A Windfall Or A Headache ~ Inheriting A House!

By
Real Estate Agent with Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803

 

A Windfall Or A Headache ~ Inheriting A House!
 
Larry And Sheila are Realtors who deal in many sales in 55 and over communities on The North Shore Of Long Island, and many times it's through an Estate where children want the financial gains from sales. This is true in single family residential homes that we deal with also in Nassau And Suffolk County New YorkLong Island Real Estate
 
Larry & Sheila understand the situation of A Windfall or a Headache ~ Inheriting a House and how it is emotionally charged. Baby boomers and beyond are aging, and with that comes the natural progression.
 
Estate sales can be challenging, emotional and difficult and families on The North Shore of Long Island, and all over the country may face difficult decisions. Sometimes, the more siblings there are, the harder the task becomes and the occasional friction it can cause. It's important to remember that emotions run high, and there are times that not all siblings are ready to see the family "home" sold.
 
You may not be prepared for inheriting your parents house. Should you sell the house, rent the house, or live in it yourself?
 
Because of taxes, heating, insurance, landscaping and in the case of a Condo there are monthly common charges that incur, most of the time the residence is put on the market for sale. Larry And Sheila realize that cleaning out the family home or condo, memories growing up, assorting over paperwork, sentiment and history, make this a difficult decision and chore.
 
With all of the decisions that need to be made on a wide variety of issues, it is important that all heirs be in communication with each other and that all are in agreement regarding what to do with the property. This is not legal advice, just what we have noticed in these type of situations. However, first and foremost do consult with an attorney and tax professional before posting a For Sale sign on the lawn. It might be best to wait before putting the house on the market. ~ remember the tax man cometh!
 
Selling a house can be an overwhelming process, and selling a family members property may even be more stressful. 
  • You may not be living in the same area
  • You might be concerned about making mistakes
  • You may be get poor information during the transaction

Working as your Sellers Agents, LARRY AND SHEILA take pride in making sure you know your options and are kept informed and educated throughout the sellling process. Let us eliminate the emotional estate dealings you may be confronted with.

Our innovative and extensive marketing will get you to your goals as quickly as possible. Selling an inherited family members house can be stressful. Larry & Sheila's goal is to make this a stress-free experience for you by providing a significantly higher level of service.

If you have inherited property that you intend to sell or rent on The North Shore Of Long Island in a 55 and over community or a residential home, please be assured that Larry & Sheila will handle the sale with integrity and honesty.
 
Emotions run high during this difficult time, but if you would like to sell your loved ones residence in Nassau or Suffolk County, please call LARRY & SHEILA at 631-805-4400. We're experienced and we're professional!
 
Sell The House ~ Save The Memories!
 
Larry And Sheila are Realtors with Charles Rutenberg Realty and can be reached at 631-805-4400.
  
 
If your home or condo or inherited property is listed with another broker, this is not a solicitation of the property.

Email: sheila@suffolkexperts.

http://www.suffolkexperts.com

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Larry And Sheila Long Island Realtors 

Do You Have Questions About Your Long Island Neighborhood? 
Need More Specific Information On Your Long Island Home or Condo For Purchase Or To Sell? 
 
Call Real Estate Agents Lawrence "Larry" And Sheila For More Comprehensive Reporting At
 631-805-4400 (c) .
We Welcome Your Call!

If you or anyone you know is considering to sell their existing home on The North Shore Of Long Island, or is purchasing their first home, dream home, step-up home, or retirement residence, we would appreciate the opportunity to serve them. We can also recommend a relocation professional in the destination of choice outside our Long Island area!

 

Lawrence "Larry" and Sheila are more than just Real Estate Agents. To attain the designation of REALTORS®, Lawrence & Sheila have proven they are more knowledgeable and experienced, above and beyond the average requirements. Being a part of the network referred to as REALTORS®, you can be sure Lawrence & Sheila will cater to your Real Estate needs with superior professional practices.

 

Are you ready to trust this professional Husband And Wife Team who are committed to you the Client? Call Lawrence "Larry" and Sheila at 631-805-4400 (c) and start your real estate investment on Long Island with two REALTORS® you can trust.

 

 All content, including text, photographs and images, remains the exclusive property of Suffolk Experts. Only with written permission of Lawrence & Sheila may anything be used by others. All information is believed to be accurate but is not guaranteed. Suffolk Experts and Lawrence & Sheila make no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, delays in information, any losses, injuries, or damages arising from its display or use.

 

 

  

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Show All Comments
Rainmaker
532,093
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

There are many challenges when the children inherit a house and you've covered them well. Thanks for sharing today.

May 06, 2012 05:21 AM #1
Rainmaker
1,438,729
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Larry/Sheila: It can be a challenge dealing with family members who may not agree on the sale of a home...having Realtors such as yourselves to help guide the family through the process is a key step in getting the property sold or rented.

May 06, 2012 06:02 AM #2
Rainmaker
1,514,587
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

David, We've seen many times the difficulties that are involved when selling a North Shore Long Island home between out-of-state siblings!

Anita, Many challenges and issues to deal with when selling an inherited home. Emotions can run wild but we get through them all!

May 06, 2012 06:07 AM #3
Rainmaker
805,811
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales a

Great post Larry & Sheila, I have had to deal with several situations where the siblings do not agree on what to do with the home and contents, once with 6 kids and it sure was a challenge.

May 06, 2012 06:12 AM #4
Rainmaker
565,601
Kathy Sheehan
Movement Mortgage 770-634-4021 - Atlanta, GA
Branch Manager

That can be a difficult and emotional time for anyone that has lost a loved one and then forced to deal with the property.

May 06, 2012 06:19 AM #5
Rainmaker
1,493,705
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Larry/Sheila, like Al, have had a few opportunities to work with the siblings on the sale of a parent's home, and all live in separate states and absolutely could not agree.   Better when one is made the trustee, and the agreement is between them!

May 06, 2012 06:21 AM #6
Rainmaker
1,512,751
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

OY!  Many of the reasons I hope Mickey's house sells while she's still with us.

May 06, 2012 06:26 AM #7
Rainmaker
1,514,587
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Al, We recently sold a condo where the 3 siblings did not speak with each other and they lived in 3 different parts of the country. It was certainly a challenge getting this deal closed!

Kathy, It's so emotional and we try to be as sensitive as possible in these inherited situations!

Joan, Unfortunately sometimes there is such anger between the family members that making one a trustee does not happen too easily!

Roger, Mickey's not going anywhere for quite a while!

May 06, 2012 07:07 AM #8
Ambassador
1,765,375
Barbara-Jo Roberts Berberi & Corinna Birgit Cromartie
Charles Rutenberg Realty - Palm Harbor, FL
Palm Harbor & Dunedin FL Residential Real Estate

Yes, selling a home that you inherit can be a headache. I have downsized so much, to help the kids out later.

May 06, 2012 07:38 AM #9
Rainmaker
2,055,463
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Excellent post and a topic that is very good for discussion.  Many families are not prepared to handle an estate real estate transaction.  The first decision should be to meet with a local real estate professional that really knows the market.

May 06, 2012 07:58 AM #10
Rainmaker
1,419,679
Ron & Alexandra Seigel
ra@napaconsultants.com - Carpinteria, CA
Luxury Real Estate Marketing

Larry and Sheila,

This is an excellent discussion that you are contributing on Active Rain.  It is hard for many people when inheriting a house particularly if the siblings are not in agreement.  And as you say, the tax man is always there lurking in the shadows.  Happy Sunday, A

May 06, 2012 08:05 AM #11
Rainmaker
1,514,587
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Barbara,-Jo, You did a great service for your kids. We showed a condo yesterday and the family was  tossing everything into a dumpster and fighting the whole time we were there...very uncomfortable so we took out buyers out of there!

Roy, Getting the whole family to agree on the price is a difficult obstacle, but we've always gotten through this being understanding to all!

May 06, 2012 08:06 AM #12
Rainmaker
1,514,587
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Ron/Alexandra, We try to make it as easy as possible as so many emotions come into play when inheriting a house, especially when their are several heirs having different opinions!

May 06, 2012 08:36 AM #13
Ambassador
1,106,243
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Your Guide to Joyful Colorado Living!

Larry and Sheila.  You guys are the experts when it comes to helping people with care in The North Shore of Long Island.

May 06, 2012 11:50 AM #14
Rainmaker
613,274
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

In our state, we recommend that the executors talk to an attorney because if the owner has been receiving aid while in a nursing home, for instance, the state may want part or all of the estate to offset the costs. 

May 06, 2012 03:33 PM #15
Rainmaker
1,514,587
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Belinda, Inheriting a house that siblings grew up in is a challenge...so many emotions!

Don, Yes this may be true and that's why our first suggestion is to speak with an attorney and tax professional...

May 06, 2012 04:06 PM #16
Rainmaker
839,542
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good evening Larry and Sheila.

It is always hard to let go...

May 06, 2012 05:13 PM #17
Rainmaker
1,449,437
Rebecca Gaujot, the GO TO REALTOR
Coldwell Banker Stuart & Watts Real Estate - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

Lary and Sheila, my sister was the trustee for my parent's house...but, we still had a problem with a few of the siblings....there were 11 siblings at the time.  It worked out fine. 

May 06, 2012 06:48 PM #18
Ambassador
1,304,353
Toni Weidman
Re/Max Sunset Realty - Trinity, FL
23 Years Selling Homes in New Port Richey, FL

It is definitely interesting dealing with an inherited home and all the siblings. I once had one where one of the heirs refused to sign the closing papers: one week prior to closing. Not a nice situation.

May 07, 2012 12:02 PM #19
Rainmaker
1,514,587
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Joshua, It's definitely an emotional situation...

Rebecca, With 11 siblings, we can't imagine it going completely smoothly, but glad it worked out fine!

Toni, We can imagine this as we had one where the 3 siblings didn't speak with each other and one got insulted that she was the last to sign so she delayed the closing!

May 08, 2012 01:51 AM #20
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Rainmaker
1,514,587

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