One option to consider is to have an estate sale actually at the home (whether you run it or hire out to an estate sale company). Make it clear that the home is also for sale to all those who come. You can do this by having your Realtor post his sign in the yard (and whatever else they may do) and be present during the estate sale. The downside is it will be cluttered with people and items for sale, yet it does give some significant exposure. Heirs who live outside the area will have to rely heavily on the help of real estate agents for regular supervision of ongoing activities in their absence. It can get complicated when multiple heirs have differing opinions on the inspection of the house and the type of attorney needed because each sibling may have different values—both financial and emotional—in mind. It is the executor who makes the final determination. Where the executor is also a sibling, those determinations can be strenuous on relationships, so be cautious and caring and compassionate! It's not the easiest of jobs. For tax considerations, the tax basis of the inheritance is the value of the home on the day the owner of the willed property died. The difference between the home’s value and the amount received after the sale of the property is the gain on which taxes are owed. Where more than one sibling inherits the home, the gain is divided equally and each heir will claim their share of both money and taxes. If the property sells for less than its assessed value, then there will be no gain to be reported. We have a list of competent, insured and recommended local contractors of every kind we are happy to supply you with, just give us a call (our number is on the back cover).
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