While 99% of the time Real Estate transactions go smoothly there is always that one where it's one thing or another popping up that makes us groan. The one that makes me nervous is:
"Hello, are you a Real Estate agent? I'd like you to sell my mother's house, she passed away last month. I live 1,000 miles away and I have never lived in the house. The home is located in the towns historic district."
A new agent is going to think "Hallelujah, Jackpot" but an experienced agent will think, oh boy".
Why the difference of opinion?
Estate sales can be fraught with peril. Here are some things to consider.
Is the caller truly the heir and the ONLY heir to the home.
If the caller has never lived in the home filling out the "Property Condition Statement" can be very tricky and can easily become a legal liability issue.
If the home is in a Historic District you need to find out in detail what modifications, if any, can be made to the home before listing it. It's also good to know what a potential Buyer can and can not do with the property.
As with any listing a title search is necessary as the caller may have no idea what liens may be against the title.
If the caller is legitimate they are going to be familiar with an estate attorney. It is important that you have permission to contact said attorney and in doing so will he/she be charging your new client for your phone calls.
These are a just a few things that come to mind. Make sure your broker is okay with this possible listing. If your broker is okay with the listing expect to put a lot of care into it, it's going to take a lot of attention. I should also say: make sure your E&O is up to date and adequate.
Comments(9)