Definition of Estate Sale

[Deanie]

Does anyone have a definition of an estate sale? I am appraising a property that appears to have sold at market value (from what I know so far). It sold in "as-is" condition.The property is occupied by a relative of the owner. Husband and wife are listed as owners although the wife is deceased. The husband is in a care facility and his son has power of attorney. Is this considered an estate sale? I was not able to find a definition in "The Dictionary of Real Estate Appraisal" or Fannie Mae. If it is an "Estate Sale" do I need to use comparables that are also? Could be very hard to find. Any thoughts or guidance on this is appreciated.

 

[Lee Lansford]

...

If it is an "Estate Sale" do I need to use comparables that are also? Could be very hard to find. Any thoughts or guidance on this is appreciated.

You're appraising for Market Value, yes?

Fannie form, yes?

The fact that the subject may be for sale for matters having to do with an estate has absolutely nothing to do with the Market Value of the property.

 

[Terrel L. Shields]

An estate sale is generally an arms length sale of the property of a deceased person.

You have encountered a situation where the property has to transfer out of the owner's name because the state will not provide assistance on medicaid, etc. when you have assets over a few bucks. The house is sold, then the proceeds are consumed by the rest home until they reach zero at which point the state will take over paying the rest home fees.

 

[J Grant]

Are you referring to the subject? Is it under contract of sale? Hard to figure out what you are talking about...

 

[Vermonter]

If the subject is an estate sale, I typically mention it in the addendum and under the contract analysis.

 

[J Grant]

If subject is an estate sale, no the comps do not have to be estate sales. Just mention it as Vermonter said in contract analysis.

 

[Tony V]

If it is a sale and the son is signing as the seller (Power of Attorney) you may also need to explain it from the "Is the property seller the owner of public record?" section of the report...

 

[Mike Kennedy]

Does anyone have a definition of an estate sale? I am appraising a property that appears to have sold at market value (from what I know so far). It sold in "as-is" condition.The property is occupied by a relative of the owner. Husband and wife are listed as owners although the wife is deceased. The husband is in a care facility and his son has power of attorney. Is this considered an estate sale? I was not able to find a definition in "The Dictionary of Real Estate Appraisal" or Fannie Mae. If it is an "Estate Sale" do I need to use comparables that are also? Could be very hard to find. Any thoughts or guidance on this is appreciated.

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