Question: Is it practical and smart to sell a house “by owner” during an estate sale event being held for a relative, or friend’s home? Is it truly possible to solve two huge tasks with one solution?
Question: Is it possible to sell a home while conducting an estate sale on a home?
Yes, it’s quite practical and easy to sell a home and conduct an estate sale at the same time. Why? First and foremost- The home has an extended open house/viewing period during the hours of the sale. Additionally, the customers don’t feel the normal buying pressure that comes when attending a scheduled “open house” and the house has already been cleaned and staged for the estate sale itself.
As the owner of an estate sale company, most of my clients have already contacted a real estate agent to sell a home, after the liquidation of its contents has been completed.
Should I hire a real estate agent to sell the home?
Contacting a real estate firm to sell the property/home is usually the norm if you or your family members lack the time, or lack the physical or mental energy it takes to try and sell the home.
The task of selling a loved one’s home and contents can be quite stressful and one of life’s difficult challenges. The home is usually full of precious family heirlooms and mementos from the past. A real estate agent can handle the respnsibility of selling the property, but for those of you who could use some extra cash: Become your own real estate agent, and sell the home “for-sale-by-owner.”
During the last 43 years, my husband and I have sold five of our homes by owner. We’ve literally saved tens of thousands of dollars.
Real estate commissions can deduct up to ten percent from the selling price of a home; so it’s worth checking into. We had discussed whether to sell via a realtor or “by owner” before making this important decision. Most often, we had chosen to work with a top-selling real estate agent. Unforntately, we went tried several agents only to be disappointed due to lack of enthusiasm from the agent after a contract was signed. and lack of any offers from potential buyers. Don’t get me wrong, there are very dedicated and hard-working real estate agents out there, but if you decide to hire one; please do your homework and research their background-Talk is cheap! The focus should not be on talking; it must be on action.
If you are planning on liquidating the contents of a relatives home with the intention of selling the property once it has been cleaned out; why not do both at the same time?
Ask yourself: Does the home need minor or major repairs? Does it need the help of a professional stager to enhance the interior before its placed on the market? Major home repairs can set you back financially and you can incur problems with the property passing inspections. If this is the case; perhaps think about selling the property in “as is” condition.
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The Pluses of Selling the home during an estate sale
Estate sale companies are already trained at staging the contents of a home in order to entice customers into making purchases, so there is no need to pay for a professional stager, which can cost hundreds of extra dollars, depending on the extent of work that needs to be done.
Is the house in disarray?
You definitely don’t want potential home buyers viewing a huge mess when walking into a home, so decluttering is extremely important before placing the home on the market. Estate sale companies will usually include removal of trash from the home as part of their service fees.
You definitely don’t want potential home buyers viewing a huge mess when walking into a home, so decluttering is extremely important before placing the home on the market. Estate sale companies will usually include removal of trash from the home as part of their service fees.
One of the first things our estate sale company looks at when checking out a prospective sale is the number of contents in and around the property and what condition they’re in. Some homes are quite clean and organized with little or no clutter, but there are those cases where it’s hard to even walk through the house due to a hoarding situation, or excessive clutter scattered about. Next, a decision will need to be made on what is to be kept for the family; what is to be discarded, donated, recycled, and what is left to sell. The remaining items will then need to be cleaned, staged and priced for the sale.
Here is a list of things I’ve put together if you’ve decided to take a chance and sell a home “By Owner” during an estate sale.
1. Make sure all the estates’ legalities are in order and taken care of with an attorney. During this time, the probate process begins, which families and heirs will need to complete before the home, or the estate’s assets can be sold.
2. Research the value of the home and what its listing price should be. Check online realtor sites, such as Realtor.com and Zillow.com for some local area home price comparisons. If you know a realtor, ask them if they could do a comparative market analysis. This is a free service. (Personally, I would offer them a payment for this service. They, in turn, are more than happy to help out with other important home selling questions you might have.
3. Educate yourself on key steps for selling a home by owner. The online webpage- For-Sale-By-Owner.com-has a vast amount of information for selling a home by owner, and they have packages you can purchase to help equip anyone wanting to sell by owner.
4. Once you’ve researched this information, its time to create a colored, printed flyer to give out at the estate sale. Include a header that can grab a buyer’s attention; quality photos of the home, inside and out; pricing
(Once you’ve figured out an appropriate fair market price for the property, think about discounting it just enough to stand out as “quite the bargain” to potential buyers.); the finished and unfinished square footage, and create a descriptive paragraph explaining any highlights of the property. Don’t forget to add the “all important” contact information. (Check out the online program called “Canva.” It has templates and layouts to help create a customized informational flyer.)
5. List the home for sale on appropriate, free internet online sites, such as Zillow.com, Facebook Marketplace and craigslist. Important: List on the MLS (Multiple Listing Service) with their “flat-fee service.”
6. When creating your listing, use key words, such as renovated, updated, well-maintained, beautiful, landscaped, and spacious, Let the description explain any special features in the home, and never use desperation phrases like “must sell” and “motivated seller.” Keep it real, but enticing.
7. Important! As the seller, you should demand a pre-approved mortgage letter from any potential offers made on the home. Additionally, don’t forget to work with an attorney or title company during the closing process to ensure a legal representative who is savvy to real estate and banking legalities. They’re looking out for your best interests and will explain fees and paperwork.
In closing, remember when selling the home by owner, your profit margin will be substantially higher; an asset for estate heirs. Keep in mind again, how selling a loved one’s home can exasperating, therefore; hiring a real estate agent has many advantages. They can still advertise the house during an estate sale via flyers, answer any questions customers have, and sell the home in a timely manner.
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