1. Be prepared to shell out money. Before a home is sold, costs associated with maintaining the property still must be paid to prevent unintended consequences, such as frozen pipes or fines from local jurisdictions for failing to do routine landscaping.
2. Keep heirs out. The executor should have locks changed as soon as possible. “It can be very difficult and emotionally draining to remove someone from the property” if they’re not willing to go, Vosburgh noted.
3. Get a reality check about price. Have a real estate agent run a competitive market analysis and consider an appraisal from a licensed appraiser. To avoid appearances of impropriety, don’t hire a friend or family member, especially if there are multiple heirs, Vosburgh said. “People can get suspicious, and death brings out the worst in people.”
4. Designate a contact person. The executor should keep all heirs informed. Someone who feels left out may think there’s something hinky with the transaction.
