Selling a family home because a loved one has died can be a very emotional thing for the heirs of the homeowner to accomplish. When a home is the source of fond memories of family events it is almost like the end of an era and it can be psychologically difficult.
Especially when the family member who owned the home was a patriarch or a matriarch of a family, it can leave a difficult burden on the rest of the family. The family feels over burdened and even though they must sell the home they feel emotionally drained and unwilling to view the home as an asset that needs to be dissolved. The home is more than just an asset to them, and many times they have an inflated idea of the value of the home.
In the case of any reluctant home seller who needs to sell a home, but may not really want to sell it can be like putting up a for sale sign and a keep out sign at the same time.
It is the real estate professional's job to be sensitive to the seller's emotional state while guiding the seller through the sale of their home to a successful end. This can be a difficult task for the listing agent, but it is important for the agent to keep the seller from being overly emotional because out of control emotions can prevent the seller from making rational decisions. If the bottom line is that the family/seller must sell the family homestead to avoid expenses that the heirs cannot afford then it must be done rationally or the home will take a long time to sell and end up being more of a burden on the family.
Some common mistakes that reluctant seller's make:
The biggest mistake that sellers who are over emotional make is pricing their home too high to begin with. When a home is over priced it does not get any offers and the longer it sits the more difficult the home becomes to sell. Homes that have been on the market for a long time are an invitation for buyers to make low-ball offers which only makes the situation worse for the seller.
Another mistake that home seller's who are over emotional during a home sale is they negotiate too harshly. Making an irrational counter offer at full price and not being willing to give an inch, is what over emotional home sellers do and this only drives well intentional and capable buyers away from the bargaining table.
Here's a shortcut list for home seller's who are selling off a family home:
1. Look at the home as an asset that must be liquidated.
2. Get an appraisal to determine current fair market value - (Get an appraisal from a licensed appraiser to determine value).
3. Don't price the home very much above the appraised value. Over priced homes don't sell.
4. Have the appraisal updated every 90 days at least, in the event the home does not sell right away. A swing in the market even if it is just typical holiday or seasonal slowdown can make the appraisal meaningless so be willing to have the appraisal updated if the home does not sell right away.
5. Make the home easy to view so that as many buyers as possible can have a chance to view the home.
6. Remove personal belongings from the home and donate them to charity if necessary.
7. Do some light repairs if needed and if it can be afforded to make the home more marketable.
8. Make sure the home is clean at all times and that the garage is swept and there are no stacked personal belongings left behind in the garage.
9. Negotiate with a level head and lean on your real estate agent for advice when responding to offers - Negotiating too harshly for instance; countering back at full price can send a good qualified buyer running away.
During any difficult time it's easy to be over emotional. As with all situations keeping a level head and keeping in mind it is a house that has a certain amount of monetary value and as much as possible keeping those emotions at bay, will leave the family asset to a new owner without a lot of stress, unnecessary delays and complications.
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