Executors and beneficiaries will find many ways to take advantage of the services and expertise available at Breco Benton Auction. Many estates require appraisals only, along with guidance on how to proceed when handling an in-family distribution. Others require the sale of some or several assets, including real estate and personal property.
Please explore this site under the headings that are of interest to you at this time. If you wish to make a specific inquiry, please call or email us today at 706-342-3355.
Busy executors who are tired of waiting the months or years it can take for vacant estate homes to sell are turning to the auction method of marketing for faster and more efficient results.
When an executor is responsible for managing and maintaining a vacant, often depreciating estate home over an extended and typically unknown period of time, the traditional real estate method can become inefficient.
When an estate property is not selling, the typical option offered by a listing agent is often a substantial price reduction.
It is painful to see a family home sit vacant for months or perhaps years waiting for the right buyer to come along and make an offer. It is equally difficult to remember how neat and tidy the home and property once were when the grass was cut and trimmed, weeds were pulled, flowers were in the gardens, shrubs and hedges were maintained, paint was fresh, and the home was warm and welcoming.
Would you offer your principal residence for sale in a closed-up and neglected state? Not only does this cost the estate and its beneficiaries hundreds or perhaps thousands of dollars per month in lost return on capital tied up in an idle asset, but there is also the depreciation of a high-maintenance asset to consider. Utilities, taxes, insurance, and maintenance costs continue to build, and a vacant home can become less of a priority and may eventually become neglected.
The options for maintaining an estate home are simple:
What if it takes 6, 12, or 18 months to sell?
Will everyone be as interested in maintaining the property then as they are today?
As time moves along, will you become more motivated to accept any offer, perhaps even the first offer that comes along?
Is this good fiscal responsibility?
In an auction situation, the home only needs to be maintained for approximately 4 or 5 weeks. During this period, it is easier to stay motivated because you know the end is just around the corner.
Whether you maintain the property yourself for this short period of time or hire someone to do it, the investment will be worthwhile. The property will be shown in its best condition for the dozens, or often hundreds, of people who view it through the auction open house process.
You can have confidence that the property was presented properly and that the value achieved through the auction effort was the best value possible.
Estate properties are often very difficult to place a value upon. Many times, they have been in the family for generations, require infrastructure and cosmetic updates, and do not have close comparable properties available for valuation.
Any appraisal on a property like this is, at best, an estimate. This is often the reason an estate property sits vacant for months or perhaps years before selling. The initial price may have been the wrong price, which can lead to neglect as time passes and the home begins to look tired.
How certain are you that the price selected for the property is the right price? If you request four evaluations and the highest evaluation is 25% different from the lowest evaluation, which one do you choose?
Market shifts are another important consideration when selling an estate home. The auction method of marketing can be effective in both an accelerating market and a deteriorating market.
Accelerating Markets
In an accelerating market, the auction method helps ensure that the property is properly exposed to the marketplace before a sale occurs. It allows interested buyers the opportunity to compete for the property.
Deteriorating Markets
In a deteriorating market, an auction can help sell the property quickly at current market conditions. As the market shifts from a seller’s market to a buyer’s market, competition may increase.
Can you predict where the market will be in the next 3 to 6 months?
Estate Real Estate Marketing Plans
If you are an executor responsible for selling real estate, before listing the estate property or properties, have Breco Benton Auction prepare a thorough and detailed real estate marketing plan.
We’ll make the sale of your estate home an easy success, and our auction marketing system will provide you with the confidence that you have done the right thing.
Complete Estate Settlement Services
If the estate you are handling includes personal property assets in addition to real estate, such as household contents, antiques, jewelry, art, vehicles, commercial equipment, and other assets, please call us to learn more about Breco Benton Auction’s complete estate settlement services.