The State of Estates in Real Estate

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

  One of our niches in real estate is...Estates.  Just as in divorce related transactions...the emotions can run at a high pitch...the "Mom always liked me best...wanted me to have...." claims are made and often when willthe last parent is gone,...the family as it once was, is no longer.  People steal, lie, complain, sue...and as a real estate agent...you can be somewhere in the middle of the fray with your focus on selling property and communicating with necessary parties in a timetable that the law may sometimes dictate. The FOR SALE sign cannot go on the property moments after the funeral....the necessary steps for Probate if there is a will...a Trust...OR what happens when neither exists, are spelled out in the laws of each state. There are heirs who are anxious to sell who may not have the authority or understand the process. If you are considering this as a niche, we recommend with any niche...education first. Beware of the get rich quick, sell dozens of listings a month courses advertised in social media. 

   Sometimes we are contacted well in advance and refer the all important legal structure to one of our trusted attorneys. Who is the personal representative,....who holds the health care power of attorney...what if a parent comes to live with a child or the child with the parent...having everyone know all the details in advance of having to execute the plan is valuable to everyone. 

    There are many people who choose to name heirs because they were people valued during their lifetime. People are left off of the list of heirs for the opposite reason...being a sibling, a child or dear friend does not secure any inheritance....and often,...that isn't learned until the will is read or the provisions of the trust become known.

  For reasons that escape our minds...children decide that equal division of assets is just not equal enough....when money is involved the green eyed monster of greed appears....and can result in lengthy and expensive legal proceedings. Anyone can sue an estate and the estate's assets dwindle with legal fees paid as the war among the heirs escalates. Certainly the Parent who is fortunately, not witness to these selfish acts would be surprised and hurt that siblings dishonored their wishes.

    Well written wills/trusts always have a "plan b ...c, d" that is...no one knows when someone will die or become incapacitated and that may well change the division of property or the designation of a personal representative.

   There is more to working with estates than putting a sign in the yard and a listing on MLS...if you choose it as a niche...as with any other...choose education first to best serve your clients as a real estate agent, 

       If you are named the personal repreesentative for an estate, know your responsibilities. If you live in southeastern Wisconsin and are looking to hire real estate agents with estate experience...call the Hansons, Broker Associates with EXP Realty, LLC,

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Ambassador
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Michelle Cherie CarrCrowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Yes, it is often sad and surprising what happens once a parent passes on.

Nov 30, 2019 11:33 PM #1
Rainmaker
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James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Sally.
I've been involved in a few of those.  Thankfully, they all went well.

Dec 01, 2019 01:31 AM #2
Rainmaker
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Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Yet another niche!  What is it called when you have a bunch of niches?  A pod?  A herd?  A flock?

Dec 01, 2019 04:36 AM #3
Rainmaker
3,364,878
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Sally. If it were easy everyone would be doing it. Some can, most can't! Some don't know the difference. Enjoy your day!

Dec 01, 2019 04:40 AM #4
Rainmaker
5,119,544
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Sally K. & David L. Hanson there's nothing worse than family members fighting over money that was not theirs to begin with... equally divided works best.... 

Dec 01, 2019 05:27 AM #5
Rainmaker
3,301,919
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

You would . think that Barbara Todaro and yet some of the most expensive and prolonged  legal battles we have seen have "equal" proceeds division. Money can bring . out the worst in people.

Dec 01, 2019 05:34 AM #6
Rainmaker
3,426,320
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Sally and David - it would be nice if emotion was left out of the scenario but that isn't always the case.  Having the proper, well-trained representation in each field matters.  

Dec 01, 2019 05:53 AM #7
Rainmaker
1,992,634
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Sally K. & David L. Hanson - I know that you provide a valuable service to people involved in estates.  Not every agent understands this.

Dec 01, 2019 06:34 AM #8
Rainmaker
1,271,923
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Sally K. & David L. Hanson - I have handled a few estate sales and am well-suited to help survivors usually children of those who passed get through it. 

Dec 01, 2019 08:34 AM #9
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Sally and David,

I saw this first hand several times with our clients, and when my father was asked to be the executor of an estate of a friend of his.  A

Dec 01, 2019 09:54 AM #10
Rainmaker
5,503,158
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing your experience and your advice.

It has been many years since I handled the estates of my parents. I was thankful for good legal advice.

Dec 01, 2019 12:30 PM #11
Ambassador
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Sally and David- I remember a consultation I had with that involved an estate. One of the siblings was dragging their feet because they were out of a job and wanted to live in the home rent-free. 

Dec 01, 2019 07:29 PM #12
Rainmaker
4,160,435
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sally, selling an estate with the siblings definitely can be tricky.  I closed one in October, and luckily the brothers were good throughout the whole transaction.

Dec 02, 2019 07:21 AM #13
Rainmaker
1,957,970
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Estate sales, the first reminder given to the personal representative, executor or executrix is the seriousness of the role. To expect relatives coming out of the woodwork with claims and criticism on how you handle the settling of the estate asset division. A good attorney is a partner in the this is the best course of action ABC to set expectations. To help the PR stay firm and consistent. Not everyone is going to be happy and you wonder during the fray, does anyone miss the dearly departed... instead of the fighting tooth and nail to increase their share beyond what is fair Sally K. & David L. Hanson ! Enjoy the snow in your part of the country and Merry Christmas!

Dec 03, 2019 04:01 AM #14
Rainmaker
3,301,919
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Thank you Andrew Mooers | 207.532.6573 ,,,given some of what w have seen...hard to prepare PR for the siblings...friendly old Uncle Bill and the assorted cast of now greedy characters that come into play....it's always  a "Who  Knew ?" when it comes to money !

Dec 03, 2019 04:44 AM #15
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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