[WSBAPT] Sale of real property to heir of decedent

[Laird, Katherine]

I agree with Claudia.  Depending on where a property is located, the appraised value may be significantly less than what the property might sell for on the open market.    Unsuccessful family members and other devisees may claim the value to the estate was not maximized. I know of an estate with a property (residence)  in a popular Seattle neighborhood where this just happened and the sale price after putting the house on the market was several hundred thousand more than anyone thought it would sell  for.
Good luck.
k

Katherine Kramer Laird
CenturyPacific, LP
Suite 1680
1201 Third Avenue
Seattle, WA  98101
Ph. 206-757-8892/Mobile. 206-915-0109
Fax 206-757-7890
katherinelaird at centurypacificlp.com<mailto:katherinelaird at centurypacificlp.com>


From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Claudia A Gowan
Sent: Monday, November 02, 2015 10:28 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Sale of real property to heir of decedent

John, you may wish to consider whether or not the appraised value (while fmv) is likely to be close to a sales price received through an actual listed sale. At least in King County, there are often competitive bids these days, which drive the sale price higher than appraised value. Because of this environment, I would consider whether or not it would be smart to do a NJDRA.

Best, Claudia


Claudia A. Gowan

Claudia A. Gowan, PLLC
2101 Fourth Avenue, Suite 1900
Seattle, WA 98121
(206) 443-2733 (T)
(206) 448-1843 (F)
claudia at cagowanlaw.com<mailto:claudia at cagowanlaw.com>

www.seattletrustsandestates.com<http://www.seattletrustsandestates.com/>

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jon M. Fritzler
Sent: Monday, November 02, 2015 10:01 AM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Sale of real property to heir of decedent

I would appreciate knowing how others advise their clients in the following situation.  My client is the personal representative of an estate with multiple residuary devisees. One or more of the heirs has expressed interest in purchasing one of the pieces of real property that is part of the residue of the estate. My client is obtaining a professional appraisal of the real property in question. My client has non-intervention powers.  Would you recommend that the personal representative get more than one appraisal of the real property in order to further protect her against any possible complaint by the devisees who do not purchase the property, or is one sufficient? Also, my client did not bring this up, but if a relative does purchase the property the estate will not need the services of a realtor and will not have to pay a realtor's commission.  Is it appropriate to discount the sales price paid by the relative by the amount that the estate would have paid in realtor's commissions?

Sincerely,
Jon M. Fritzler
Attorney at Law
PO Box 61451
Vancouver, WA 98666
Tel. 360.818.4431
Eml fritzlerlaw at outlook.com<mailto:fritzlerlaw at outlook.com>

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