Selling Real Estate within Mom's Estate

[Fearchar]

Mom's estate include house, antique furniture, tree farm & a John Deere 3038 tractor with attachments. 
Anybody want a Grandfather clock that doesn't work?  (just kidding).

My three sisters and I held a meeting this week and are working together on this (more or less).
Currently dispersing household items among family members.
Caveat is that family members may not sell such items.

We will be holding garage sale starting in May.
Son in law's family is into auctions.
So, will be exploring how to sell non-garage sale type items.

Sisters have already consulted with local Real Estate Agents.
I would like to get alignment on listing price and what price to accept.
2 of sisters have tentatively stated their acceptable price is greater than what they want it listed as.
This seems crazy to me...

Actually listed the farm a few years ago on Zillow.
After only a few days, took it off the market when a sister got Mom upset about it.
Said sister thought it could be sold for ridiculously higher price.
However, after soliciting a private sale, she quickly dropped her price
and became upset when this was questioned.
So, I've pushed off selling and have a sense of what this could become.

All sisters have signed releases, so it will be just a matter of time before I am 
legally the Executor of Mom's estate and have an EIN.
At that time, I will be opening an Estate account and able to list properties.
2nd cousin will handle legal aspects of this.
He is Managing Partner of local firm.

2 of my sisters are unemployed (retired) and local.
1 sister has extensive experience selling property residential and commercial.
I would prefer to use her as my "agent" despite earlier situation.
More to follow on this.

1 of the RE agents has contacted me and wants to meet and go over marketing plans.
I am sure what he really wants is contract.
What's wrong with Zillow?
House is in nice neighborhood and will probably sell rather fast with multiple offers.
Penciled in target is to list house nearer to Mid June.
In the meantime, we've got cleaning, painting, minor repairs and staging to do.

I've already looked over the New York State disclosure document.
It's rather detailed, but probably not atypical among states.
Have also looked over typical offer documents.
So, I have a sense of typical contingencies with offers.
Clerk at Law Office advised that all offers should go thru them.

Feel like telling RE agents that they must certify their buyers somehow.
I'm sure they will claim their buyer are preapproved or so.
Also considering hiring a home inspector myself and supplying that with listing.
Or do good listing agents do that?

Home has been in family for over 60 years and I'm in no rush.
Learning about earnest money, escrows and other possible contingencies.

Anyhow open to advice, suggestions and experiences others may have.
The challenge will be to maintain family harmony after all is done.

[catdog]

Fearchar two things:

1- Being preapproved for X amount of a mortgage and actually getting a mortgage are two very different things. I am sure you know this, but often times buyer's don't.

2- I don't know what the plan for the tractor is but you can get a good feel for it's value by looking on Craigslist/farm and garden. Also Facebook Marketplace. Tractors like that really hold their value.

Catdog

[mnfish]

After going through probate, I sold my brother's house on an "as is" basis and used an experienced realtor. I didn't want to deal with any requests for repairs, showings, phone calls, etc. The City of Minneapolis did require a minimum inspection. The eventual buyer did have a home inspection done and submitted a list of repairs, but the agent told them he wouldn't even open the letter due to possible liabilities. It sold within days of being listed.

[Fearchar]

Thank-you catdog , and mnfish ,

This just in:

www.cnn.com/2024/03/15/economy/nar-realtor-commissions-settlement/index.html

The 6% commission, a standard in home purchase transactions, is no more.

In a sweeping move expected to dramatically reduce the cost of buying and selling a home, the National Association of Realtors announced Friday a settlement with groups of homesellers, agreeing to end landmark antitrust lawsuits by paying $418 million in damages and eliminating rules on commissions.

The NAR, which represents more than 1 million Realtors, also agreed to put in place a set of new rules. One prohibits agents’ compensation from being included on listings placed on local centralized listing portals known as multiple listing services, which critics say led brokers to push more expensive properties on customers. Another ends requirements that brokers subscribe to multiple listing services — many of which are owned by NAR subsidiaries — where homes are given a wide viewing in a local market. Another new rule will require buyers’ brokers to enter into written agreements with their buyers.

The agreement effectively will destroy the current homebuying and selling business model, in which sellers pay both their broker and a buyer’s broker, which critics say have driven housing prices artificially higher.

By some estimates, real estate commissions are expected to fall 25% to 50%, according to TD Cowen Insights. This will open up opportunities for alternative models of selling real estate that already exist but don’t have much market share, including flat-fee and discount brokerages.

[win1177]

Mar 16, 2024 14:42:52 GMT Fearchar said:

Mom's estate include house, antique furniture, tree farm & a John Deere 3038 tractor with attachments. 
Anybody want a Grandfather clock that doesn't work?  (just kidding).

My three sisters and I held a meeting this week and are working together on this (more or less).
Currently dispersing household items among family members.
Caveat is that family members may not sell such items.

We will be holding garage sale starting in May.
Son in law's family is into auctions.
So, will be exploring how to sell non-garage sale type items.

Sisters have already consulted with local Real Estate Agents.
I would like to get alignment on listing price and what price to accept.
2 of sisters have tentatively stated their acceptable price is greater than what they want it listed as.
This seems crazy to me...

Actually listed the farm a few years ago on Zillow.
After only a few days, took it off the market when a sister got Mom upset about it.
Said sister thought it could be sold for ridiculously higher price.
However, after soliciting a private sale, she quickly dropped her price
and became upset when this was questioned.
So, I've pushed off selling and have a sense of what this could become.

All sisters have signed releases, so it will be just a matter of time before I am 
legally the Executor of Mom's estate and have an EIN.
At that time, I will be opening an Estate account and able to list properties.
2nd cousin will handle legal aspects of this.
He is Managing Partner of local firm.

2 of my sisters are unemployed (retired) and local.
1 sister has extensive experience selling property residential and commercial.
I would prefer to use her as my "agent" despite earlier situation.
More to follow on this.

1 of the RE agents has contacted me and wants to meet and go over marketing plans.
I am sure what he really wants is contract.
What's wrong with Zillow?
House is in nice neighborhood and will probably sell rather fast with multiple offers.
Penciled in target is to list house nearer to Mid June.
In the meantime, we've got cleaning, painting, minor repairs and staging to do.

I've already looked over the New York State disclosure document.
It's rather detailed, but probably not atypical among states.
Have also looked over typical offer documents.
So, I have a sense of typical contingencies with offers.
Clerk at Law Office advised that all offers should go thru them.

Feel like telling RE agents that they must certify their buyers somehow.
I'm sure they will claim their buyer are preapproved or so.
Also considering hiring a home inspector myself and supplying that with listing.
Or do good listing agents do that?

Home has been in family for over 60 years and I'm in no rush.
Learning about earnest money, escrows and other possible contingencies.

Anyhow open to advice, suggestions and experiences others may have.
The challenge will be to maintain family harmony after all is done.

Fearchar, 
Make sure and get a good valuation on the tree farm. It would be a good idea to get an experienced forester to look at it, due an appraisal of the land, timber, any buildings, tractors, implements, etc., so you know what it is worth before listing it. I’ve seen some people sell their land (with standing timber) for well below market value, just because they didn’t know the intrinsic value. 

Win

[anitya]

Do whatever repairs you can to stage well but I would second an ‘As Is’ sale.

I am impressed by your family’s harmony.