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What you should know if you’re selling a home as part of an estate’s administration

On Behalf of | Oct 20, 2020 | Estate Planning

Being the executor or administrator of an estate involves a lot of different jobs. You have to locate the will or estate plan for the deceased person and file it with the probate courts. You will have to review their financial records, manage their financial affairs and then get ready to distribute assets to their family members.

Sometimes, someone in the family inherits the home owned by the deceased person. Other times, the testator may have asked that the estate split the value of the property among their heirs. What should you do if you have to sell a home as part of an estate?

Timely action and the right price mean everything

As executor, you have an obligation to the deceased and their heirs to make decisions that are in the best interest of the estate. When selling a piece of uninhabited real estate, the sooner you move forward, the better. Properties that sit vacant for some time may experience a drastic decline in value. There is also the risk of people breaking in to the property and causing damage.

When you list the property, you don’t necessarily want to take the very first offer. Getting a fair market price for the home and maximizing the assets you have to split among the beneficiaries is the best move. Especially if you intend to sell the property to someone you know or the proceeds are going to one or more beneficiaries of the estate, proving that the amount you accepted was the fair market value for the property is very important.

The right guidance can make probate administration and the management of large assets like real estate easier for you as executor. Getting help early in the process can help set you up for success and minimize your risk of mistakes.