Information you Need to Know from your New Jersey Probate Real Estate Agent:
Firstly when considering the benefits of specialized knowledge and years of experience as you interview real estate agents, you must have some very specific questions to ask.
Questions for New Jersey Probate Real Estate Agent:1. Have you Sold real property through Trust or Probate?
Any agent may casually say yes, but be sure to ask them for details about the transaction.
2. How Long have you been selling probate and trust real estate?
Probate and Trust real estate can be very complicated. It is extremely important to have a seasoned agent who has experience within this specialized marketplace. The agent must be familiar with unique disclosures as-well-as the terms of the Probate Code so they can handle the sale accurately and promptly. Finally, the agents should have an established system for Clear Communication between the parties and be able to explain processes clearly and concise.
3. How is a Trust/Probate sale Different from a Typical Real Estate Transaction?
Probate and Trust real estate requires special disclosures and listing agreements, diligent attention to the ever changing probate law and a unique marketing strategy.
4. How do you market Probate and Trust Real Estate?
The agent must have a systematic approach and be prepared to present an aggressive marketing tactics, including marketing the property even after the initial offer has been accepted.
5. Do you have Samples of Documents that I would Have to Sign or Read?
Firstly, Agents skilled in Trust and Probate real estate should have the most current contract documentation and disclosure forms for Real Property transactions. They should be willing to give you copies of these documents in order to provide straightforward explanations. During the Probate process, the agent will often be called upon to explain the paperwork and process to lawyers. Also, , clients, accountants, trustees, etc. You must be sure the agent's explanations are clear and complete.
Common Mistakes: Executors make in New Jersey Probate Real Estate and what to keep in mind.1. Not Educating Yourself on the Probate Process and if you Need an Attorney
In any situation you can educate yourself about the process. Certainly there will be instances in which you recognize that you may be feeling lost. While each situation is different, it makes sense to speak with an attorney about the process and see what they say. Deciding to use an attorney based on the complexity of your case, proximity or even the time it takes to deal with the Estate is absolutely understandable. Estate Planning firms, Financial Planners, Contractors and Real Estate Agents are experts in their perspective field. This knowledge will pay off in the short and long term. Hiring an attorney is highly recommended.
2. Not picking up mail from the Decedent's property
You do not want to miss an important piece of mail, notices or even claims from creditors or lenders. You also do not want mail piling up which could lead to vandalism or unwanted guests. When mail piles up it is a sign that the property is vacant. As soon as you are able, ask the Post Office to forward all mail to an address or Post Office Box that you have access to.
3. Not Keeping up with Communication to All Heirs
Immediately on the outset, it is critical that all heirs are on the same page and are in agreements that you handle the estate. Setbacks may arise along the way and it is very important to keep everyone up to date.
4. Marketing the Real Estate too Late
If you would like to settle the estate as quickly as possible, it is never a good idea of waiting too long to begin the marketing of any real estate. Once you have been approved as the Executor or Administrator of the estate you may begin soliciting offers on the property. Listing with a NJ Probate Real Estate Agent will help with advice, marketing the home to its fullest potential and go into escrow. The property will not close until all testamentary and letters of administration have been acquired. It is important to have an Agent that understands the Probate process.
5. Accurate Accounting Records
During the process, you will encounter receipts, disbursements, and other items. Failing to describe such may result in inaccurate gains, dividends, and interest payments. At the time of the estate settling, all of the numbers must align correctly. If not, you may get objections from heirs or even a judge. A professional CPA or book keeper can help you. In some cases where records were not properly kept, the probate process could last for over a year when it could be concluded in half the time.
6. Waiting too Long to Begin the Process
Losing a loved one is extremely devastating. Moving forward can seem emotionally impossible. Waiting too long will add pressure and unwanted demands from others. Give yourself time to mourn, but also realize the longer you wait, taxes add up, creditors become pushier, and heirs may have greater demands.
7. Lack of Accurate Inventory for Assets
Accurate preparation for inventory of assets should reflect only assets that have actually been collected and placed under the control of the administrator or executor. Everything must be accounted for and collected as to understand where and how things will be passed to heirs under the will or be intestate succession.
8. Failing to Properly Take Control and Protect the Estate
It is critical in the case of real estate. The property must be properly secured, insured and safe from break-ins. It must also be protected against loss for non payment of taxes and mortgages. If proximity is working against you, it can be especially difficult and challenging. You must take exclusive control over all aspects of the estate, including cash and bank accounts.
9. Know Your Options When It Comes to Selling Real Estate
Generally, Real Estate is be biggest component of the estate's assets. You must know your options. The straight forward approach is to list with a Realtor. You may also find that you could fetch a better price after some repairs. If you do not have the time or money to handle the repairs, or are in a rush and just want to get it done, you could sell if for cash with a quick closing. Understanding all of the options will give you flexibility.
10. Don't Choose Friends Over the Right Professional
For example, you may find yourself surrounded by well meaning friends that want to help. You may have an Attorney that does not handle Estates, but will help you out with probate. In these cases, you must be cautious. Having a NJ Probate Real Estate Agent with probate experience and specializes in the area is extremely important.
11. Failing to Conclude the Estate
Oftentimes an Executor will get to the end of an estate where the distributions of money take place without closing the estate. In fact, before distributing any of the assets, you should go to a court and get the judge's okay, or you may skip the piece of the process if all of the family is in agreement. By documenting everything that takes place among family members will work in your favor to protect the Executor from liability or any issues that may arise.
New Jersey Probate Real Estate AgentFirstly, we not only understand and sell NJ Probate Real Estate but also create a customized approach to marketing and selling the home. Furthermore, this is based on our situational management approach. Managing the sale of a Probate home for those with financial and emotional challenges that many Probate clients face is our top priority. When selling a long-held family home, emotions are involved. Get in touch with the McLain Realty Team today. Our team works very closely to limit the stress that is placed on every Probate sale.
McLain Realty Team
Owner/New Jersey Probate Specialist