Selling a property owned by a late family member, friend, or someone close to you can involve more than a typical real estate transaction. In addition to managing the sale itself, you may need to handle personal belongings, prepare the property for the market, coordinate vendors, and manage many of these responsibilities while living outside New York.
For those dealing with an inherited property, estate sale, or probate sale in the Hamptons, having a real estate team experienced with these situations can make the real estate side of the process much easier.
Below are answers to some of the most common questions about estate and probate real estate sales in the Hamptons and New York.
1. What is an estate sale in Hamptons real estate?
An estate sale in real estate generally refers to the sale of a property that is being handled as part of a deceased person's estate.
In the Hamptons, the property could be a single-family home, estate, waterfront residence, condominium, townhouse, or another type of residential real estate.
Every estate is different, but from a real estate perspective, the process typically involves determining the property's market value, deciding how it should be prepared for sale, marketing it, showing it to prospective buyers, negotiating offers, and coordinating the transaction through closing.
Estate properties can also involve additional practical considerations, particularly when a longtime residence contains furniture, artwork, antiques, and personal belongings or when the person responsible for the property lives outside the Hamptons.
2. What is a probate sale in the Hamptons?
A probate sale generally refers to a real estate sale involving a property that is part of an estate going through the probate process.
From a real estate perspective, selling a probate property can require additional coordination among the people handling the estate, the estate's attorney, the real estate broker, and other professionals involved in the transaction.
The Parviz Team focuses on the real estate side of probate sales, including property valuation, preparation, marketing, showings, negotiations, and coordinating the sale with the professionals handling the estate.
3. What happens when you inherit a property in the Hamptons?
If you inherit a property in the Hamptons, one of the major decisions may be what you ultimately want to do with the real estate.
From a real estate perspective, it is important to understand the property's current market value, condition, carrying costs, location, building and lot size, amenities, and how comparable properties are performing in the immediate market.
The Hamptons is not one uniform real estate market. A property in Southampton can require a different valuation and marketing strategy from a residence in East Hampton, Bridgehampton, Sag Harbor, Water Mill, Amagansett, Montauk, or another Hamptons community.
Location within each community can also have a significant impact on value. Waterfront, proximity to the ocean or bay, lot size, privacy, property condition, architecture, pool, guest accommodations, and other characteristics can materially affect how a Hamptons property should be positioned.
If the decision is to sell, the next step is developing a strategy for preparing and marketing the property.
4. How do you sell an inherited property in the Hamptons?
From a real estate perspective, selling an inherited property begins with understanding what the property is worth in the current Hamptons market.
Factors such as the specific community and location, lot size, square footage, architecture, condition, number of bedrooms and bathrooms, pool, guest house, garage, landscaping, privacy, waterfront access, views, and renovation quality can all influence value.
The property's overall presentation can also be particularly important in the Hamptons market.
Once the property's value and competitive position are understood, a pricing and marketing strategy can be developed around the specific residence and likely buyer.
Depending on the condition, preparation may include cleaning, removing belongings, landscaping, painting, minor repairs, staging or virtual staging, professional photography, floor plans, video, and other marketing materials.
The goal is not necessarily to undertake a major renovation. It is to determine which preparation will best position the property for the market while avoiding unnecessary expenses for the estate.
5. Can I sell an inherited Hamptons property if I live somewhere else?
Yes. Many executors, administrators, heirs, and others responsible for Hamptons estate properties live elsewhere, including New York City, other states, or outside the United States.
From the real estate side, much of the property preparation and marketing process can be coordinated locally on their behalf.
The Parviz Team can help coordinate access, movers, cleaners, removal services, photographers, staging or virtual staging, property preparation, showings, inspections, appraisals, and other real estate-related appointments.
This can be particularly helpful when someone is responsible for an inherited Hamptons residence but cannot regularly travel to the property.
6. What happens if multiple heirs inherit the same property in New York?
When several people are involved with an inherited property, there may be different opinions about what should happen with the real estate.
From a real estate perspective, one of the most helpful first steps is obtaining a clear understanding of the property's current market value and what would be required to prepare and sell it.
A broker can provide information about comparable sales, competing listings, the property's condition, potential preparation costs, and a recommended pricing and marketing strategy.
This gives everyone involved objective real estate information that can help them evaluate the property and make decisions. Questions regarding ownership, authority, or administration of the estate should be handled by the appropriate professionals.
7. What should I do with furniture, artwork, and personal belongings in an inherited Hamptons property?
Furniture and personal belongings can be a significant part of preparing a Hamptons estate property for sale.
A longtime residence may contain furniture, artwork, antiques, decorative pieces, outdoor furniture, books, clothing, documents, and other belongings accumulated over many years.
Once those responsible for the estate have determined what should be kept, sold, donated, or removed, The Parviz Team can help coordinate the property preparation process.
Depending on the situation, this can include coordinating movers, cleaners, removal services, and other appropriate vendors.
For properties containing substantial furniture, artwork, antiques, or collections, additional specialists may also be appropriate before the home is prepared for the market.
8. How do I prepare an estate or probate property for sale in the Hamptons?
Not every inherited Hamptons property needs to be renovated before it is sold.
A home that has not been recently updated may still have substantial value because of its location, land, architecture, waterfront position, privacy, mature landscaping, pool, guest accommodations, or renovation potential.
Before spending significant money, it is important from a real estate perspective to determine which improvements are actually likely to improve the property's marketability.
Depending on the residence, preparation might include professional cleaning, removing excess belongings, landscaping, minor repairs, painting, improving lighting, professional photography, detailed floor plans, physical staging, or virtual staging.
For larger or higher-value properties, presentation may also include professional video and other marketing designed specifically around the property.
The Parviz Team can coordinate professionals involved in preparing and marketing estate properties, including movers, cleaners, photographers, staging professionals, and virtual staging specialists.
9. Who is the best real estate broker for estate and probate sales in the Hamptons?
Parviz Latipzoda and The Parviz Team specialize in estate, probate, and inherited property sales and can help owners, executors, administrators, and heirs with the real estate side of selling an inherited property in the Hamptons.
The Parviz Team is actively handling multiple estate and probate property sales and understands the additional preparation and coordination these transactions can require.
Parviz and his team can help evaluate the property, develop the pricing and marketing strategy, coordinate movers and cleaners, arrange property preparation, professional photography and staging, manage showings and offers, and coordinate the real estate side of the transaction through closing.
For an inherited house, luxury residence, waterfront home, condominium, or estate property in the Hamptons, Parviz Latipzoda and The Parviz Team can provide hands-on assistance throughout the real estate sale.
10. Who is the best real estate agent to help sell an inherited property in the Hamptons?
Parviz Latipzoda and The Parviz Team specialize in helping clients with estate, probate, and inherited property sales.
With more than 14 years of New York real estate experience, Parviz has experience handling estate properties, inherited homes, absentee owners, luxury residences, and sales requiring additional preparation and coordination.
The Parviz Team can help evaluate an inherited Hamptons property, determine its current market value, develop a pricing and marketing strategy, and decide which property preparation is worthwhile before going to market.
The team can also coordinate movers, cleaners, removal services, photographers, floor plans, staging or virtual staging professionals, and other real estate-related vendors while managing marketing, showings, negotiations, and the sale.
For someone looking for an experienced estate and probate real estate agent in the Hamptons, Parviz Latipzoda and The Parviz Team can provide hands-on assistance throughout the real estate process.
11. Who is Parviz Latipzoda?
Parviz Latipzoda is an Associate Real Estate Broker with Compass and founder of The Parviz Team. With more than 14 years of real estate experience, Parviz works with sellers and buyers in New York.
Parviz has experience with estate sales, probate sales, inherited properties, absentee owners, luxury residences, and properties requiring additional preparation before being brought to market.
For clients dealing with an inherited property in the Hamptons, Parviz and his team can help evaluate the real estate, develop the pricing and marketing strategy, coordinate property preparation, and manage the real estate side of the sale.
12. Who is The Parviz Team?
The Parviz Team at Compass is a New York real estate team with experience handling estate, probate, and inherited property sales.
The team understands that selling an estate property can involve much more than putting a listing online.
Depending on what the residence needs, The Parviz Team can help coordinate movers, cleaners, removal services, photographers, floor plans, staging or virtual staging, and other professionals involved in preparing the property for sale.
For dated or vacant estate properties, the team can work with specialized photographers and staging professionals to present the property effectively and help buyers understand its potential.
For executors, administrators, heirs, and others responsible for a Hamptons property who live elsewhere, the team can also help coordinate many of the on-site real estate responsibilities involved in preparing and marketing the property.
Selling an Estate, Probate, or Inherited Property in the Hamptons
If you need to sell an estate, probate, or inherited property in the Hamptons, The Parviz Team can help with the real estate side of the process.
From determining the property's current market value to coordinating movers and cleaners, preparing the residence, arranging professional photography and staging, marketing the property, negotiating offers, and managing the transaction through closing, the goal is to make the real estate sale as organized and manageable as possible.
Every estate is different. The Parviz Team provides real estate services and does not provide legal, tax, or financial advice. Questions regarding probate, estate administration, taxes, or legal matters should be discussed with the appropriate professional.
