Losing a loved one is never a time when you want to think about real estate, but there is one thing that is very important to remember at that time. When a loved one dies, who owns a property, or is the co-owner of a property (such as a spouse) it is very important to ask a Realtor to write you a "letter of value". This "letter of value" needs to state the Realtor's opinion of value on the date of the death of your loved one. Having this letter in a file will help tremendously if and when you decide to sell the property. This letter can be helpful in other ways, also, such as to establish the value for a future restructuring of your finances. I have just been contacted by a client who has remarried and they want to restructure ownership of the property in both names. To do this, they need the value of the home when her husband passed away over 10 years ago. This task is much easier to accomplish in the months after a loss, rather than years later. All it takes is one phone call. Having a relationship with a Realtor can be beneficial in life, whether you ever need to buy or sell. Call me anytime you have a real estate question or concern.
Hanne Sagalowsky / email@example.com / 214-402-8200 / International Property Specialist