Specialty Real Estate Services for Probate Attorneys
When your clients want to sell a home in order to divide the equity amongst the heirs of an estate, it helps to have a real estate agent whose business is designed to move homes quickly. I can introduce you to such an agent.
For example, one method to sell a home quickly is to charge a lower commission rate. Playing with the commission structure can help sell a home faster, without reducing how much your clients receive. Better agents maintain an active network of buyers looking to benefit from lower prices. Consequently, better agents move properties more quickly.
What is the standard of practice in probate/administration in which the estate owns real property?
The alternatives include:
- Sell the property and divide the equity equally among the heirs.
- Transfer the property to one heir, requiring them to borrow money to pay equity to the remaining heirs.
- Remaining heirs might also be questioned concerning their interest in acquiring a new home with proceeds from the estate.
Each alternative presents unique challenges that typical real estate agents and lenders aren't well prepared to address. Solutions require:
- An agent who can expedite sale of the property while the settlement of the estate is pending.
- An agent who can expedite identifying a suitable home for heirs interest in purchasing real estate.
- A lender who can prequalify an heir for a loan to acquire the real property, if applicable.
I can introduce you to agents and lenders who specialize in serving attorneys and their clients. They will help your clients with their real estate needs:
- Maintains an active list of buyers seeking well-priced properties, because of his lower commission rate.
- Capable of selling a property in a short time period because of his access to actively looking buyers.
- Capable of identifying a suitable well-priced property for each of the heirs, because of his particular niche.
- Pre-qualifies buyers.
- Will help heirs determine the appropriate price range for their housing needs.
- Access to a large funding pool for new home acquisition.
- Access to diverse loan programs for new home acquisition.
My clients have a unique service niche, which allows them to better serve the heirs in a probate/administration situation.
The realtor will help the parties sell the real property in the estate, so that they can receive the most equitable distribution of the estate. If any of the heirs desire to purchase property with their equity, he can help them identify and purchase the property most suitable for them.
The loan officer will prequalify any prospective purchaser, whether it is a third party purchaser or one of the heirs of the estate, so that the transaction will proceed as smoothly as possible.
If seller financing is an option, I can provide you with contracts specifically designed for that purpose.