Why should a Executor consider using our Professional Estate Settlement Service?
Our Professional Estate Settlement Service offers the assurance that:
A. The Executor is in control of the sale of the property and therefore can set definite dates for asset conversion and cash availability:
- Executor sets the date and time of the sale.
- Action is immediate; sale is prepared for and conducted within 45 to 60 days.
- 100% conversion to cash in one day; up to 1000 items of personal property can be sold, paid for and removed on sale day.
- Puts Executor in better control of cash availability for estate needs.
B. The Executor will have complete inventory and value estimates prior to sale day:
- A 100% personal property inventory is completed.
- Inventorying includes identification and evaluation.
- Special items such as real estate, automobiles, boats, valuable art objects, antiques, jewelry, coin collections, guns, etc. will be evaluated by specialists for each type of item.
- Everything will be inventoried including the pots and pans, linens, and garage sale type items. Nothing will be left out.
- Lotting sequence will be determined and lot numbers assigned to all items being sold.
- All information is entered into our computer system and the Executor is provided with a printout of the completed 100% inventory by lot number and description prior to sale day.
C. The Executor will get maximum exposure and top dollar for the property:
- Concentrated, intensive advertising and marketing will dominate the marketplace for 4 to 6 weeks before the sale.
- Specific targeted marketing is directed to individuals most likely to be interested in purchasing the types of property being sold.
- The advertised words “Estate Auction” have always had a magical effect on people helping to create larger crowds, more competitive bidding, and higher prices being paid for items.
D. The Executor minimizes the expense and time of marketing estate assets:
- Asset holding costs, which can reduce the liquid benefit to the estate by as much as 25% per year, are minimized by being able to have a quicker sale and a total liquidation at one time.
- Sales commissions are reduced through the use of the buyer’s premium.
E. Estate assets will be “Safeguarded” and Executor will receive a complete sale accounting and audit trail:
- House is rekeyed and only the Executor and Professional Auctioneers, Inc. personnel will have access to the property until open house and sale day.
- If needed, off-premises secured storage may be arranged for jewelry, coin collections, guns or other high-value items.
- Individual room guards are used at open houses.
- Secured holding area and check-out guards are used on sale day.
- Off-duty deputy hired for sale day security.
- Everyone must register to participate in the auction by showing a valid driver’s license. Name, address, driver’s license number, and phone number, are recorded prior to issuing a bidder’s card.
- All purchases must be paid for day of sale by cash or check and Professional Auctioneers, Inc. guarantees all checks to the estate.
- After the auction, the Executor is provided with a detailed roster of all registered bidders and a computer printout listing each item sold by its lot number, description, sales price, and the bidder number of the purchaser. This report will account for every item on the 100% inventory given to the Executor prior to the auction.
- Executor receives net proceeds and a complete accounting within 48 hours of sale day.
F. All applicable taxes, tags, titles, and permits are properly handled:
- Sales tax is collected and remitted to the state.
- Automobile titles and tag transfers are processed.
- Proper procedures for gun sales are strictly followed.
G. The Executor uses fairest and most objective process to sell estate assets:
- Sale is conducted in a manner where there can be no criticism as to the price obtained.
- It gives everyone an equal chance to participate.
- Proven and accepted “Arms Length” sale even if a family member is interested in bidding and buying at the sale.
- Provides Executor with a defense against an allegation of fraud or bad faith.
H. Certified and Accredited Appraisal Services are available, if needed, for estate tax return purposes:
- Current fair market value and date-of-death appraisals for real estate and personal property.
- Appraisals that not only accurately estimate value, but that are also defensible in court if they are challenged by the IRS.
I. Selling the real estate and personal property in the same auction can work together for the benefit of both:
- Avoids the decision of which to sell first or holding up the sale of one for the other.
- Real estate gets more advertising and exposure when sold in combination with the personal property.
- A house selling at the same time as the contents will create additional excitement and momentum for the sale of the house.
- A house with contents shows better for prospective buyers.
When you hire Professional Auctioneers, Inc. to assist you in selling estate assets, you get all facets of your sale handled by experienced professionals. You make the decisions and grant the approvals; we’ll do the work and handle all the details. Don’t take our word for it! We will be glad to provide you with a list of Executors that we have recently served. They will tell you first hand that our Professional Estate Settlement Service doesn’t cost…it pays!