First, we would like to say we are sorry for your loss. Dealing with estates can be overwhelming and in most cases this task could not have come at a worse time. If you have been appointed Executor or Executrix, make us your first call. We deal with these situations every day and we have the knowledge and experience to make recommendations and help guide you through this difficult time in your life. Many in your situation do not have a clue how to handle this enormous task. We have provided a few examples to get you started.
Common Mistake 1
Do not sell or offer to sell any item or piece of real estate without counseling from a professional in that field.
Often times family, friends, and neighbors have had their eye on a particular item or track for years. Once the loved one is gone, these individuals approach the family to acquire the item. Emotions are high during this time and we have seen families sell items extremely below market value by just not knowing or being taken advantage of. If you allow the estate to be picked over there may not be enough value left to justify having an auction. Then you are left with yard sale items and the real funds for the estate are gone.
We know the value of estate items and real estate. We are willing to allow that neighbor or family friend to acquire the item if they wish, but we will ask that they bid with the rest of the world to own it. This will ensure you obtain top dollar for the estate. We will be representing you – the estate and doing our best to obtain the highest possible value.
Common Mistake 2
Do nothing and push the estate to the side and not deal with it.
We see this often as well. An executor doesn’t have the time or the emotional desire to deal with all the paper work and meetings required to settle the estate. No matter what is in the estate, the quicker it is liquidated, the better. Homes rapidly deteriorate not occupied, timber land can acquire disease, pasture land requires maintenance, equipment and vehicles need to be run often. Any item left to set will deteriorate thus lowering its value. The faster an estate is settled, the more money that will be collected.
Contact us as soon as practical. We will come to you and have a look at the estate and immediately make suggestions on the best way to handle and move toward settlement. We have expertise to help. No estate is too complex for us. If it really seems overwhelming, think of it as - how to eat an elephant – One bite at a time…
Common Mistake 3
Contract with an estate company.
Most estate companies are not Auction companies. They offer their service of setting the property of the estate up and marking it with tags showing the asking price of items. Then they will negotiate as needed to sell the items. Usually they will have a 2- 3 day sale. What happens is the estate gets picked over and all the best priced and most desirable items are removed, and then you are left with the undesirable items. What do you do with that stuff? Who wants it? Who will come get it? What is it worth now? All on these are legitimate questions. The real answer is… it’s a mess!
An AUCTION is the answer. Whether it’s online or live. At the end of the day there’s nothing but dust on the floor. No moving, no storing, no donating, there’s nothing! We will sell it all. Having an auction will draw so much more people, and we will professionally stage the auction and items as to obtain the highest value and liquidate everything is systematic approach.