As a full time agent, I am always looking for a deal and always interested in estate sales. Estate sales are homes of deceased or older people who have an executor who manages affairs. I love estate sales because they are typically properties that have been lovingly lived in, and just need the typical updates- kitchen, bathrooms and flooring. Total costs are usually under $50/sqft for the house- averaging 2500 sqft.
I walked a property which was an estate at 7635 DeMar Rd in Indian Hill on November 6, 2017. The property was an estate, and the daughter was selling the house to close out the estate of her late mother. The adult daughter is savvy and in her sixties, an ex-Indian Hill resident and was marketing the house on Zillow.com for $565k.
When I set the appointment, this daughter disclosed to me that she was selling her parents house and she would take $535k, so walking into it, I thought – “this is great, she is already negotiating!”. The house was unique but had incredible opportunity. No real basement for “cheap square footage”, but it had a good setting on an approachable street. No home on the street is worth more than $800k, so I am thinking you can put $150k in this, purchase it for $500k and have $650k ranch house on an acre in a low tax market. These are in short supply and are a great condo alternative.
When I presented my ideas to the daughter after a week, she said that she already had a contract. She said it was contingent on sale of buyers West Chester property and that it was a good offer. The property that she had was being marketed for $565k and Closed for $440k! That is 77.8% of list to sale price!
Estate executors take notice- you are exhausted from cleaning out the house and you have burned all emotional attachment of the house. You have had days cleaning out the house that you would pay for it be taken. Executors should not sell houses!
Hire a realtor, hire me- John Payne with Keller Williams Realty to manage the sale of your house. I could have gotten this owner more than $40k more in net proceeds by professionally managing the transaction paying the buyers agent.
Be smart out there buying and selling real estate- the stakes are high. With $40k, I would have put a downpayment on a Tesla Model S, what would you have done?
