Brokering an Estate Sale
Heirs often want to convert an inherited property to cash as soon as possible. But preparing the right documents is key to a expedient transaction.
When we work with our clients to negotiate estate-owned purchases and anticipate closing timelines, we ensure that the sellers have prepared the following as early as possible:
1) Certificate of Letters of Testamentary (6 months old or less)
2) Affidavit of Debts and Domicile by the Estate Administrator
3) A Federal and State “Release of Lien” by the IRS
4) Decedent’s death certificate and last will and testament
This will facilitate contracting and closing on a sale, and get heirs in-sync and decisive. It is especially important when an involved co-op or condo board wants to review things prior to closing.
Planning to purchase an estate-condition home takes on a unique life. Most potential purchasers will plan substantial renovations. We ensure our clients obtain alternate architectural plans and engineer feedback on load-bearing walls, service risers and HVAC options before closing. We also obtain alteration agreements and policies as early as possible.
In terms of valuation, a purchase price must balance fairness to construction projections, supply and demand, and appreciated value of the finished product. Cash offers are best given increased odds of a low bank appraisal. Due diligence may be more complex. Principal board approval of plans, or precedence of similar renovations, takes on earlier importance.
Estate purchases can be quick and successful, with preparation and tact.