When it comes to selling family property, it can be a very emotional time. After all, these homes are generally the ones that hold your childhood memories. Christmas’ past. Birthday parties. Family reunions. Spending the night with MawMaw.
It can be hard to come to the decision that it’s time to let go. When you do, you’ll likely have questions about it.
What comes first?
When selling family property, you’ll need to be sure that you actually have the authority to sell. It’s not just whoever is next in line generationally. There’s a process to go through to legally gain possession of the property. Once you have permission to sell, it’s on to the next step.
Retro or dated?
We often find older homes that have cool and retro features that will appeal to buyers looking for a place with character. Then there’s the stuff that’s dated. If MawMaw’s house hasn’t been touched since the 1960s, odds are that the retro vibe will play well in today’s market. If, however, she decorated everything in blue and mauve in the 80s and it’s never changed since…that’s a little bit harder to sell.
Realistic pricing matters
It’s a hard pill to swallow, but it’s likely that whoever buys the property will want to make changes to it. This is not a reflection on your family! Unless it’s a perfectly preserved mid-century modern, buyers will be tallying up the cost of upgrades.
This is where realistic pricing really matters. Price, condition, and location are the drivers for what a home is worth, and it’s no different when selling an inherited property. You’ll need a good agent to help. We provide a market analysis of recent listings and comparable sales in the neighborhood to pinpoint the correct price.
While it can be enticing to test the market, remember that you’ll have holding costs while the house is listed. Utilities (remember you’ve gotta keep the lights on), taxes, and insurance must all be paid up until the act of sale, so don’t drag that timeline out any more than necessary.