What authority does an executor have with regard tosetting the sales price of estate property?
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What authority does an executor have with regard tosetting the sales price of estate property?
Out of 3 siblings, youngest was made executor of estate. Can he reduce price of property without the other 2 siblings being asked or notified?
Asked on September 23, 2011 under Estate Planning, Virginia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. I need to clarify exactly what you are asking here. Generally speaking, an executor of an estate has the obligation t have an asset like a house appraised by a licensed appraiser in order to properly list its value in the probate petition and to determine and set the sales price. The appraisal is a "date of death" appraisal meaning that the value is the amount that the house would have most likely sold for at the time of the death of the parent. Now, if the house is placed on the market and the value is too low or too high, the executor does have it with in their power to adjust the price accordingly. However, the executor is not acting in the best interest of the estate if he or she sets the price too low or too high or with an ulterior motive. In other words, if the executor wishes to value a $200K house at $70K to make it easy for some one in particular to purchase that would seem to be sagainst the interests of the estate. Get help. Good luck.
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