Acting as executor or (PR) "personal representative" of an estate doesn't have to be an overwhelming task if you're organized. The executor or PR is legally responsible for protecting the assets of the decedent, or deceased, until the probate process is completed and the assets are disbursed. State probate and tax laws vary, but if you set up a checklist and seek appropriate tax and legal advice, settling an estate can be orderly.
Avoid mistakes by consulting with an estate attorney, tax accountant, appraiser or any other professionals who can provide expertise. An attorney can advise you on the legal steps to take and help handle questions that come up from beneficiaries who might push for a quick distribution of assets. The tax professional will help with the final tax return and any issues involving particular inherited assets such as a home. An appraiser will put a fair market value on real estate, antiques and other valuables.
Once an Executor / PR comes to an agreement with the beneficiaries or makes the executive decision to sell the probate house their role in selling real estate during probate then follows:
Obtaining an accurate valuation of the probate house from an independent party such as an appraiser. Filing the petition to sell the probate house with the courts. Upon confirmation from the probate court, the Executor / PR may either be granted full or limited authority to carry out the transaction (this according to the IAEA – Independent Administration of Estates Act)
The big decision then is should the real estate be auctioned or listed for sale?
Benefits of an auction:
Buyers come prepared to buy
Property sold “As-is”, Where is
Quick disposal reduces long-term carrying costs, including taxes & maintenance
Assurance that property will be sold quickly
Exposes the property to a large number of pre-qualified prospects
Creates competition among buyers
The seller knows exactly when the property will sell
An aggressive marketing program will increases interest and visibility
Benefits of listing with a REALTOR®
An experienced REALTOR® will present you a detailed marketing plan
The property is exposed to numerous potential buyers in the MLS
The property can be sold “As is”
Buyers are pre-qualified
In most cases you will attract a profile buyer willing to pay more $$
Which ever method is selected to sell the property , examine the marketing materials and ads. Is the approach effective? Drop by one of the company's open-house events and evaluate how well the property is showcased. Is the home well staged and inviting?
Check referrals from past clients, preferably people with similar properties. Did the marketing live up to expectations? Did the auctioneer / REALTOR® deliver as promised?
Should you need a contact or referral of someone to interview, please feel free to contact me. I have a large data base of experienced Real Estate professionals through out the country.
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