, it’s important to get a professional opinion on the value of your property. This will help you determine how much you can realistically expect to get for the property. Keane said working with a probate real estate specialist makes it easier for to tap into a network of experts who already understand the big picture of legal responsibilities, taxation, and property maintenance. “Not only will a specialist guide you through the legal knowledge, they will know the right people to help prepare the property for sale,” said Keane. He suggests finding realtors who go beyond understanding the process and have a solutions first approach. That means they are willing to help stage the house, or market it in a way to leverage the potential value.
2. Consider all your options:
There are a number of ways to sell an inherited property, and each has its own pros and cons. You’ll need to weigh your options and decide what’s best for you. The biggest mistakes he sees is that homeowners opt for the highest monetary value without understanding the costs associated with marketing, time spent with negotiations and the possible legal liabilities of not following real estate laws. Keane warns against the I’ll do it myself attitude. “For Sale By Owner in theory is a great idea but the data shows that most home owners do not properly market, negotiate, or price properties accurately or with strategy to net the most amount,” he said.
3. Don’t over-improve:
It’s tempting to want to make some cosmetic improvements to the property before putting it on the market. But Keane said this can actually backfire, as you may not see a return on your investment. “With distressed properties, which are more prevalent in our current market, home owners should focus on making sure the house is up to code and repairs of any immediate health and safety concerns,” he said. “After that, spend money where it will be most noticed by potential buyers.” Be realistic about repairs: It’s important to be realistic about the cost of repairs when selling an inherited property. Remember, the goal is to minimize headaches and maximize equity, not to spend money you don’t have to.
4. Pricing it right:
Finally, it’s crucial to price your property correctly. As Keane points out, inherited houses often have sentimental value, which makes it difficult for homeowners to properly price or market their home. This means pricing it in line with similar properties in your area and considering the cost of repairs when making your initial asking price. With the right strategy and some patience, you can sell inherited real estate in Massachusetts quickly and smoothly, minimizing headaches while maximizing equity.
Consider alternatives to traditional sale methods: While many people turn to a realtor when they want to sell their inherited property, there may be other options available as well. For example, you could consider renting the property instead of trying to sell it right away. This can help you avoid some of the financial and emotional costs associated with selling your inherited property, while still giving you a steady income stream.
5. Understand the timelines:
The process of inherited property can be long and complicated, so it’s important to have realistic expectations about timelines. In many cases, the estate will need to go through probate before the property can be sold. This can take months or even years, depending on the size and complexity of the estate. Once probate is complete, you’ll still need to take care of any outstanding debts, taxes, or other liabilities associated with the property. Only then will you be able to sell inherited real estate in Massachusetts.
Keane’s book, “Inherited Home Guide” is available to help people understand their options when it comes to inherited property. With this guide, you can make an informed decision about what to do with your inherited property, and ensure that you’re getting the best possible return on your investment.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Buzz Illustrated journalist was involved in the writing and production of this article.