Take the pressure off selling your parents’ estate

When a parent passes away, their children are often the designated executors of the estate. That estate could include the house, vehicles, notable antiques, and even firearms collections.

The team at KIKO - Realtors, Auctioneers & Advisors has helped clients navigate the estate selling process since 1945. We can explain the options, the benefits, and the timelines, and the sellers choose the right option for them.

KIKO sold a secluded property in northeast Ohio for a family’s estate. The property featured a custom-built ranch home on 14.5 acres, and a 4-acre lake.

Making decisions

“As the executor of her parents’ estate, a recent client was in charge of selling her parents’ house and personal property after they had passed away,” explained Doug Milano, a KIKO Realtor/Auctioneer for 20 years. “She called to request a meeting at the property for us to inspect her father’s farm equipment – tractor, trailers, tools and vehicles.”

The conversation then turned to the house. The seller knew she needed to empty the home and outbuildings before she could sell the property. She was coordinating with her siblings – some of whom were out of state – answering questions and getting input on the property.

With the added opinions, it was hard to know what to do next.

“I explained that KIKO could clean out the contents and sell the house – either by listing it for sale or by having a real estate auction,” Doug continued.

After speaking with her siblings, the seller chose to auction the house and the contents on the same day. It was simple, quick, and effective – all important considerations for her family.

“After I explained the process, she said she felt like a weight was lifted off her shoulders,” Doug continued. “She could trust us to handle the sale of her parents’ estate. Auction day went even better than expected. The house sold for more than $580,000, but what my client was most happy about was that everything sold in just one day.”

How To Share The Proceeds Of The Sale

If you’re handling the sale of your parents’ estate, how do you make sure the money is split up equally?

The answer is auction. An auction is an open, public transaction designed to keep things fair among family members. Siblings or other beneficiaries can watch and even bid on a piece of property if they want – giving them direct input on the property’s value. In our opinion, auctions are a game-changer when it comes to dividing assets among family members.

If you have questions about selling your parents’ estate, call us today. 330-453-9187.