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Pushing the Market: Silver Spring Estate

Background

The Estate consisted of a 2,300 sq. ft. ranch style home with personal property still to be distributed. The personal representative lived out of state, which made the process even more difficult for her to manage. With little money in the estate and a mortgage on the house, her interest was to sell the house as quickly as possible. Her goals were simple:

  • Hand over the process to avoid traveling back and forth from her house to the estate property
  • Determine items of value (get certified appraisal)
  • Pack and distribute items to various locations (relatives, auction, charities, disposal)
  • Sell the house for the highest price possible within
  • the quickest timeframe possible

 

Challenges

A great deal of work was left to be done, which proved to be difficult for the Client due to the extensive amount of time spent traveling on evenings and weekends. With limited funds in the estate, and a mortgage still outstanding, there was an increased emphasis on selling the house quickly. At the point they contacted Trusted Estate Partners, these challenges remained:

  • House in good condition but outdated
  • House required power washing (mold/mildew removal)
  • Significant landscaping issues
  • Outstanding mortgage

 

Logistics

After assessing the situation and needs, Trusted Estate Partners designed a Personalized Plan to meet the Client’s goals and timeline. With the Plan in place, Trusted Estate Partners assembled the appropriate alliance team and then supervised the work to ensure completion in accordance with the Plan. Trusted Estate Partners’ management of the team and Plan alleviated the Client’s “overwhelming feelings and stress.”

Trusted Estate Partners’ handling of the logistics not only enabled the Client to step away, but also reduced the time to liquidate all personal property and sell the house.

 

Results

Using their proprietary tools, analytical model, and in-depth market analysis, Trusted Estate Partners evaluated the feasibility of every sale option for the house. Considering the existing mortgage, and the Client’s need to sell quickly, they determined that standard listing would be the best method of sale to meet the Client’s goals and net the most for the estate.

Benefits to Client and Estate:

  • House was sold in “as-is” condition
  • Timing met the Client’s needs (under contract in 7 days from listing)
  • Trusted Estate Partners “pushed the market” to net the estate $30,000 more than comparable properties in the neighborhood

 

Testimonial

“My client was so pleased with Trusted Estate Partners’ services. My client has a family and a full-time job. She was acting as Personal Representative of a friend’s estate. The efficiency with which TEP was able to organize and distribute the household contents, advise her on which improvements to invest in and ultimately sell the property was greatly appreciated. They were able to take the day-to-day stress out of an important, but complicated, component of estate administration. I was thrilled that my client was thrilled!”

– Megan Wallace, Wallace Law, LLC

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