Executors and trustees face many responsibilities when overseeing and settling the estate of a friend or family member. Those responsibilities frequently include disposition of real property that is owned by the estate or trust. All too often, disposition means sale of the property to provide cash to pay estate taxes or to liquidate equity in the property for distribution to heirs.
Real estate brokers with special expertise in handling probate estate and trust property sales can be a significant asset to an executor or trustee. Here are the primary services typically provided in support of probate or trust sales:
Inventory. This includes photographing and cataloging all personal property, as well as the home’s fixtures and appliances. A preliminary inspection of the structure itself is also performed to note any problems that would need to be addressed prior to sale. For multi-family and other rental properties, inventory includes assembling all leases, financial records, maintenance records, utility bills, and other documents required to sell the property to an investor.
Valuation. The completed inventory is delivered to the executor along with recommendations for further evaluation by professional appraisers for any personal property deemed potentially valuable and by a licensed real estate appraiser for the home itself (usually required by the court-appointed Probate Referee).
Clean-Out. Clean-out begins with careful packing of all personal property in marked boxes for distribution to heirs, donation to charities, sale, or transfer to storage as directed by the executor. Removal of trash, maintenance and repair activities, and deep cleaning complete the clean-out.
Staging. Although not always necessary, the broker will coordinate staging of the property prior to initial showings when doing so provides an advantage to the estate.
Sale. The broker conducts the sale according to the process directed by the executor and as required by the probate court. This typically means either a sale requiring court approval or a sale that may be conducted by the executor with the approval of the heirs per an executed Notice Of Proposed Action (NOPA). The broker prepares the proper listing and contract disclosures for whichever process is applicable.
If you have questions regarding the services described above or the probate or trust sale process, or require support for a probate or trust sale, please click on Contact Us or call (650) 815-6182.
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John Souerbry is Broker/Owner of John A. Souerbry & Associates, a Northern California real estate firm representing home owners, investors, developers, and estates in probate or trust. Serving Silicon Valley, Napa Valley and the entire Bay Area.
John A. Souerbry & Associates (DRE 01370983) www.jsrealproperty.com
Tags: Northern California probate and trust real estate sales, real estate brokers specializing in probate and trust sales
