Selling an Estate Home After the Loss of a Loved One
Selling an estate property is an emotional real estate transaction.
Family memories are tied to the home. Also there could be family dynamics and differing opinions on price that come into play. Some estate sales can take a long time to close, and others can close very quickly. In fact, the latest estate we represented went from listing to closing in less than 2 weeks.
Here are three traits we believe ease some of the stress in an estate sale:
Empathy
Estate sales come with many emotions. We all deal with stressful situations in different ways. And in estate sales, money is also a component. As a Realtor, we understand there are many factors at play, and we approach each decision that needs to be made with empathy and understanding.
Clear Communication
One of the most important ways to show empathy is to provide clear communication. Real estate transactions are complex and have multiple steps. Estate sales add more complexity to the transaction. Our job as your Realtor is to inform you of the steps, be prepared with clear directions and stay ahead of timelines.
Setting Realistic Expectations
Setting expectations is paramount in the real estate sale. Did you know in Tennessee there is a creditor claims period? This is the time from creditor notification (usually a post in the newspaper) to when an heir can be paid from the sale of the home. Typically this period is four months, but in some cases, the funds may be held up to a year. There are also additional legal documents needed to complete the sale, which could add extra time to the closing. Clearly communicating the expected timeline is very important because it gives our clients some peace of mind during an emotional time.
Estate sales require more knowledge and expertise than a typical home sale. Our team at Living True Nashville has completed 22 hours of continuing education in Understanding Estate Sales, and we’ve represented 6 clients in estate sales in just the past 3 years. If you have questions about selling a property in an estate, please reach out. We would be honored to help you and your family navigate your options.