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A property has caught my eye, it is an estate and the trustee has possession of it now. Does this mean anything significant for the sale of the property? I read that often times it is harder for the beneficiaries to come to an agreement on the selling price, but also read that sometimes you can get a lower offer accepted cause the beneficiaries do not want to deal with the property anymore. Any truth to either of these "googles"? Any experience of your own? The realtor I spoke to about this property said it was already overpriced....just want to know experience please! Thanks
A property has caught my eye, it is an estate and the trustee has possession of it now. Does this mean anything significant for the sale of the property? I read that often times it is harder for the beneficiaries to come to an agreement on the selling price, but also read that sometimes you can get a lower offer accepted cause the beneficiaries do not want to deal with the property anymore. Any truth to either of these "googles"? Any experience of your own? The realtor I spoke to about this property said it was already overpriced....just want to know experience please! Thanks
There's no real rule here. It depends totally on the trustee and beneficiaries. If the trustee has total control, and can be completely objective, you can get a quick easy transaction. If the trustee is a child, spouse or sibling off the deceased owner, they may be very emotionally attached and not logical at all, or they may be eager to get rid of the property so they can move on from a painful part of their lives.
One thing to be careful of; the sellers disclosure will be completely meaningless, if it has any info on it at all. The trustee likely didn't live in the house, and cannot claim any serious knowledge. Make sure you look at things carefully, with the help of a good inspector.
Thank you for the response. I think I read something along the lines of what you are saying, that the trustee(s) will not have information such as how new/old the water heater, roof, etc is, so that is something to be cautious about. I understand what you mean about the transaction part, thanks for your input
...and depending on the particular circumstances, a judge might have to approve parts of the transaction (sales price, timing, commission to agents). This can slow things down or completely derail them.
Midwest, I sold my parents home this year, being the trustee. Yes it was emotional, since its the house we all were raised in, but I handled it the same way as my own homes I've sold. I too have heard some sell at a deep discount and are in a hurry, I wasnt and did my best to get its full worth. That was my job. If I had "given" it away, the heirs could sue ME! I didnt have to get any of their okays, even though I did try and get my sister to be involved but she declined, saying she trusted my judgement. I did know everything there was to know about the house, so did a regular disclosure also. So bottom line, business wise, I did everything I would have with my own home. If I were you, I'd ask if there is a in-charge trustee. I wouldnt want to deal with having to get a whole families ok on every little thing. Good luck.
...and depending on the particular circumstances, a judge might have to approve parts of the transaction (sales price, timing, commission to agents). This can slow things down or completely derail them.
I didnt have too, but have heard of that also. I'd ask that also, OP.
Two of the homes I purchased were estate sales. I personally like the transactions but I had good experiences. What I found with estate sales is that the major stuff was already updated. Older folks update the "important stuff" which means roofs, plumbing, electrical..etc. Of course not always but that has been my experience. The decor is usually very outdated but that was never a bother for me. I can look past the orange shag carpet if I know if the home is solid. In the case of the two homes I purchased the sellers were adult children that lived out of state and priced the homes to sell. For us it was worth it as the homes were diamonds in the rough. The only snag we ran into was that where we used to live there was a homestead put on the taxes. The tax amount on the listing sheet was deeply discounted and not what we would pay. So a year later the taxes almost doubled, that was kind of a shock. Now that the real estate market is so screwy not sure if that even applies anymore but I would question the taxes if homestead is in your state.
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Thanks Bill
I didnt have to get any of their okays, even though I did try and get my sister to be involved but she declined, saying she trusted my judgement. I did know everything there was to know about the house, so did a regular disclosure also. So bottom line, business wise, I did everything I would have with my own home. If I were you, I'd ask if there is a in-charge trustee. I wouldnt want to deal with having to get a whole families ok on every little thing. Good luck. 
