What should I know about selling deceased estate property?

Sherry, the single most valuable thing to know is one most families never hear until it is too late to document: when someone dies, the tax basis of their property generally resets to its fair market value on the date of death. That is called the step-up in basis, and it means that if the estate sells reasonably soon after the death, there is often little or no capital gain at all, even on a house that was bought decades ago for a fraction of what it is worth now. The catch is that you have to be able to prove what it was worth on that date. So get a date-of-death appraisal from a licensed appraiser, and get it now rather than later. An appraiser can do a retrospective valuation, but it gets harder and more expensive as time passes and the comparable sales recede. This one step can be worth tens of thousands of dollars to the heirs, and it costs a few hundred. Others in the thread have already covered probate, trusts, and the executor's role, so I will not repeat that ground. Here is what usually comes next in practice. You need documented authority before you can sell. If there is a will, that is letters testamentary. If there is no will, letters of administration. Whatever the form, a title company is going to want to see the court's paperwork before it insures a deed coming out of an estate, and buyers' lenders will want the same. Sort this out with a probate attorney before you list, not while you are in escrow, because a buyer waiting on a court calendar is a buyer who walks. Then the housekeeping that quietly costs families money: - Insurance. An empty house is a vacancy problem. Most homeowners policies limit or drop coverage once a dwelling has been vacant beyond a stated period, often 30 to 60 days, and the carrier can cancel. Call the carrier, tell them the situation, and ask for a vacancy permit, an endorsement, or a vacant-home policy. Do it before there is a loss, because after is too late. - Utilities and maintenance. Keep the water on so you can find a leak, keep the lawn cut so the house does not advertise that it is empty, and check on it. - Personal property. Decide what is staying, what heirs are taking, and what gets cleared, and get that settled before showings start. Family disputes over contents derail more estate sales than price ever does. - Disclosure. You will likely have to disclose that the property is being sold by an estate and that the sellers have limited or no knowledge of its history. That limited-knowledge posture is normal and it is honest, but it is not a shield. Anything you actually know still gets disclosed. - Condition. Estate properties are usually dated, and the instinct is to renovate. Resist it. In most cases a deep clean, a haul-away, and fresh paint get you most of the way, and a full renovation using estate funds is a fight waiting to happen among heirs. One more, if there is more than one heir. Get agreement in writing, up front, on the list price, the lowest number everyone will accept, and who has authority to sign. I have watched clean sales fall apart because three siblings had three different floors in their heads and nobody said so until an offer arrived. I am a real estate professional, not an attorney or a CPA, and I am not licensed in Kansas, so please take the probate mechanics to a Kansas probate attorney and the basis question to a CPA before you rely on any of it. My name is Zoltan Peresztegi and I work in Los Angeles, the South Bay and on the Palos Verdes Peninsula. I am sorry for your loss, and if you want help finding a Wichita agent who has actually handled estate sales, ask and I will point you at one. Zoltan

Sherry, unless there is a trust, you are going to have to go through the Probale Process. I would suggest speaking with a legal professional to get an understanding of what this entails. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

You need the legal authority to sell (probate, trust, executor/personal rep). Title and timelines can be more complex, so it’s important to work with a good title company and agent.

Selling a deceased estate property can be a complex process that requires careful planning and execution. Here are some important things to keep in mind: Obtain legal advice: You will need to obtain legal advice to ensure that you are authorized to sell the property and that you comply with any legal requirements. Determine who is responsible for the estate: The executor of the will or the administrator of the estate is responsible for handling the sale of the property. Get a professional appraisal: Get a professional appraisal to determine the market value of the property. This will help you to set a realistic price and avoid underpricing or overpricing the property. Clean out the property: Remove all personal belongings from the property before putting it on the market. This can be a sensitive process that requires sensitivity and care. Hire an experienced real estate agent (ME) : A real estate agent with experience in selling deceased estate properties can help you navigate the process and get the best possible price for the property. Disclose any defects: You are required by law to disclose any defects in the property to potential buyers. Be prepared for a longer selling process: Selling a deceased estate property can take longer than selling a regular property. This is because it can take time to obtain the necessary legal and administrative approvals. Be sensitive to the emotions of family members: Selling a deceased estate property can be an emotional process for family members. Be sensitive to their feelings and communicate with them throughout the process. Overall, selling a deceased estate property requires careful planning, legal advice, and sensitivity to the emotions of family members. By following these guidelines, you can navigate the process successfully and ensure a smooth sale.

Here are some things to consider when selling a deceased estate property: Determine who has legal authority: Before selling a deceased estate property, it is important to determine who has legal authority to sell the property. This may be the executor or administrator of the estate, who has been appointed by the probate court. Obtain necessary documentation: The executor or administrator should obtain the necessary documentation, such as the death certificate and the will, if there is one. This documentation may be required by the probate court or the real estate agent. Determine the value of the property: The executor or administrator should obtain an appraisal or valuation of the property to determine its fair market value. This can help to set a reasonable asking price. Hire a real estate agent: It is recommended to hire a real estate agent to assist with the sale of the property. The agent can help with pricing, marketing, and negotiating the sale. Prepare the property for sale: The property should be cleaned and any necessary repairs should be made before it is listed for sale. This can help to attract potential buyers and increase the value of the property. Consider any tax implications: There may be tax implications associated with selling a deceased estate property, such as capital gains tax. It is important to consult with a tax professional to understand these implications. Communicate with beneficiaries: The executor or administrator should communicate with the beneficiaries of the estate to keep them informed about the sale of the property. This can help to prevent any misunderstandings or conflicts. Overall, selling a deceased estate property can be a complex process, consult with a real estate attorney, but with careful planning and preparation, it can be successfully accomplished.

Hi Sherry, Since the statu of. The property will dictate how you go about selling, I’d recommend starting by discussing the specific property with a local elder law or estate attorney. Google one for your area. Once you know the specific details of what is needed to proceed, then find an agent who is experienced with handling an estate transaction.