Brad Bassi, Certified Residential Appraiser
Mobile # (909) 262-3434
Getting prepared if you are a Successor Trustee, Executrix, Executor, Personal Representative or Administrator for a Will
This is part 4 in a 4-part series
Part 4 Selling the Real Estate Asset(s)
Once you have collected the bids, contacted referrals and have made your decision on the appraiser. You are now ready to select the person to sell the Temecula or Murrieta real estate.
This process should be like finding the appraiser. Ask for referrals from friends, when selling a residential property look for real estate agent signs that are working the area where the property is located. You want to see the same agent with several signs in the community. Ask the neighbors who is working (farming) the area where the home is located. Look at the internet do some google searching. (if you have hired the Temecula Valley appraiser already then ask them for a referral or two as well, if they know the area and they should, they may be able to give you a few leads.)
Have a copy of the Trust, Will or Personal Declaration that shows you as the successor trustee or personal representative so that you can present to the agent(s) that you select, giving you authority to sign for the estate.
Once you find some names, do the same as the appraiser search, interview at least 3 agents, maybe more. Schedule one day and ask each agent to come at different times to walk the property, ask their questions and you get a feel for them. Then have them prepare a CMA (competitive market analysis), this is typically done for free. Make sure they send it to you writing via a PDF. Look over the document they send you and compare it with the others. Where the agents overlap in sales in estimated selling price, should give you a good idea on where the property should be listed for sale.
Remember the appraisal may not agree with the listing price. The appraisal was done on a retrospective basis so the numbers may not agree, in either direction (up or down) depending upon the market at the time of the appraisal and the listing.
Once you have reviewed the pdf emails from the listing agents, figure out which one best suits your needs and that you feel you can trust and work with. That doesn’t mean you go with the one who says they can sell it for the most money, unless the comparable sale data supports their conclusion. Before you list the property go over the details of the appraisal and the listing price with the accountant, CPA or attorney. Make sure they know what is going on prior to listing the property.
Now get prepared for the ride with the listing and all the craziness that can happen. Sometimes everything goes smoothly and sometimes, buyers can be unusual. Follow your listing agents’ advice and your gut. If something doesn’t feel or seem right, then ask questions. Don’t assume that everyone is on the same page as you.
If you are selling real estate that is not residential, essentially the process is the same with finding a commercial broker, ask your real estate appraiser or bank trust department for agents. Also google search as well for a commercial broker/agent. Because the commercial side can be complex, make sure that the trust attorney, real estate attorney, tax attorney or CPA is involved in this process giving guidance and assisting with the documents the agent and appraiser will need in completing their analysis.
Remember this isn’t everything that is needed as each situation is different, but hopefully this will answer some questions or may lead you to ask some more questions of the right people to assist with the process.
If you have any questions about the appraisal process, please feel free to contact me at firstname.lastname@example.org mobile # 909 262-3434. I will be happy to share information and I will try to guide you in the right direction.