Tips on Selling a Home in Probate
Selling a Home in Probate:
Many executors are worried about what to do with the real estate they control in probate estates. The fears of holding on to residential real estate in Riverside, San Bernardino, and San Diego Counties is well justified. Keep on reading to learn more about how to go about selling a home in probate.
In the real estate market, we have now executors who are well-advised to either sell their real estate at auction or use a real estate agent. The real estate agent is both well aware of current market prices and recommends the price. An auction has the benefit of finality and the likelihood of bringing a true market price for the property. A good auctioneer will advertise the upcoming sale for weeks before the scheduled auction. When auction day arrives the executor can be confident the best possible price for the property will be obtained. Some recent auctions in southwest Riverside County have resulted in overbids because the properties were aggressively priced and the bidders then bid up the prices.
What About Using a Traditional Real Estate Agent?
Using a traditional real estate agent can also work but the agent needs to be realistic with the executor. Everyone wants to hear they will get the price they want for their property. That’s not helpful in today’s real estate market. The executor should challenge the real estate agent to provide a realistic price based on current sales of comparable properties. With those prices in mind, a sales price should be set with the realization that the price may need to be reduced if the house does not sell quickly.
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