Inherited Real Estate: Navigating a Challenging Journey

If you’re here, there’s a good chance you’ve recently inherited a property from a loved one. First and foremost, please accept my heartfelt condolences. I can personally relate to the emotions and questions that arise during this process because I entered the world of real estate through my own experience with my parents’ estate.

Even though their estate was in a trust and the transition was relatively swift, we still faced significant decisions. Should we consider renting it out? How do we handle the mortgage? What about taxes, both immediate and down the road? And if we go the rental route, who would manage the property? The list of questions and concerns can be overwhelming, even for someone with a background in real estate and a degree in accounting!

Whether you’re navigating the probate process or dealing with properties passed down through a trust, having a seasoned team by your side is essential. It might be in your best interest to manage the property as a rental (I can assist with that) or list it for sale (I can help there too!).

Perhaps your loved one had a specific real estate agent in mind, or maybe you already have one in your circle. That’s a great start! It’s essential to interview agents, especially if there’s a personal connection, as emotions can sometimes cloud the decision-making process. While a close relationship can be an asset, it might also introduce emotions that should remain separate from the real estate process.

Consider interviewing a couple of agents (I’d be honored to be one of them). Every agent is unique, just as every family has distinct needs. Let’s consider an example: a loved one passes away, leaving you their house and everything inside it. Among the belongings, there are personal items meant to be passed down, but there’s also everything else. And trust me, “everything else” can be quite substantial.

Here’s what you should inquire about when choosing an agent:

1. Estate Sale Coordination: Does your agent handle setting up the estate sale?
2. Property Preparation: Do they go the extra mile to ensure the home is not only cleaned out but also deep cleaned, ready to be sold for the best price?
3. Market Expertise: Does your agent possess the empathy and experience to effectively market the home, whether for sale or rental?

These are vital questions to ask any agent. If you pose these questions to me, you’ll receive a resounding YES to all of the above, and probably a few additional insights as well!

First and foremost, let me make it clear: I’m not a lawyer or a tax accountant. However, I’m well-connected to some excellent professionals who are. In the age of the Internet, there’s an abundance of advice available, both good and not-so-good. So, who do you trust when you’re facing important decisions?

If you’re in a position to plan, I’ve compiled a list of local resources that I trust. At a minimum, you should consider having an attorney, and possibly a tax accountant (if the attorney doesn’t handle tax matters) to navigate the complexities of your situation. And of course, you’ll need an agent who can orchestrate the management of the estate. For that role, I’d be honored to recommend myself.

It’s perfectly normal to have a lot on your mind when dealing with inherited property. Whatever questions or concerns you may have, I’m here to provide answers and support. If I don’t have an immediate answer, I’ll go the extra mile to locate the necessary resources to address your inquiries and alleviate any worries.

My primary role is to be your advocate and offer you the empathetic assistance you deserve. Please feel free to reach out using the contact form below or by giving me a call. Your peace of mind is my priority.