How To Get the Best Offer on an Inherited House in DFW

By David Pannell

David Pannell is the Managing Broker and founder of Cities Real Estate, a forward-thinking brokerage based in Fort Worth, Texas. A licensed Realtor since 2005 and a broker since 2010, David is known for his expertise in helping families sell homes quickly, especially those navigating the complexities of probate and inherited property.

Have you ever wondered what “fair market value” really means when selling your home? If you’re like many sellers, this term can feel a bit hazy. But understanding it is crucial for getting the best price for your property.

As a real estate broker here in the Dallas-Fort Worth area, I help people buy and sell homes every day. Let’s break down fair market value and how you can ensure you achieve it when it’s time to sell.

What is fair market value? Simply put, it’s the price where a reasonable buyer and seller agree on an asset’s worth. For you, as an executor or a homeowner, it’s essential to know this because it can directly impact how much you walk away with when selling your property.

How do I get the fair market value? This often involves deciding whether to sell on the open market or through private sales. Selling on the open market means listing your property with a real estate agent, which allows you to attract more buyers. This is important because multiple interested buyers can drive up the price through competition.

The auction-like approach. One strategy I love is what I call an “auction sale” approach. Here’s how it works: you list your property attractively and create buzz around it.

For example, we can have a “coming soon” listing for two weeks, then open the doors to showings on a particular day. This way, we aim to attract multiple buyers, generating several offers. More offers mean better chances of reaching that fair market value.

Preparation can make a huge difference. Make sure to have all your paperwork in order: surveys, disclosures, and any inspections done ahead of time. This not only helps in attracting buyers but also demonstrates transparency, which can lead to fairer offers.

Be honest about property conditions. It’s tempting to hide flaws in your home to make it more appealing, but I advise against that. Listing everything that needs repair can actually work in your favor. When buyers see the full picture, they’re more likely to make serious offers, and you avoid surprises down the line.

Know your market. Understanding your neighborhood and the properties around you is vital. Look at recent sales in your area, this gives you a good benchmark for pricing your home. If the highest sale in your neighborhood was $225,000, pricing your home at about 80% of that could attract more buyers and help achieve fair market value.

Selling a home can feel overwhelming, but it doesn’t have to be. I’ve worked with many executors and homeowners who want to ensure they get fair market value for their properties. If you’re ready to take the next step, I’m here to help.

Feel free to reach out to me for a one-on-one consultation. You can also contact me at (817) 797-9047 or david@citiesrealestate.com. I’ll help you get the best price for your property.