On The Market
By Nancy Puder
When someone in our family passes away, the last thing we want to think about is the disposition or retention of real estate. It is important, however, to follow a few guidelines. Here is the advice that I often give to my clients and which I hope provides some peace of mind when making real estate decisions upon the death of a loved one.
· If the person who has passed away is your spouse, it is best to wait a year before making the decision to sell your home. There are exceptions to this, of course, but it is always best to wait when making a life-changing or large financial decision until emotions are not so intense.
· If you must move, consider renting it for a year in case you decide later that you want to return to the home. If after a year, you feel that you are ready, then sell. This is basically a 2-step process to letting go emotionally and is especially helpful when adult children are trying to help their aging parents.
· Obtain a written market value report from a Realtor as close to to the time of death as possible. The report should be kept with your legal and/or tax papers and will be required at some point in the future. It is easier to determine the value of the property as close to the actual event as possible rather than trying to figure it out a few years later.
· If you have been appointed the executor of an estate, be sure to obtain a written market value report as mentioned above. Establish a working relationship with a Realtor early on so they are familiar with what is going on and can answer questions and provide information and real estate updates along the way which will include changes in property value and market conditions.
· Lastly, please get professional legal and tax advice before making any final decisions.
Providing a market value report at time of death is a service that I have always provided FREE of charge to my clients whether they are planning to sell or not. If you find that you are in need of this information contact me at: (805)710.2415 or email
Nancy Puder is a real estate broker with Nancy Puder & Associates, the premier real estate boutique company in Arroyo Grande, CA. Nancy Puder is one of the largest listing brokers on the Central Coast. Call or Text Nancy (805)710-2415 with your questions anytime. She always enjoys hearing from you! To access other real estate articles written by Nancy Puder, go to: www.nancypuderassociates.com or email:
