What You Need to Know About Buying or Selling an Estate Home

A loss in the family is never an easy event. Even if the relationship wasn’t as close as you may have liked, saying goodbye can be painful. When that person was a staple in your life, it can be hard to imagine going on without them. However, remember that your loved one would have wanted you to heal and find joy in your memories.

In addition to the emotions, you may also be the Executor of the Will, tasked with selling the cherished family home and distributing the estate according to your loved one’s wishes. This post will offer some essential guidance that will help you stay on track during this time. Let’s talk about how to handle buying an estate home with grace and tact.

Being informed on the market will help you handle any situation efficiently and gracefully. You can stay up to date by subscribing to our newsletter right here.

Surround Yourself With Support

Here at the Tanya Crepulja Team, we always strive to provide each client with a level of service that is unparalleled in the industry. Even more importantly, we approach each transaction with empathy and compassion.

Each listing represents a story, and buying or selling a house is a massive milestone for everyone involved. When grieving, this combination of expertise and a listening ear is even more critical.

You may not always know what to do to get the results you need. However, you can count on us to gently guide you through each step to a successful transaction.

How do you know if you’ve found a real estate team that has the skills and dedication to service to meet your needs? The posts below can help you make an informed decision:

The Importance of Early Planning

It doesn’t always happen, but we recommend planning as much as possible in advance. No one likes talking, or even thinking, about what it will be like to be without our loved ones or the idea of them moving on without us in their lives.

The reluctance you may be feeling now just shows why this discussion is essential. It’s easier and less painful to make any arrangements now, while you have the ability to stay logical and objective. When and if that moment arrives, a plan in place will make the transition easier for the ones left behind.

Start by getting in touch with a lawyer who specializes in estate planning if you don’t already have a clear and legal Will. At this time, you can also start thinking about who your Executor will be, and you may also want to arrange for a Power of Attorney.

Are you looking for ideas on how to prepare for a home sale even when you’re short on time? The posts below can help:

How an Estate Sale Differs From a Regular Listing

The main difference with an estate sale is you must wait for the courts to grant probate before the transfer of ownership can take place. Since there can be a delay, it’s best for the Executor to apply for probate as soon as possible. Once the courts grant permission to settle the estate, the selling process is similar to other homes. We at the Tanya Crepulja Team can help you prepare and price the home for the market.

There are other subtle differences between an estate sale and a standard transaction. For example, occasionally, there are multiple Executors of the estate. Each party will want to communicate clearly and frequently so everyone is aligned with the next steps and agreeable to the terms and expectations of the sale.

Going through your loved one’s belongings to decide what to keep and what to discard can be even more emotional. It’s important to have the support of your friends and family.
Once you’ve selected everything you want to keep, our trusted service providers can step in to take care of the rest.
We can connect you with specialists who can efficiently take care of de-cluttering, de-personalizing, donating, and removing junk items from the home. After that, we can arrange for cleaning services and contractors to handle tasks, big or small, depending on your needs. This compassionate and professional support can make selling your home while dealing with your loss easier to bear.

Are you planning on buying a home in the GTA? The posts below can help you navigate the market:

The Implications of Buying an Estate Home

Understanding the other side of a transaction is always valuable, whether you’re buying or selling a home. As a buyer, it’s important to recognize the critical differences between an estate home and a standard sale.

Be aware that the presentation may not be as meticulous as when the owner had plenty of time to prepare, which can work in your favour. Often, you’ll be in a position to negotiate an excellent value since the Executor likely wants the sale to be over and done with.

As experienced real estate agents with a long track record of success, we can help you spot high-quality listings that are undervalued while avoiding homes that need more repairs and updates than they are worth. Buying an estate sale might help you secure a high-quality home at a fantastic price, but it’s critical to understand the process.

You’ll want to be patient and flexible since estate sales can take longer than other transactions. The Executor can get a head start by listing the home, but remember that you cannot take possession until probate is granted.
If probate has not yet been completed, the purchase agreement will require a provision to allow for an extension on the closing.
Remember that most estate sales are sold in ‘as-is, where-is’ condition. It’s important to complete your own due diligence to ensure the property is suitable for your needs. That said, you might get extra value in exchange for your patience. We can help you determine whether the price is reasonable given the current market.

Needless to say, estate sales are among the most sensitive real estate transactions. Situations like these make having a caring and knowledgeable real estate team to support you more important than ever.

The Tanya Crepulja Team is committed to the highest level of service and professionalism throughout the selling or buying process. Connect with us today at tanya@tcteam.ca or call 647-293-3785 with any questions or for a complimentary consultation.