Probate Sale Guide

The passing of a loved one is clearly a sad event, the silver lining of which can be that friends and relatives might stand to gain some form of inheritance from the proceeds of sale of the deceased’s former residence.

Probate is the time during which the deceased’s estate is “realised” by the executors and any debts/taxes need to be paid from this before probate can be granted and the inheritors settled.

Naturally there may be sensitivities and memories of a recently-departed loved one, as well as sibling relationships, that can cloud the judgment of those who stand to gain from the sale of a probate property. So as a quick guide, here are some pointers if you are selling a property formerly owned by someone who has recently died:

Residential property usually outlives its occupant, who could be regarded as the property’s temporary custodian. An early Victorian house has probably been home to more than 15 families over the years. It’s now time for it to pass to the next occupant.
The memories associated with the property may actually be memories of your loved one, not of the property itself. So let it go and allow the property to become a place for new memories for someone else.
Try to agree price and timescales with other inheritors before a buyer is found.
Ensure all inheritors are in agreement about any items that will remain with the property. It’s a good idea for one person, possibly an executor, to document this.
Arrange for the property to be cleared and refreshed so that prospective buyers can see its potential in their own context, rather than sad remnants of its recent history. A property that was clearly occupied by a mobility-restricted old person is less likely to appeal to a family wishing to bring up children there.
Don’t make the mistake of thinking that the various pots of paint and old tools gathered in the garage will be of any interest to the new owner. Let them make it their own. This can be a cathartic time, so give/throw away everything you do not specifically need.
Don’t show buyers around the property yourself. As well-trained agents, we understand how to fully harness buyer interest, and maximise the potential of the sale. For example, buyers will be reluctant to discuss any renovation plans for the property in front of a recently bereaved seller, which can frustrate their purchasing decision.
Let your agent handle the negotiations. Probate sales require a sensitive yet constructive approach, without emotional involvement.
If a quick sale is required, sealed bids from buyers can be worth exploring, but this technique has to be handled by an expert, responsibly and fairly.