Avoid These 5 Costly Executor Mistakes in Probate Sales

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Hello, it’s Bob DeVore again, here to provide you with invaluable insights that set me apart as a real estate agent in the industry. Today, let’s explore the colossal mistakes that many executors and administrators inadvertently make while settling a probate estate:

**Mistake 1:** **Believing the Appraisal Price is the True Property Value**

One common misconception is assuming that the appraisal price reflects the actual value of the property. In reality, there can be disparities in property value in three scenarios:

– When an appraiser determines the estate’s value.
– When the property is listed on the market.
– When the property is ultimately sold.

One exception arises when the property is sold to the first buyer without exposing it to a broader pool of potential buyers via the internet. The more exposure a property receives, the higher its sales price tends to be. Ensure you consult a Certified Probate Real Estate Specialist (CPRES) agent and obtain a Probate Comparable Market Analysis (CMA), particularly crucial for properties undergoing the probate process.

**Mistake 2:** **Not Enlisting a Specialist in Probate Sales**

To circumvent potential complications during the selling process, it’s essential to collaborate with a Certified Probate Real Estate Specialist.

**Mistake 3:** **Delaying the Filing of Tax Documents**

Before taking any steps related to the real property’s sale within the estate, consult your accountant to determine the estate’s tax liabilities, if any.

**Mistake 4:** **Neglecting Proper Documentation Before Property Sale**

Ensure that you have obtained Letters of Administration or Letters Testamentary from the probate court before finalizing the property’s sale. A Certified Probate Real Estate Specialist can assist you in gathering the necessary information.

**Mistake 5:** **Skipping Repair Quotes from Multiple Contractors**

Examine the potential benefits of making repairs to the property before selling. It’s advisable to obtain repair quotes from at least two contractors or handymen.

As a Certified Probate Real Estate Specialist (CPRES), I am here to guide you through the probate sales process and help you avoid these costly mistakes and more. Rest assured, you can count on receiving not only the highest possible price for your property but also the finest service throughout the entire journey. Your satisfaction and success are my top priorities.