Executor / PR of an estate. Auction or List as traditional sale ?

By
Real Estate Broker/Owner with Mackintosh REALTORS 82894

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.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
Maryland
Tags:
auction
selling real estate
estate sales
executor
personal represenative

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
295,152

Buzz Mackintosh

“Experience, reliable, leadership”
Ask me a question
*
*
*
*
Spam prevention