If your parents have not passed away, you will need to have them sign Power of Attorney to give you authority to handle the transaction for them. If you need help finding an attorney to assist with this, we can help you find one.
To sell a parent’s house after they pass away, you’ll need to follow a process that includes probate, securing the property, then selling it.. If your parents had a will, an executor will be appointed to manage the estate. If there’s no will, an administrator will be appointed to handle the estate.
Here’s a general outline of the process:
1. Probate and Estate Management:
- If there’s a will:. The executor named in the will will be responsible for managing the estate, including selling the house. They’ll need to work with the court to get the necessary authority to do so.
- If there’s no will: An administrator will need to be appointed by the court. This person will have the legal authority to manage the estate and sell the property.
- Seek Legal Counsel: It’s highly recommended to seek legal advice from an attorney specializing in probate and estates to navigate the legal aspects of the process.
2. Securing the Property:
- Ensure the Property’s Safety: Take steps to secure the property, such as changing locks, installing cameras to ensure the house is protected from vandalism or damage. If you are not in the state where the house is, it might make sense to hire a property manager to keep an eye on the home. The agent we assign to you can either do this or find you someone to do it.
3. Preparing the Home for Sale:
- Consider the Market: Assess the current market value of the house and any potential repairs or improvements that could enhance its appeal. This is an aspect we will assist you with.
- Prepare the Home for Sale: Before you clean, organize, and possibly make some cosmetic repairs to ensure the house is presentable for potential buyers, we can give you an assessment as to whether it would be more sensible for you to sell as-is to a developer or investor. Often with inherited homes, maintenance has been deferred so this winds up being the best and least stressful path.
- 4. Addressing Debts and Liabilities:
- Pay Off Outstanding Debts: Before the sale can be finalized, any outstanding debts or liens against the property (e.g., mortgage, property taxes) need to be paid. This is typically done at the closing table.
5. Selling the House:
- List the Property: This is where we come in. Once the legal and financial matters are addressed, the executor or administrator can list the property for sale with one of our agents. You will need license to sell before closing. This comes out of the probate process.
- Finding a Buyer, Negotiating Offers and Getting You to the Closing Table will be handled by us.
- Distribute Proceeds: The proceeds from the sale will be distributed according to the will (if there is one) or according to intestate succession laws (if there’s no will).
Important Considerations:
- Multiple Heirs: If there are multiple heirs, it’s crucial for them to agree on the sale and distribution of the proceeds. In the end, the Executor will make decisions where the heirs cannot come to agreement.
- Legal Counsel: Seeking legal advice throughout the process is essential to ensure everything is handled correctly and legally. We can help you find an attorney if you do not have one.