Estate Home Options

Hello Colleen –

Thank you for visiting. Let me again offer my condolences on your loss. I know from handling my Mother’s estate several years ago that it can be a stressful experience.

My mother had been terminally ill for several years prior to her death, and as the oldest of her four children, she asked me to be the trustee for her estate when she was wrapping up her affairs prior to her death.

Of course I agreed to do it. But I had no idea what I was getting myself into.

After she passed away, none of my siblings lifted a finger to help with anything. Yet each of them demanded a say in how things were going to be done, and they looked over my shoulder at everything I did each step of the way.

One of my brothers even threatened to sue me because he didn’t like the fact that I was following my mother’s instructions.

So believe me when I tell you that I’ve seen firsthand what this process can do to families, and I understand the stress that it can cause the person responsible for settling the estate.

And I sincerely hope your experience settling the estate will be better than mine was.

Is There a Home in the Estate?
In addition to settling my mother’s estate, since 2004 I’ve worked with hundreds of personal representatives and trustees to help them determine their best course of action regarding a home that was part of an estate or a trust.

Guide to Selling Michigan Estate HomeFrom the information I have, it looks like the home at 17275 Gaylord in Redford is part of the estate.

If that’s the case, I’d sincerely appreciate the chance to make an offer.

If you’re still looking at your options however, I created a guide that I used to send out to help folks better understand the options they have when they’re looking to sell an estate home.

Now, instead of sending it out, I’ve included the information below.

In the interest of full disclosure though, I want you to know that I’d like to buy the estate property that you may have available. So while I will give you an objective overview of your options, I do have a vested interest in one of them.

If you have questions, call me on my personal cell phone at (734) 818-1101, or you can send me an email at dennis@EstateHomeOptions.com.

Before we get into the options, I did want to make you aware of an important point regarding the probate process here in Michigan.

And that point is, for the vast majority of estates, you do not have to wait to sell real estate that’s part of an estate. Nor do you usually need the court’s approval to do so. You can sell it, and keep the proceeds in the estate’s account where it can sit as long as necessary until the funds are needed to pay expenses or until the final distribution is made.

If you have the time, I’ve also included a few testimonials from folks I’ve bought estate homes from at the end of the page below.

The Options for Selling an Estate Home

You have four basic options:

  1. Sell the home “By Owner”
  2. List it through a real estate agent
  3. Sell it to a real estate developer
  4. Sell it to me

Let’s go through each of these.


Option 1: Sell “By Owner”
Selling a home by owner is usually a really bad idea. It’s a ton of work and there’s little, if any, additional reward to make it worthwhile. Studies have shown that buyers automatically deduct a commission from the price if you sell by owner.

The real issue though is that when you sell by owner, you’re on the hook to do everything.

For Sale By OwnerAnd the list is endless. It includes:

  • You have to keep the grass cut and snow shoveled
  • You have to market and advertise the home
  • You have to take phone calls for buyers and real estate agents
  • You have to be available to show the home
  • You have to negotiate the terms of the sale
  • You have to complete a Purchase & Sales Agreement with your Buyer
  • You have to consistently follow-up on the status of their loan application so you have no surprises and no delays before closing.

All to save a 6% commission. It hardly seems worth it. And this is especially true if you’re selling a home that’s not near where you live.

I worked with an out of state Personal Representative recently who at first tried to sell an estate home this way. She lived in Missouri, and she had a relative here who was supposed to be taking care of the home and showing it to potential buyers.

After sitting on the market for several months, the Missouri PR finally gave up and called me.

When I arrived to look at the home, I immediately saw why it hadn’t sold. The grass wasn’t being cut. The landscaping was overgrown. There were a bunch of those free newspapers sitting on the porch. And the inside looked like it hadn’t been dusted or cleaned in a year.

It just wasn’t being taken care of. Even though the PR said she had promised this relative a portion of the proceeds from the sale in exchange for helping.

So even though you may be tempted to sell “by owner”, it’s really not a viable option because of all the work involved.


Option 2: Sell Using a Real Estate Agent
This is the most popular option for selling an estate home, because in many situations it brings the highest sale price, and therefore puts the maximum amount of money in the estate’s pocket.

Notice I said in “many” situations. Not all situations. This is an extremely important distinction.

The fact is, while the real estate market here has bounced back and homes are selling, the ones that areAgent selling have been completely updated and are in move-in condition. That means new kitchens and baths. New carpet and paint, New replacement windows throughout. And a new roof, furnace, hot water heater, and central ac unit.

So the question is, does your estate home meet that standard?

If you answered yes, then congratulations! You have a home that will likely fetch top dollar if you sell using a real estate agent.

But if you answered no, then listing the home with an agent can be just an exercise in futility.

I’ve bought a number of homes from estates that were initially listed by a real estate agent and languished on the market for months. The sad thing about these homes is that, after all of the time, effort, and money the heirs put into the homes to maintain them and try and get them sold, they ultimately sold to me for what I had originally offered up front, in one case six months earlier.

Here are a couple of critical things to consider if your estate home stays vacant for any period of time:

  1. The cost to insure a vacant home can be $500 per month or more. And if you have a claim on a vacant home that you haven’t told your insurance company is vacant, they’ll deny the claim and the estate will be left with the repair bill. This happens more often than you might think.
  2. Holding costs are always more than you expect. Utilities, taxes, grass cutting and snow removal are all expenses that have to be paid monthly, which will reduce the payout to the heirs at the end. Plus they’re all a big hassle to deal with.

The most important factor to consider when using a real estate agent if the home isn’t updated is this:

It will always take longer to sell a non-updated home when you use a real estate agent.

Nothing against agents, but they just don’t have the knowledge or experience necessary to properly price homes that need updating. So in nearly every case that I’ve seen, they’ve priced them way too high. Which causes them to sit on the market forever.

What’s more, when an agent does sell a non-updated home, they sell for roughly the same price that I will offer you up front, and you will pay a commission on that sale.

So using an agent in this situation will take longer, cost more, and reduce the amount you’ll receive.


Option 3: Sell to a Real Estate Developer
If you have a home in a hot market where there’s a lot of building going on, then your best choice could be to sell to a real estate developer.

developerThis is something that most folks don’t consider because they don’t know about it.

But developers usually pay premium prices that can be more than you can make selling through an agent.

They pay cash and they close quickly. And you won’t have to pay a commission, have lots of people come through, or deal with a lengthy selling process.

If you have a home in one of those areas I’d be happy to refer you to a couple of developers so you can explore this option.


Option 4: Sell to Me
All of the methods for selling your home that we’ve discussed so far depend on locating a buyer for your home.

When you work with me, however, you’re already working directly with the buyer.

DFThe biggest advantage of dealing directly with me is that once we come to an agreement your home is as good as sold, because I make guaranteed offers. So that means:

  • You won’t have to worry about if the home is going to sell. Because I always close.
  • And you won’t have to make any repairs or do any clean up or clean out, because I’ll buy the home in the condition that it’s in.

I’ll also handle the process and all of the paperwork, so all you’ll need to do is pick up your check at closing, or have the funds wired into the estate’s account. You don’t even have to attend the closing if you don’t want to.


So Which Is The Best Alternative?
As I’ve discussed, what’s best for your particular situation is based on three factors:

  1. The location of the homequestion
  2. The condition of the home
  3. How fast you’d like to sell and get cashed out.

If your home is updated, in a good area, and you’re not in a big hurry to sell, then your best choice is to sell using a real estate agent.

If you chose this route, I recommend that you call a good friend of mine named Todd Waller. He’s the best real estate agent in Southeast Michigan, and he’s the only real estate agent who I refer people to. You can reach him directly at (734) 564-7465 or via his website at www.ToddWaller.com.

If, however, you’d like to sell fast and/or your estate home needs to be updated, then selling to me is your best choice.



Why Call Me To Buy Your Estate Home?

As I mentioned, I’ve been helping personal representatives and trustees with their estate homes since 2004.

I have a local, family-owned company, and have extensive experience working with estate properties investorno matter where estates are in the settlement process. And I’m intimately familiar with the unique issues that personal representatives and trustees face when working with difficult properties and sometimes difficult heirs.

I also have extensive experience working with out of state personal representatives and trustees.

But the biggest reason why you should work with me is that I make fair, all cash, win-win offers.

What does that mean? Simply that after I see the home, I’ll walk you through my analysis of market value and the repairs necessary, and I’ll show you exactly how I come up with my offer price.

I know first hand how difficult this process can be, and it want to do whatever I can to make it as painless as possible. And I want you to be happy with your decision afterward as well.

To summarize, the benefits I can offer you are:

  1. I buy homes in any city.
  2. I buy homes in any condition, so there’s no need to do any clean up or clean out, or make any repairs whatsoever.
  3. I pay cash.
  4. I can close fast, or if you need some extra time we can close on a date that fits your needs
  5. After we come to terms there is nothing more you need to do. I handle the entire process, and you can either get a check at closing or have the funds wired directly into the Estate’s account.
  6. There are no commissions, no fees, and no cost to you.
  7. And in contrast to the other folks who may have contacted you, I have never, ever walked away from a contract. Simply put, that means once we have an agreement, your house is sold. Period. Guaranteed. Nobody else will make the same guarantee.

When it comes right down to it Colleen, this is all about YOU.
YOUR needs. YOUR situation. And YOUR house. I get that. And I do business with that in mind.

So I’d sincerely appreciate it if you would give me the chance to make an offer on your house if you’re thinking of selling. I’d like to earn your trust. And your business.

No obligation. No high pressure. No sales pitch.

So call or text me at (734) 818-1101 or drop me an email at dennis@EstateHomeOptions.com and let’s get the process started.

Dennis Fassett

 

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Testimonials From Past Clients

“Thanks also for not pressuring me to sell like some of the other guys that sent letters…”

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“Thanks for buying my Mom’s house. I didn’t know what to do after three real estate agents told me they wouldn’t list it in the condition it was in. I appreciate you being flexible with me and giving me time to remove the pictures and other valuables that my Mom had. Thanks also for not pressuring me to sell like some of the other guys that sent letters. The process was stressful enough without being pressured to sign a contract.”

“The process was stressful enough without being pressured to sign a contract.”

— Raed B.


“I didn’t really believe that we would have the house sold in only 2 weeks…”

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Mr. Fassett – thank you for working with us to buy my Mom’s home after she passed away. When you mentioned that you would give us an offer within 24 hours and then close quickly I didn’t really believe that we would have the house sold in only 2 weeks. I’m glad I found you.

“I’m glad I found you.”

–Michelle L.


“I also liked it that you gave me a very fair price for the home…”

sell inherited house in detroit

Thanks for buying my Mother’s home. It was a big help that you were able to buy it without us having to clean it out and get it ready to sell. My mother had accumulated lots of stuff and after the stress of her long illness I was exhausted and I dreaded dealing with all of it. I also liked it that you gave me a very fair price for the home. I’m on a fixed income and that really helped a lot.”

“It was a big help that you were able to buy it without us having to clean it out and get it ready to sell.”

–Henry G.


“You were really patient and understanding with us during the sale process…”

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“Dennis – thank you for helping us with our Mom’s home. This was a very traumatic experience for us, and we appreciated your patience with all the emotions we experienced during the process. You were really patient and understanding with us during the sale process, and we’re sure that Mom’s home will be in good hands. God Bless.”

“…we appreciated your patience with all the emotions we experienced during the process.”

–Claudia M. and Nancy M.


“You helped make the best out of a really horrible experience without the high pressure that some of the other buyers put on us.”

sell inherited house in detroit

“Thank you for making it simple to sell my parent’s home. Words can’t express how emotional it was having to sell the house I grew up in. Thank you for being patient with my sister and me, for making the process simple, and for making us a decent offer instead of lowballing us like a lot of the other people that sent us letters did. You helped make the best out of a really horrible experience without the high pressure that some of the other buyers put on us.”

“Thank you for making it simple to sell my parent’s home.”

— Brent and Lynn J.