[WSBAPT] Valuation of Property: List Price vs. Net Proceeds?

[Joshua McKarcher]

I’m with you, and I think tax agencies would be if a taxable estate. There is something missing here: why does the distinction matter? And why would she want to ‘list’ it this way? Any chance the buyer is a related party to her or something?

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Brent Williams-Ruth
Sent: Thursday, June 23, 2022 4:17 PM
To: WSBA Probate & Trust Listserv <WSBAPT at lists.wsbarppt.com>
Subject: [WSBAPT] Valuation of Property: List Price vs. Net Proceeds?

Mighty Brain Trust -

Decedent passed owning a mobile home.  There is a person who wants to purchase said mobile home. Executor obtained a market valuation but then said that the value would be less because it's a private sale and won't need to use a real estate agent (thus no commissions).

She wants to officially list the market value as being this lower figure.

Has anyone had ever dealt with this? To me, market value is what it would be listed at if listed for sale on the open market, regardless of commissions, fees, taxes - that would be subtracted. To me, it wasn't about the net amount that would come after a sale but the list price.

The statute does not seem to help and I am not finding case law that is on point with my thoughts.

Appreciate insights.

Thank you!

Brent Williams-Ruth (pronouns: he/him)
Attorney-At-Law

Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC

Physical Address: 500 S 336th Street, Suite 214; Federal Way, WA 98003

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