Disclaimer: These FAQ's should not be misconstrued as legal advice. NEITHER Your Elder Law Realtor, yourelderlawrealtor.com, Julie Maeda nor Integrity Team at Your Castle Real Estate is licensed to practice law. You should seek the advice of an attorney regarding elder law issues or when there are questions pertaining to any sort of real estate transaction. You should further consult with a Certified Public Accountant regarding the financial impact of any real estate transaction.
What is an Estate Sale?
An estate sale is a sale or auction of property owned by a person who is recently deceased or who may be going into assisted living. The most common reason for an estate sale is the death of the property owner, and the consequent need to quickly liquidate the deceased's belongings.
What happens to my parent's house if they did not have a Will?
I always advise that you should speak to an elder law attorney when there is a death in the family. For a list of elder law attorneys in the Denver Metro area click here. The attorney will help family members determine who should be named the Personal Representative and will help start the ball rolling on dividing personal property and liquidating assets.
Do I have to continue paying the bills on the home while it is for sale?
If there are monies that are left you should try to pay the bills but if there is no money you may not have a choice. I always advise that you winterize the property to protect the asset until you can sell the home.
What documents do I need to sell the house?
You will need the Letters of Conservatorship, Power of Attorney, or Letters Testamentary naming you as Personal Representative, a copy of the death certificate and any information that you may have on the mortgage servicer(s).
What do we do with all of the furniture and belongings in the house?
You may consider hiring a professional to do a sale or liquidation of personal property. For a list of estate liquidators click here.
Are you preparing the property for sale?
What happens if I don't live in the same state as the property?
This occurs a lot more often than one would think. We have helped heirs who have lived across the country and in Europe sell a property in the Denver Metro area.
What do I need to do to prepare an inherited home to sell?
That really depends on each property. When we walk the home, we will determine the most effective way to prepare the home for sale.
How do I know who is legally responsible to handle the transaction?
Always seek the advice of legal counsel before determining who is responsible to handle the transaction. For a list of elder law attorneys click here.
How long do I have to sell the house?
This is dependent on your current circumstances. It is best to contact an attorney to discuss any financial responsibilities you may have.
How do I know what the house is worth? Why is a comparative market analysis important?
How do I know how much the items inside the house are worth?
Whether you are looking at all of the personal belongings to be sold or specific pieces, we have resources that can help you appraise any and all of the items.
Why should you hire an expert for an estate sale?
How do I know how much is owed on the property?
We always receive written authorization from the heir to find out what is owed on the home. Once we have the authorization, we will request a payoff from the mortgage servicer.
When the house sells what do I do with the proceeds?
Depending on the circumstance, you may need to have a special account for the net proceeds. Check with your legal counsel for guidance.
When do we list the property? Why does it work?