When it comes to selling an inherited apartment, discrepancies can arise between the relatives involved or with the interested buyer, who is only looking for a bargain. The figure of the family mediator in the operation stands out, managing the bureaucratic procedures or knowing well the real estate market.
The situation caused by the coronavirus has meant that many people suddenly find themselves with an inheritance to manage due to the death of a family member. Faced with this unexpected situation, the figure of the professional real estate mediator becomes important to reach a successful conclusion if you want to sell the deceased’s home by the heirs.
The current situation of the real estate market so far in 2020 offers a stability of prices and a moderation of purchase-sale operations. The current prices of used housing are barely 1% below the values recorded a year ago, although if a 3.4% more than in July. Meanwhile, home sales continue to be negative since the beginning of the pandemic lockdown, with falls of over 30%, but have also been increasing for two months with monthly increases of over 20%, which means that they are gradually returning to pre-population levels.
“The inherited apartments in a prime situation, conditioned and with prices adjusted to market are sold from one to three months. In less central locations, it takes a minimum of six months,” notes Alfonso Soler, CEO of Coastlawfirm International Lawyers, a high-end real estate firm.
From the real estate firm founded in 2014 and focused on the design and promotion of high-end housing, offer five basic keys to carry out an effective sale of a legacy housing.
Clear the bureaucracy
One of the reasons why there is so much anxiety in the sale of the apartment is that you have six months from the death of the relative to make effective the liquidation of the taxes related to the accepted inheritance. From the Inheritance Tax -which depends on each Autonomous Community- to the municipal capital gain dictated by each city council. Although it is possible to request the extension to a year or the fractioning of the payments.
“The most convenient thing is that from the notary’s office itself and through the client’s agency, they settle the taxes and register the award by telematic means. These terms are what precipitate the sale of this type of property in those cases where there is a lack of liquidity among the bidders,” said the CEO of SOLER & ASSOCIATES
The family mediator against the opportunistic buyer
One of the main reasons why an opportunistic buyer finds inheritances attractive is because of the foreseeable personal confrontation between the heirs. Sadly, when money is at stake, disputes come to light that do not help in the optimal sale of a property. For that reason in many occasions it is sold as a way to avoid a greater erosion of the personal relation.
“Because of our experience in the negotiation and purchase of this type of property, we recommend that a person be designated among the heirs, who we call a mediator, to lead the process. When all the heirs want to participate in the negotiation, normally the sale does not end in a good conclusion. This mediator will be the only interlocutor with the buying party and will bring together and channel the interests of the various heirs, and may even lead to the signing of a price agreement between all of them with the conditions under which none of them can oppose the sale if they receive an offer that meets the predetermined criteria,” says Mr. Soler who has had several experiences of this type over the years and this figure has helped to resolve them.
Conditioning of the house
Even if the sale is made due to lack of liquidity to pay taxes, it would be convenient to make small investments to present the product to the market in the best possible way. This is the only way to obtain a better price with respect to other properties of similar characteristics. It is convenient to empty the house of all the furniture and belongings of the deceased, as well as to do a deep cleaning.