It is an estate sale and that a pretty relevant/material fact about the home. I would disclose. There's nothing that says anyone needs to accept lowball offers. If it's priced right for condition, location, etc. someone will buy it at the right price.

I have no idea why you wouldn't disclose it being an estate sale.  There is no difference in the home being an estate,relocation, bank, short sale, you should disclose.  I've sold from the buyers side and the negotiations are the same.  You send in offer and the seller can accept, reject or counter.   If the property has went through probate, it should all be the same as any other transaction.

Why would you distress over potential 'low-ball' offers other than empathy for the poor agent generating those offers.

Your concern needs to be whether the property has completed probate. If it has, the property can be sold in exactly the same manner as any other with the same projections for closing dates.

Price according to strategy and welcome ALL offers. Be aware, estate sale means home is most likely in authentic condition. That is the investor criteria that gets the most attention. 

Now is your time to review your A list of buyers then those wanting to build sweat equity and then to your investor pool.

Don't take low-balls personally. Actually you should add this buyer to YOUR list since they are investors looking for that 1 in 80 deal. Having a good list of repeat buyers will prove golden as your listing options expand.

I never advertise estate sale.  The marketing plan is customized to the seller goals - whatever they may be. Estate is a trigger for low ball in my opinion.

I have sold property that is part of an estate. I never lead with the ownership of any of my properties and this would be no differnt. I simply present it as I would any other home.  Be sure to understand how the contracts need to be written and let any parties who are putting in offers understand the review and approval process (which can take longer than normal if mulitple parties and/or layers are involved).

I think it is a material fact.  And you will get the low ball offers.  Some of the heirs might want to sell quick and not fix up.  That is what they are counting on.  But if you want full price just stick to your guns.

Mari Armstrong it's a different market - and anyways, a complete disclosure is what we should do.

 I'd put it in MLS and then if it comes up during the process you answer honestly. Normally it tends to come up when someone has to partner with a lawyer or other family on the offer.  - Good luck!

I think you have an obligation to disclose that this is an estate sale.

If the home shows well with comps, then you should price it accordingly.

Good Luck.

Mari, I just closed one that was from an estate sale. The only notice of the estate in my listing was that it said, "Owner: Estate of XXXXX." It sold quickly and at a good price. 

A low ball offer can be turned into an accepted offer.

I would not advertise it as an estate sale.

Yes, you should.

Nina nailed this one!

Mari, I am glad things are working well with the listing.

Advertising and disclosure are two different things.  Yes, it shold be disclosed that the listing is part of an estate.  However, in advertising  the home, no - it is not necessary to advertise as an estate.   

I am not concerned about low ball offers as anything can happen.

We handle a lot of estate sales in our area because many properties are too expensive for the heirs to take over, or there are too many of them with different needs and interests in the properties.

However, knowing that a property for sale is part of an estate will help with timelines here. The estate taxes (M-792) need to be completed, or a license to sell needs to be in hand to close a transaction in many cases.  Those may take longer than a "normal" sale timeline, and some attorneys have to be encouraged to keep the process moving toward completion.

You question was would we advertise it as 'Estate Sale' right?  We would not market it that way, but of course it would be disclosed in the MLS listing.

I agree with others that it is an important aspect of the home that needs to be disclosed.  Good luck with the sale!

Our MLS has public and private remarks fields. The private remarks can only be viewed by MLS members (local agents). In the private remarks I mention everything that is important for the buyers agent to know before they write an offer. If extra time is needed for trustees to review contracts that's where I'd mention it.

In Arizona theres a spot on the MLS that lets you choose the type of sale, thats the only disclosure Id make, unless you know that it would be tied up in probate for along time that would be a material fact, otherwise I wouldnt sweat it.

I would disclose it as an estate sale. Here in CA I think you could be in trouble if you do not since it would seem to be a material fact. And the disclosures may be different. You would negotiate just like any other, even with low offer. Just because it is an estate sale does not mean it is not necessarily of lower value on the market, but you won't know til you are on the market

Our MLS includes a check box to indicate if part of an Estate or not.

I would ALWAYS market as Estate, draws more potential Buyers and not worry about low ball offers.

IMHO, if it is priced right for condition, not a factor, if not, the market will tell you.

Mari, I would recomend you check your local laws.  In Virginia it is a madatory disclosure when listing.

Low ball? An offer regardless of the value is a beginning but not the end. Agents who submit low ball offers aren't serious business people IMO, yet, it's always nice to know who they are and the agency they represent. Advertise as many ways as possible to get more eyeballs on the property. The more you do, the more you get, don't you?

Anything that will generate buyer interest is worth disclosing. I would add estate sale to the listing remarks.

I probably wouldn't advertise it at such. I agree with you, just do your normal thing.

List the owner or not, the buyer's agent will look up the ownership in order to make the offer. It shouldn't matter if a property is part of an estate unless there are multiple signers of the documents. You may want to alert the buyer's agents that more time may be needed for responses than with a single party sale.

I would tell them it is.  I would also say if there is any possible delay time after an offer is made.

Some buyers may expect the home to be discounted if a home is an estate sale.  It is not required to disclose this informaton unless of course the owners died in the home from some unfortunate break in.  Then that a whole other story.  Remember, we are also working for the seller.  Ask them and explain the options.  I wouldn't be concerned about listing it as as estate sale because you are going to get low ball offers.  You could get those anyway.  The drawback to not listing it as an estate sale is because some buyers agents use keywords to search for properties.   The goal it to get a home to come up for an many keywords as possible.  So listing it as an estate sale would allow those agents who run and set up searches with the keyword 'estate' to show up in their search.  Something to think about. 

I agree, do not list it as an estate sale. It's just a regular sale & that's it. I agree that people low ball when they see it no matter what others say here.

Mari,

I would not worry about it.  Wishing you great success selling this property.  A

A sale is a sale... we don't have much control over what people are able and willing to pay. I would hope it would bring in more offers and get into a bidding war...

I dont.

Do the right thing.

It is what it is.

My advertising is about getting that home sold.  Any relevant information is a part of an overall marketing program.  

I would not advertise it as an estate sale, but I would disclose it immediately after I receive an offer.