Probate is the court-supervised administration of a decedent’s estate or the wellbeing of a protected person. The Probate proceeding of an estate involves “proving the will” (if there is a will), appointing the Personal Representative (if not identified in the will, the “PR”), determining the decedent’s assets that are subject to Probate, paying outstanding debts and disbursing funds to the beneficiaries. The Probate proceeding of a protected person involves appointment of a conservator and establishment of a financial plan for the benefit of a protected person. Both the Probate proceeding of an estate and a protected person may include real property that must be sold under the court’s supervision to satisfy a decedent’s or protected person’s outstanding debts.
Should the PR or Conservator make repairs before listing for sale real property in Probate property?
It depends. In Colorado, most real property in Probate is sold “as-is.” If a PR or Conservator undertakes repairs, he or she could inadvertently conceal something about the condition of the property. This could lead to future claims or other legal actions being pursued by the buyer based on undisclosed property defects. Even a coat of paint can unintentionally conceal a defect. Except for removing personal possessions, clearing out trash and cleaning up the entryway and yard, it may advisable to leave the property in its present state and let the buyers do their inspections and satisfy themselves as to the condition of the property.
That being said, making some simple and inexpensive repairs, or correcting some deferred maintenance issues, could result in a significant increase to the value and ultimate sale price of the property. This is an area in which Steve possesses extensive knowledge and experience, along with support from their Resource Partners. As a PR or Conservator, you are encouraged to discuss your options with Steve and Ann, your Real Estate in Probate Realtors.
What does a PR or Conservator need to do to prepare real property for sale in Probate?
A real estate agent should be able to recommend to the PR or conservator a number of qualified specialists to help you prepare the property for sale, including removing belongings and obtaining professional cleaning. Steve and Ann, along with their Resource Partners, are ready, willing and able to assist the PR or Conservator in preparing real property for sale in Probate.
How can the PR of Conservator choose the best list price?
A PR or Conservator can obtain an appraisal from a licensed real estate appraiser. Further, Steve and Ann will provide a PR or Conservator with detailed market data, including a Comprehensive Market Analysis (CMA). The CMA includes the selling prices of similar properties in your property’s neighborhood. It will also include in-depth information on recent sales in the area, such as price per square foot and the number of days each similar property was on the market. Taking into consideration the information in the CMA, as well as other intangibles of the market, Steve and Ann can advise the PR or Conservator of a listing price that is appropriate for the market and one that will attract the greatest number of qualified buyers.
Once real property in Probate is listed, how will it be marketed?
The estate’s or protected person’s real estate agent should pursue a number of strategies to expose the property to likely buyers. Steve and Ann will provide to the PR or Conservator a written marketing plan, and further explain how various types of marketing will benefit the sale. Their strategies include, among other efforts, signage on the property, newspaper and internet advertising, direct mail, open houses for other agents and the public, and personal networking among other agents who may represent qualified buyers. Steve and Ann will conduct showings for interested buyers and their agents, will answer questions about the property and will promote the property in order to secure the highest offer. They will also communicate with neighbors in the immediate area, keeping them informed about the price and other details about the property.
Does the PR or Conservator have to pay up front for all this marketing and advertising costs?
No, there should be no advertising or marketing up-front fees; these are costs generally paid by the estate’s or protected person’s real estate agent. Steve and Ann provide this benefit to all of their clients, including estates and protected persons.
Should the PR or Conservator hire a real estate agent who does not possess knowledge of, and experience with, selling real estate in Probate?
The PR or Conservator can choose any real estate agent he or she desires. But, when choosing an agent, the PR or Conservator should consider his or her fiduciary duties owed the estate or protected person. Additionally, it is important for the PR or conservator to remember that sale of real property in Probate is a complicated legal matter. Most real estate agents are not experienced or well-versed in the Probate process. It makes sense to choose an agent who specializes in sale of real property in Probate, and who understands the intricacies of pricing, marketing and presenting such properties. Steve and Ann possess the knowledge and experience of selling real estate in Probate. With their knowledge and experience, they can best protect the interests of the estate or protected person throughout the transaction.
Have more questions?
Steve and Ann are always available to answer them. They are sensitive to the need for confidentiality, clear thinking, timely explanations, aggressive marketing, astute negotiations and, in many cases, quick sales.
As your Real Estate in Probate Realtors, Steve and Ann will make sure you well taken care of and informed about every step of the sale of your real estate in Probate. We will put you on the right track to getting your real property sold pursuant to law and the court’s direction, quickly and at the best price. Contact Steve anytime for a free Comparative Market Analysis of your real property at: email@example.com, or you can call him at: 720.297.9459