About three times a week, we get a call from a trustee concerning an estate of some kind. I’m going to use this column to discuss some of the issues that are involved in dealing with estates, as well as how we can be of assistance. If it’s a family estate with heirs involved and you have been appointed, the first thing I recommend is to contact an attorney to handle the legal side to make sure you’ve got all the i’s dotted and t’s crossed. I won’t attempt to get into the legal ramifications.
The first thing you will need is an evaluation of the value. This includes real estate, personal property, etc. Many times, there is a lot of money and time wasted on appraisals. What you actually need is a real evaluation as to what value it will actually bring in the next 60 days. This is where our expertise pays off! We give our broker’s opinion on real estate and personal property, and we tell you what it will bring at auction in the next 60 days. We do this at no charge to you. The beautiful thing about selling at auction is that you set the time and place of the sale. All parties are notified of the date and time and invited to attend. This provides everyone the opportunity to participate in the process.
If one of the heirs wants a particular piece, he or she can buy it. Nothing is fairer! This eliminates many problems, and the sale is fair market value. Someone would be hard-pressed to complain about it. This brings an amicable end to contention among family members.
We’ve successfully sold estates for more than 60 years. Hundreds of people registered for last week’s auction alone. Our calls this week were from Idaho, Hillsborough County, Polk County, Central Missouri and Mississippi. Our auction this week is in Arizona, and 20 people already registered for the sale a week in advance.
My friends in real estate are telling me how hot the market is and that they are getting two or three offers right away. Of course! That’s why an auction might be the best way to get the most money from the buyer pool. That’s the power of an auction.