Hello! My sister and I are 28 and 29. We both inherited our childhood home bc my mom passed 3 years ago and my dad last week. I own a house so I’ve been a buyer before but never a seller.
The house being ready to sell will take a minute…We are in the beginning stages of probate and have to open up 2 estates bc my dad forgot to do a few things after my mom died. Then transfer the house from my moms estate to dad’s estate. A tree fell on the house last year and are in the middle of getting work done. Insurance has paid it out but am locked out of funds in my parents bank account until we have access to the estate. So, the builders refuse to continue working until they get paid again. Another tree fell on the house while my dad was in the hospital , he was able to open a claim with insurance before becoming incapacitated in the ICU. The tree is still on the house and knocked down the chimney. The chimney bricks fell and crushed the AC units.
The house is a 5500 sq ft historic house that is in a desirable area. Walkable to bars, restaurants, businesses, greenways, park. It’s in a historic district of town. Bad news? The house needs a TON of work and has major issues. Roof and wood siding needed repairing 4 years ago when they were sick. Now it’s 4 years later and water spots in ceiling are present throughout, wood siding looks terrible with broken spots. The broken spots have caused rats to get into the attic. Large mold spot in ceiling of attic. Small spots of mold present on some of the wooden furniture in home including the beautiful wooden staircase. 4 broken windows. Master bath shower needs a full gut as it leaks to second floor. Water doesn’t work in 2 bathtubs of house. I’ve been advised from Reddit it’s okay to sell as is.Although I’m working with terminex currently for the rodent problem…
I want my family friend and highest recommended real estate agent in town to sell house. She is also very interested. She called to tell me she has a cash buyer interested in walking through the house after driving by. I don’t know how long the probate + insurance home repair issue will take but apparently if the cash buyer likes the house he is willing to wait and is in no rush. They would do an inspection report before buying to make sure no structural issues but is okay buying property as is for fixer upper.
I asked about dual agent. She said yes she’d represent both but don’t tell her what my lowest I’d sell and told cash buyer don’t tell her the highest they are willing to go. 3% commission only but would bump to 6% if I want to bring in a different agent to represent cash buyer.
Next week she wants to walk through house to create comps and see what we are dealing with. Okay…but I haven’t signed any paperwork. After that the cash buyer is interested in walk through. Okay…but the house isn’t very staged.
Are there any concerns with this process?? Am I forgetting something or screwing myself?
It would be amazinggg to skip putting house on market and have a buyer lined up. We want to sell asap once things are ready with estate and insurance issues fixed. But can’t help feel something is off!
Help I’m young and inherited house; real estate questions
byu/ayf0002 inRealEstate
Posted by ayf0002
3 Comments
honestly teh whole dual agency thing is a red flag – your agent literally told you not to tell her your bottom line while also repping the buyer? that’s sketchy as hell and defeats the purpose of having representation. even at 3% you’re basically paying someone to work against your own interests
i’d get your own agent and let her rep the cash buyer if they’re so interested, especially on a 5500 sq ft historic property that could be worth serious money even as-is
*Saw that you are in the beginning stages of probate*
If I were you I would speak with a real estate attorney before you do anything. It’s just always a good idea to have all the facts about everything and ask any legal questions that you need to before selling.
I also am not a huge fan of dual agency. I don’t feel like we as agents can represent both sides to the best of our ability. Just a personal opinion though.
I’d be less worried about dual agency or probate and just be aware that her cash buyer is buying it cheap knowing there is a lot of work and most estate sales don’t care about profit as much as speed and avoiding a headache. That may be fine for you, just understand you aren’t getting the best value. You are getting the best convenience.