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Can an executor of a will decide selling price of real property?

Does an appraisal have to be done?

Public Comments

1. Anytime you sell a house an appraisal is required
2. I not sure you may have to ask a lawyer
3. Generally there isnt just one executioner, there would be the issue of the estate which is forementioned in the will. I would assume that an appraisal would have to be done to satisfy all living parties, and those with legal rights to the estate. But then again, this is what a lawyer is for, to asnwer such questions.
4. yes they have to appraise the property first
5. you should have an appraisal, if the executor refuses, have one done yourself to make sure. Any realtor will do one for free or you can type in the address on zillow or realtor .com yourself.
6. any time you sell a piece of property it is wise to get a market analysis done on the property. A full blown appraisal does NOT have to be done unless a mortgage is needed by the buyer. For example in the state of Florida if you pay cash, the only thing that is required is that you pay for the recording of the deed. No inspections, surveys or appraisals are needed. So the seller can sell at whatever the buyer will pay if it is a cash deal.
7. Yes and no. For estate tax purposes, you want an appraisal. This allows the property to have a defined value. You will need to maintain the appraisal for up to 7 years after the estate is closed. If the property is the only estate asset and it can be reasonable assumed that the value of the property is way below the exemption threshold (For 2006 - 1 million dollars.) then an appraisal may not be neccessary. If the value is close to that threshold but not over, then you still may want an appraisal. Above all consult your tax professional for situation to see if the generalities above apply.
8. I'm not sure why you wouldn't want to have an appraisal done - unless you are trying to get rid of the property cheap, and don't mind taking a loss. I'm the Executor of a will, and it is my understanding that I am in charge of handling all real property so that the money can be divided out. Therefore, in my specific case, I think I would have the right to decide a selling price. But all cases are different.
9. no they can not,, ,,, if it is a house or property it has to have an apprasial... the executor is not suppose to side with anyone.