Navigating Probate Estate Settlement: Common Mistakes to Avoid

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1. The Misconception of Property Appraisal as Actual Value

One of the significant pitfalls executors and administrators often face during probate estate settlement is assuming the appraised value equates to the property’s actual market value. As any seasoned real estate professional will attest, a property’s value can vary considerably under these three distinct scenarios:

• When an appraiser assigns a value for the estate
• When the property is listed on the market
• When the property is ultimately sold

However, a unique exception exists if you immediately sell to the first buyer without exposing the property to the broader market on the internet. The simple rule of thumb is: the more potential buyers, the higher the potential sale price. Therefore, having a Probate Comparable Market Analysis from a Certified Probate Real Estate Specialist (CPRES) is crucial, especially during probate proceedings.

2. The Oversight of Not Engaging a Probate Real Estate Specialist

Always opt for a Certified Probate Real Estate Specialist for your real estate transactions. They come equipped with specialized knowledge and skills to mitigate complications that may arise during the sales process.

3. The Delay in Filing Essential Tax Documents

Before taking any action regarding the property’s sale, consult your accountant to ascertain the estate’s tax liability, if any. This proactive step helps prevent avoidable delays and possible penalties.

4. The Neglect of Necessary Paperwork before Property Sale

It’s essential to ensure you’ve obtained your Letters of Administration or Letters Testamentary issued by the probate court before initiating the sale of the property. A Certified Probate Real Estate Specialist can aid you in assembling these documents.

5. The Failure to Secure Multiple Repair Quotes

Before deciding to sell the property as-is, explore the potential benefits of carrying out repairs. Always aim to get at least two quotes from contractors or handymen for an accurate comparison.

As a CPRES Agent, my mission is to help you bypass these common errors and more. I’m dedicated to achieving the highest possible price for your property while providing exemplary service.

In addition, I can connect you with a range of service providers adept at assisting with probate-related matters. These include but are not limited to junk removal services, handymen, landscapers, CPAs, home appraisers, trash removal services, estate sale specialists, personal property estate appraisers, roofers, plumbers, electricians, locksmiths, and general contractors.

Should you require assistance with any of the above services, feel free to reach out to me for a list of my top service providers. Contact me at (810) 965-4566 or via email at bob.devore@coldwellbanker.com.