No one wants to spend another nickel on a home when they have decided to sell it. So, when it comes to a parents’ home that has that “grown-old-with-the-occupant look, many heirs do not want to fool around with it. And, they end up selling it “as is” at a price much less than they would have gotten if they spent a little money on it.
First thing: If the estate has any money: it pays for the work, not the Personal Representative. Or, worst case is: the estate reimburses the Personal Representative for money spent in getting the house ready to sell.
Second thing: Sellers should know what they are selling. Is the property in good condition? Or, are there problems waiting to show up after it goes to contract? Case in point: The “As Is” house is sold at a wholesale price because the seller is saying, “I don’t know what, if anything, needs to be repaired or replaced, you take the risk Mr. Buyer.” Then the buyer does an inspection and discovers a significant issue. He either walks away from the house and gets his deposit returned and the seller loses time. And time is money. OR, the buyer comes back to the seller and says “I need a price adjustment because of this and this.” The seller capitulates. There’s no bargaining room.
If the seller has inspectors identify the problems in the house, i.e, the furnace is kaput, the fireplace has missing bricks and is unsafe, the water heater is ancient or the roof leaks, at the minimum he should identify the cost of replacement or repair to be prepared for a buyer’s “ballpark estimates that are wrong.” More importantly, he can repair significant issues and leave the cosmetic items to the buyer. If the house is now solid, and the property can be marketed that way, the price can also be higher, and the seller is ahead. Then, if he adds some paint and judicious updating, he can get much more than the cost of the inspections and repairs. Money well spent.
BUT what about the time and effort that goes into having the inspections and getting the work completed? Suppose you didn’t have to do that work? You are busy with the attorney doing all the necessary paperwork. By the time the legal work is completed, past experiences show, there’s no time or energy left to work on the house. That’s where Probate Navigators comes to the rescue! We can have our trusted vendors give you estimates on the repairs and the selective updating, if any, to be done. We meet them at the house, show them what needs to be done. Then we review their estimates with you, and with your approval, oversee the work, keep to the agreed upon budget and when
completed, submit the bills to be paid by the estate. While you relax at home.
If you could get more for the house without the effort, would it be worth a little of your time to discuss how Probate Navigators can help you? Of course, it would. Give us a call today or drop us a text or email. We’re here to help you.