It may not be the most fun aspect of Real Estate, but estate sales (the liquidation of assets upon death) are an essential part of life. Here's what to know from the Real Deal in Real Estate Pros.
- You'll need a team. If you're conducting an estate sale after the passing of a loved one, you'll need a lawyer, an accountant, a real estate agent, and an appraiser. There are many factors to consider, and you want to make sure your family is financially protected.
- Know that property taxes can vary. If you're interested in buying a house on an estate sale, realize that the property tax the previous owners paid may go up. If they had been in the home a long time, they may have been privy to a tax shield.
- Get your banking info in order. When selling a home from an estate sale, technically all the funds have to go back to the estate. Make sure you have access to the bank account listed with the estate name. Then funds can be transferred accordingly.
This article is sponsored by The Real Deal in Real Estate Pros. Contact them for your home buying and selling needs!