Fort Worth Real Estate, Executor Help Probate Texas Law, 55+ Communities Adult NeighborhoodsRecently posted or modified blog posts by tag - Probate Parker Countyhttps://www.citiesrealestate.com/blog/Copyright CitiesRealEstate.com2023-08-22T08:54:36-07:00tag:citiesrealestate.com,2012-09-20:18901Client Story Review: Valentia RichardsonValentia Richardson sat at her kitchen table, surrounded by stacks of unopened mail and a growing sense of unease. It had been a tough year for her financially, and now she was facing yet another challenge—she was behind on her taxes on the house. As she sifted through the letters, one in particular caught her attention. The envelope was plain, without any distinct markings, but the words on the front caught her eye: "For a guaranteed offer."
Curiosity piqued, Valentia tore open the envelope and began reading the letter inside."I hope this letter finds you well," it began. "I wanted to share an exciting opportunity with you, as we are actively seeking properties and land in your area. If the prospect of a quick cash sale within 24 hours piques your interest, please read on."
Intrigued, Valentia continued reading, her eyes scanning the words that promised a smooth and hassle-free selling process.
"At our Cities Real Estate, we specialize in purchasing houses just like yours, offering a range of benefits that make the selling process smooth and hassle-free."
Valentia couldn't help but think about her current situation. She had been considering selling her house to ease her financial burden, but the traditional route had seemed daunting and time-consuming. This letter seemed to offer a different approach—one that might be exactly what she needed.<br /><br />The letter went on to highlight the key advantages of selling to this company.
"As-Is Purchases: You don't need to worry about making any repairs or renovations. We understand that every property has its unique charm, and we appreciate it in its current condition."
"Cash Payments: We pay in cash, eliminating the need for loan approvals and lengthy waiting periods. This ensures a seamless and expedited transaction, putting money in your hands quickly."
"Flexible Timeline: Whether you need to sell within two weeks or require more time to find a new place, we work according to your schedule. Our goal is to provide you with the freedom to transition at your own pace."
"No Commissions: By directly buying your home from you, we eliminate the need for middlemen and associated commission fees. The offer we present is the offer we stand by, without any unexpected changes."
The more Valentia read, the more she felt a glimmer of hope. <br /><br />Maybe this was the solution she had been searching for.
<br /><br /><br /><br />She took a deep breath, contemplating her next move. The letter had provided a contact number, urging her to call and discuss her options. Valentia reached for her phone and dialed the number, her heart pounding with a mix of anticipation and anxiety.
After a few rings, a warm voice greeted her on the other end of the line. It was the person who had sent the letter, introducing themselves as the representative of the company.
Valentia, feeling a sense of relief, shared her situation and expressed her interest in exploring this opportunity further. The representative listened attentively, assuring her that all their conversations were confidential and there was no obligation on her part.
Over the course of their conversation, Valentia learned more about the company's commitment to transparency and fairness. They explained how they would provide her with a guaranteed offer, which they would honor until the end, regardless of any fluctuations in their costs.
After the call, Valentia felt a weight lifted off her shoulders. She had taken the first step towards finding a solution to her financial struggles. The company's promise of a quick cash sale and their willingness to work according to her timeline gave her a renewed sense of hope.
As days turned into weeks, Valentia and the representative continued their discussions, exploring the possibilities and evaluating the value of her property. The process moved forward smoothly, and Valentia grew increasingly confident that she had made the right decision.
Valentia accepted our offer.<br /><br />Why Hire Cities Real Estate
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
sLet US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transitio
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.2023-06-22T12:56:19-07:002023-07-18T08:37:43-07:00David Pannelltag:citiesrealestate.com,2012-09-20:18888The Heroic Triumph of Probate: Alex's Journey to VictoryIn Dallas Fort Worth, Alex found themselves trapped in a nightmarish probate process, burdened not only by the task of selling a decaying home but also by the unsettling emergence of four contentious family members. However, amidst the chaos and despair, a savior named Broker David Pannell emerged, ready to guide Alex towards triumph.
<img src="https://assets.site-static.com/userfiles/728/image/Probate/The_Heroic_Triumph_of_Probate_Alexs_Journey_to_Victory.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="350" height="525" />
<br /><br />Initially, the dilapidated house stood as a haunting reminder of neglected memories, its walls cloaked in cobwebs and dust. Alex, overwhelmed by grief and uncertainty, yearned for an escape from this tormenting ordeal.
Recognizing Alex's plight, David Pannell, a seasoned real estate professional, stepped forward as a beacon of hope. With unwavering dedication, David pledged to transform the dire situation and ensure a favorable outcome.
Undeterred by the looming shadows cast by legal complexities, David fearlessly ventured into the crumbling abode. Assessing the property with a discerning eye, he identified the necessary repairs and restoration work needed to restore its former glory. David swiftly assembled a team of skilled craftsmen, breathing new life into the desolate dwelling.
Simultaneously, the emergence of four family members threatened to unravel the progress achieved. Conflicting opinions and relentless demands threatened to undermine David's efforts and prolong the agony. However, armed with patience and diplomatic finesse, David became a mediator, diligently working to bridge the familial divides and foster unity. Days turned into weeks, and weeks into months, as David persistently sought to reconcile the differing agendas of the family members. Despite setbacks and frustrations, his unwavering commitment and professionalism propelled him forward. Slowly, a fragile truce was reached, as the family members recognized the value of finding common ground for the sake of their shared history.
With unity restored, David rallied his resources, meticulously coordinating the final steps required to bring the probate process to a close. Addressing legal intricacies and paperwork, he expertly navigated through the remaining obstacles.
Finally, the moment of triumph arrived. The house, now revitalized, attracted genuine buyers who were captivated by its renewed beauty and the history it held. Through skillful negotiation, David ensured that Alex received a fair and just price for their cherished property.
As the ink dried on the closing documents, a profound sense of relief washed over Alex. The nightmare had come to an end, and victory was finally within reach. Alex emerged from the probate ordeal with a newfound strength, forged by resilience and the unwavering support of David Pannell.
The once-bleak tale of probate had transformed into a heroic triumph, thanks to the resilience of Alex and the unwavering dedication of their real estate hero, David Pannell. Together, they defied the odds, conquering the shadows of despair and familial discord.
In Dallas Fort Worth, their story serves as a testament to the power of resilience, unity, and the invaluable guidance of a skilled professional. May it inspire others facing their own probate challenges to persevere, knowing that victory can be achieved even in the darkest of times.2023-06-22T08:09:29-07:002023-07-18T08:38:44-07:00David Pannelltag:citiesrealestate.com,2012-09-20:16061What is Muniment of Title Texas ProbateWhen a resident or property owner in Texas passes away, their family often believes the traditional probate process is necessary. Fortunately, that’s not always the case. Under certain conditions, there are less expensive and more timely alternatives to probate. One of those alternatives is “muniment of title.”
Don’t be thrown by the word “muniment.” It’s just a fancy way of saying “evidence.” So, muniment of title means evidence of title. This means a will can be submitted to the court to confirm ownership of the property by the deceased, avoid probate, and have the property passed to the heirs in a matter of 30-60 days instead of the months or years it can take an estate to go through the probate process.
Essentially, it is a more straightforward way to establish the validity of the Will and pass title to the beneficiaries named in the Will.
When is Muniment of Title Used?
Muniment of title is generally only used when there are no debts of the estate needing to be paid, and there are no actions that would require the appointment of an executor or executrix.
A muniment of title should be considered when the estate has no unsecured debts, and the only assets involved are real property and cash accounts. However, it is not advisable to use it when the estate includes publicly traded securities, bonds, mutual funds, and similar assets because transferring these types of assets often requires an executor or executrix.
What is the Procedure for Muniment of Title?
Like the traditional probate process, an interested party must file an application in a court with jurisdiction over probate matters. In the Fort Worth metro area, the application should be filed in the Tarrant County Probate Court.
The application for muniment of title must state the following to the extent that each is known to the applicant or can, with reasonable diligence, be verified by the applicant:
Each applicant’s name and domicile
The testator’s (deceased’s) name, domicile, and, if known, age on the date of their death
The fact, time, and place of the testator’s death
Facts showing that the court with which the application is filed has venue
Facts showing that the testator owned property, including a statement generally describing the property and the property’s probable value
The date of the Will
The name and residence of any executor named in the Will
Each subscribing witness to the Will, if any
Whether one or more children born to or adopted by the testator after the testator executed the Will survived the testator and, if so, the name of each of those children
That the testator’s estate does not owe an unpaid debt, other than any debt secured by a lien on real estate
Whether a marriage of the testator was ever dissolved after the Will was made, and, if so, when and from whom
Whether the state, a governmental agency of the state, or a charitable organization is named in the Will as a devisee.
After receiving the application, the court will have a hearing on the will's validity. This is typically a short hearing, lasting 20-30 minutes.
If the court is satisfied the estate doesn’t owe an unpaid debt and there is no necessity for administration of the estate, the real property can then be quickly and easily passed to the heirs.<br /><br />Trust the Experience of David Pannell and Cities Real Estate
Owner/Broker David Pannell of Cities Real Estate has vast experience with real estate transactions involving various types of probate, including muniment of title. If you don’t have an advisor to assist you with the application, David will be happy to refer you to one in Tarrant, Parker, Wise, Denton, Dallas, or Collin County.
For more information, contact Cities Real Estate Broker/Owner David at (817) 797-9047.
David is a real estate professional you can trust. He’s been helping families with all types of property sales for over 20 years in DFW and has also served in the United States Marine Corps and as a City of Arlington police officer.
Disclaimer
Nothing in this article should be considered legal advice. It is solely for informational purposes. Nor does it substitute for consultation with a competent probate attorney.2022-12-08T07:57:52-07:002023-07-27T10:18:12-07:00David Pannelltag:citiesrealestate.com,2012-09-20:15817What is an Affidavit of Heirship Texas Title Probate LawAn affidavit of heirship is a legal document that can be used when someone dies without a will and their estate consists primarily of real property titled in their name. The affidavit is used to identify the heirs to the property.
The affidavit is filed with deed records in the county where the decedent’s real property is located. It does not transfer title to real property. Instead, it is evidence concerning the property.
Legally, the affidavit of heirship creates a clean chain of title transfer to the deceased’s heirs.
An affidavit of heirship should be signed by two disinterested witnesses. To qualify as a disinterested witness, the person must be knowledgeable about the deceased and their family history but cannot benefit financially from the estate.
Who can witness an affidavit of heirship?
The witnesses should not be an heir, related to the deceased, or have any interest in the estate. In Texas, they must swear, under penalty of perjury, to these conditions:
They knew the decedent
The decedent did not owe any debts
The true identity of the family members and their heirs
The person died at a specific place on a specific date
The witness will not gain financially from the estate
Ideally, a witness will have known the deceased for 20 to 30 years and know specific details about the spouse and children. Their signatures on the affidavit will carry substantially more weight than a recent or short-term casual acquaintance.
Let Cities Real Estate Help
At Cities Real Estate, we go above and beyond for buyers we represent.
If an affidavit of heirship is involved in the purchase of a property, our agency will pay the buyer’s fees to file an affidavit of heirship. We’ll also identify and locate potential witnesses to sign the affidavit if necessary.
For more information, contact Cities Real Estate Broker/Owner David Pannell at (817) 797-9047. David is a real estate professional you can trust. He’s been helping families with all types of property sales for over 20 years in DFW and has also served in the United States Marine Corps and as a City of Arlington police officer.
Disclaimer
Nothing in this article should be considered legal advice. It is solely for informational purposes. Nor does it substitute for consultation with a competent probate attorney.<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.2022-11-22T07:40:39-07:002023-07-27T10:38:13-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13521Veterans Estates Probate TexasIf the decedent was a military veteran, it's a good idea for you as the executor to look into death-related benefits for veterans immediately upon their death. Veterans are entitled to a number of death-related benefits, some of which relate to the actual burial service itself.
Notifications
If the decedent was a veteran receiving retirement pay, the Defense Finance and Accounting Service should be notified of the death as soon as possible since there are likely funeral and burial benefits available. Any ongoing retirement pay officially ends on the date of death, so payments made past that date will likely have to be returned. The executor (or anyone) can make this notification online or by calling 1-800-321-1080.
If the veteran was receiving disability compensation or a disability pension, call the Veterans Benefits Administration at 1-800-827-1000.
Regardless of pension status, you may also want to reach out to the VA Office of Survivor's Assistance to learn about possible benefits and get various processes underway.<br /><br />Proof of Military Service
Veterans include people who have honorably served in the US Army, Navy, Marine Corps, Air Force, Space Force, Coast Guard, and National Guard.
To obtain veteran benefits, you will likely need proof of the veteran's service, usually via a copy of the veteran's DD Form 214 (Certificate of Release or Discharge from Active Duty), or for National Guard members, their NGB-22 (Report of Separation and Military Service).
If you cannot find a copy of the veteran's DD Form 214, you can order a copy from the National Personnel Records Center using Form 180 (Request Pertaining to Military Records). Fax the form to 314-801-9195 or mail it to: National Personnel Records Center, 1 Archives Drive, St. Louis, Missouri 63138.
If you need an NGB-22, contact the state headquarters of the veteran's final service branch (see National Guard state website list).<br /><br />Burial in a National VA Cemetery
Most veterans (as long as they did not receive a dishonorable discharge) are eligible for burial in a national VA cemetery, which includes the following benefits:
A gravesite in a national cemetery that has available space Opening and closing of the grave A burial liner provided by the government A headstone or marker provided by the government Perpetual (ongoing) care of the gravesite
The VA provides detailed instructions for scheduling a burial, or you can call the National Cemetery Scheduling Office at 1-800-535-1117. Many executors simply have the funeral director handle these things (even if the decedent will be buried in a national VA cemetery, a funeral director still provides numerous helpful services).<br /><br />Burial Allowance
Regardless of whether the veteran will be interred in a national VA cemetery, the estate is also likely eligible for a burial allowance, which can help cover burial and funeral costs, including transportation of the decedent's remains. This allowance generally ranges from $300 - $2000 for most veterans, depending on specific circumstances.
You will need to provide proof of expenses you wish to cover, and the cost of funeral director services, including cremation, cannot be covered by this allowance. You can apply for a burial allowance online or by mail; there is a two-year time limit from the decedent's death if the death was not service-connected.<br /><br />Memorial Items
Veterans are also entitled to a burial flag and a Presidential memorial certificate. Each item has specific eligibility requirements (primarily that the decedent did not receive a dishonorable discharge), and you can apply for them by mail, fax, or in person at a regional VA office.
If the veteran will not be buried in a national VA cemetery, you may still wish to obtain the government-supplied headstone (or grave marker or medallion). If you use a private funeral director, they can help you obtain any of these items, which is usually the easiest approach.
Military Honors Ceremony
Veterans are also usually eligible to receive a military funeral honors ceremony, which includes folding and presenting the United States burial flag and the playing of Taps. Two or more uniformed military persons will attend the ceremony, with at least one being a member of the Veteran's parent service of the armed forces. You can ask your funeral director to arrange for this ceremony, or you can ask the VA directly if the decedent will be interred in a national VA cemetery.<br /><br />Questions concerning probate and real estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.2022-06-17T10:36:00-07:002023-07-27T10:50:28-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13518Official Signature Probated Texas EstatesYour official signature depends on your specific role.
For example, if your name is Bradley C. Roberts, and the decedent was your father, Alexander M. Roberts, you would sign as follows:
Executor: “Bradley C. Roberts, Executor of the Estate of Alexander M. Roberts, Deceased”
Personal Representative: “Bradley C. Roberts, Personal Representative of the Estate of Alexander M. Roberts, Deceased”
Administrator: “Bradley C. Roberts, Administrator of the Estate of Alexander M. Roberts, Deceased”
Trustee: “Bradley C. Roberts, Trustee”
<br /><br />Notarization
You may be asked to have your signature “notarized,” which means having a local notary public stamp the document with their seal, indicating you provided proof of your identity (using a driver's license, passport, etc.) when you signed the document in their presence. Be sure not to sign the document until you’re in front of the notary.
Many postal shops will notarize signatures (Mailboxes Etc., UPS Store, etc.), and many “mobile notaries” can be found online and will come to you to witness your signature. Either way, the process is simple and usually costs $10-$20.<br /><br />Medallion Signature Guarantee
If you need to deal with individual stock certificates and some other documents, you may be required to get a “medallion signature guarantee.” This requirement is more challenging to satisfy than simple notarization because the person providing the guarantee becomes responsible for covering the entire value of the asset if there’s a problem with your claim. Consequently, few people offer this service.
A local bank where you’ve been a long-term customer might provide a medallion signature guarantee for you. As uncommon as the service is, many providers don’t charge you for it. Additional information on medallion signature guarantees can be found on the U.S. Securities & Exchange Commission website.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-06-02T07:27:00-07:002023-07-28T08:27:24-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13516Notifications Probated Estates In TexasTypical notifications include:
Banks
Brokerage accounts
Businesses and partnerships
Close friends and family
County probate court
Credit card companies
Credit reporting agencies
Creditors
Department of Motor Vehicles (DMV)
Extended circle of acquaintances
Employer & any pension providers
Heirs
IRAs and other beneficiary accounts
Internal Revenue Service (IRS)
Landlord
Lawyer
Leasing companies
Life insurance companies
Medical providers
Membership organizations
Newspaper and other subscriptions
Post office
Service providers
Social Security Administration (SSA)
Trustees
Utility companies
Veterans Affairs (VA)
Voter registry
While some notifications can be made informally, others may require specific methods of contact, ranging from phone calls to notarized letters to public notices published in newspapers.
It’s critical for you to follow the creditor notification timelines in your state. Failure to follow these statutes may result in the estate owing money it shouldn’t have, which could result in you being held personally responsible for those debts.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.<br /><br />If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br /><br /><br />As an executor
There are many people and organizations you’ll need to notify about the estate owner’s death, some of which are time-sensitive. For example, you usually have up to thirty days after the death to notify the court and present any will.<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.2022-05-31T05:50:00-07:002023-07-28T08:56:05-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13496Asset Cost Basis with Probate in TexasThe amount of money an owner paid to acquire a given asset is called its “cost basis.” Typically, taxes are due on the difference between the sale proceeds and the cost basis when an asset is sold.<br /><br />Step-Up in Basis
Most assets enjoy a “step-up” in cost basis when the owner dies, meaning that the heir receiving the asset will be able to report a cost basis equal to its value on the date of the owner’s death, not what it originally cost the decedent.
For example, if Betsy inherited stock valued at $10,000 on the date of the owner’s death, she will only owe taxes on any gains above that amount when she sells it, even if the previous owner only paid $5,000 for it.
The step-up in basis also works in reverse. Heirs can take credit for losses on assets sold for less than their value on the owner’s date of death.<br /><br />Tax-Deferred Accounts
Tax-deferred accounts, like standard IRAs and 401Ks, enabled the original owner to contribute “pre-tax dollars” during their lifetime, which then grew tax-deferred. When this money is withdrawn, it is taxed as income, effectively having a cost basis of $0.
However, if the original owner contributed after-tax money to a standard IRA (non-Roth), part of the withdrawal can be considered as cost basis, effectively lowering the amount of tax due.
No taxes by heirs are due on withdrawals from Roth IRAS, as long as the heir follows all of the IRS’ rules and the decedent owned the Roth IRA for at least five years.<br /><br />Annuities
An annuity is a financial product that pays out a fixed amount of income every month or year. Unfortunately, annuities don’t qualify for the step-up in cost basis like most other assets.
A “qualified annuity” is funded with pre-tax dollars. Every dollar it pays out is considered income, meaning it has a $0 cost basis.
A “non-qualified annuity” is funded with after-tax dollars; its cost basis is the amount that was deposited into the annuity.
While annuity cost basis is straightforward, the timing of tax obligations can be more complex if the payout from a "Non-Qualified Annuity" is not taken in a lump sum but is instead taken in multiple payouts over time. If the estate or the heir receives periodic (e.g., monthly) payouts, only the percentage of each payment that comes from earnings is usually taxable.
If the annuity’s payouts are non-periodic, the IRS typically treats each payout as taxable earnings until all earnings have been distributed. After that, payouts are treated as a return of the purchase amount and are therefore not taxable.<br /><br />Cash
The cost basis of cash is the cash itself since you technically can’t have a gain or loss on cash.
Cash held in a “deposit account” like a bank savings account is treated the same as most assets: the cost basis is the account value at the time of death. Any subsequent interest earned is potentially subject to being taxed.
Foreign currency should not be considered the same as cash. Any realized gains or losses due to exchange rate fluctuations must generally be reported as income. Seek the advice of a tax professional if your estate includes sizable amounts of foreign currency.<br /><br />Assets Purchased by the Estate
If an estate purchases an asset during the settlement process, the asset's purchase price is its cost basis.
Additionally, as executor, if you sell an asset for the estate, you’ll need to report any gains or losses (compared to the cost basis) on the estate’s tax returns.
Provide heirs with any information you have on an asset’s cost basis, but remember that it’s their responsibility to assign the proper cost basis of an asset when they eventually sell it.
If you’re the executor of an estate worth millions of dollars and that estate will owe federal estate taxes, you have an option to establish an Alternate Valuation Date for the assets. A professional tax advisor can assist you with this.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-05-12T10:08:00-07:002022-06-23T10:44:27-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13492Finish Line Probate in TexasAfter you’ve resolved the estate’s debts, paid any applicable taxes, funded your compensation, and distributed the estate’s remaining assets, you’ve fulfilled your responsibilities as executor. However, there are still several things you need to consider.<br /><br />Tax Returns and Reserves
Since tax agencies can, and sometimes will, review your submission and decide you owe additional amounts, it’s a good idea to keep some cash in reserve, just in case. You can still make the bulk of the estate distributions if you’re confident that the estate settlement has been done correctly.
If you were the executor for a substantial estate and needed to file a federal Form 706 and/or its associated state forms, you’ll also need to obtain tax clearance letters from the agencies you filed with, stating there are no outstanding tax issues. This can take six to nine months from when you submit the return.<br /><br />Trust Termination
Trusts terminate according to a defined termination date, such as the death of a beneficiary or the date the beneficiary attains a stated age. If you are both the estate executor and the trustee for an associated trust, you don’t have to wait for the trust to terminate before closing the estate.
Probate Final Accounting
If the estate has gone through an official probate process, you must submit, and get approved, a “Final Accounting,” which provides details on how you handled estate assets, what income the estate generated, if there were any losses, how much you paid each creditor, and how much you distributed to heirs.
Probate Closing Statement
After the estate has completed the probate process, if it was necessary, the final step is to submit a “Closing Statement” for approval. This document states that you’ve resolved all debts, paid all taxes due, and distributed the net proceeds of the estate appropriately.
Close Down the Estate Account
At this point, there should be little, if anything, left in the estate other than perhaps the estate bank account you opened. If you haven’t already closed this account when you distributed the proceeds, now is the time to do so.
File Final Form 56
If you filed a Form 56 with the IRS when you became an executor (or at any other time), you should now file another Form 56, officially notifying the IRS of the termination of your responsibilities.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-05-05T08:17:00-07:002022-06-25T06:23:20-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13491Common Executor Mistakes Probate TexasAs an executor, you’ll have many duties to perform and many decisions to make. But, in addition to being an executor – you’re also human. This means you might just make a mistake or two.<br /><br />To help you avoid doing that, take note of some of the most common mistakes executors make.
Showing favoritism – as executor, you have a fiduciary responsibility to act in accordance with the best interests of the estate, not yours or a loved one’s. Always do your best to treat everyone fairly and equally.<br /><br />
Forgiving debts – although one of the heirs may owe the decedent money, you don’t have the legal authority to cancel any debts, out of fairness to the other heirs.<br /><br />
Making distributions too soon – you may be tempted to distribute assets too soon, especially if you’re under pressure from one or more of the heirs. Remember, all debts must be settled and taxes paid before general distribution to heirs begins.<br /><br />
Limiting communications – keeping heirs informed about the estate settlement process and the progress being made along the way can help reduce suspicion and anxiety, making your work go smoother and easier.<br /><br />
Not providing notice of death – publishing a notice of death protects you from liability and enables the estate to wrap up quicker because these publications reduce the time creditors have to make claims. All creditors must be notified of the death, given instructions on how to contact you, and told when the deadline to do so is.<br /><br />
Paying bills too quickly – while it’s necessary to pay small bills, like utility bills, as soon as they're received, hold off on paying other bills until you have a complete handle on the estate’s finances. You never know when a big tax bill with a higher priority will appear unexpectedly.<br /><br />
Overlooking valuable assets – take time to find and value all estate assets. Don’t miss things like bank accounts, valuable collectibles, or unclaimed pensions.<br /><br />
Playing the market – your duty as the estate’s executor is to protect assets and manage them prudently. Use your best judgment. If the estate is going to take a long time to settle, you likely won’t be held liable for investing cash in a conservative mutual fund, but it may prove costly for you if you lose estate money in penny stocks or foreign currency exchanges.<br /><br />
Not protecting property in vacant homes – be sure that all assets in a vacant home are protected by insurance, just as you would if the house was occupied. Most homeowner’s policies don’t cover property left in vacant homes.<br /><br />
Failing to act – don’t forget about important deadlines for certain tasks, and that you have an obligation to settle the estate in a reasonable timeframe. If you’re overcome with grief or just overwhelmed by the situation, you can step down voluntarily. If you continually fail to act, the court or heirs may initiate an attempt to replace you.
<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-04-30T07:10:00-07:002022-11-17T09:15:38-07:00David Pannelltag:citiesrealestate.com,2012-09-20:3804A Fish Story - Avoid Over Pricing At All CostsHow Flattering
Is it to receive a generous estimation of the value of something you own? That jacket must’ve cost you $700! How did he ever pay for such an expensive engagement ring? Those kinds of compliments make most people beam with pride. A classic car, lovingly restored, antique heirlooms, and even sports memorabilia fetch top dollar at auctions every day. Surely a home is no different.<br /><br />They Were Dazzled
When Dan and Julie* decided to put their home on the market, they were dazzled by the $339,000 price tag a realtor suggested to them. Finally, a professional that recognized the value of Dan’s meticulous landscaping, Julie’s fabulousdecorating touches, the countless weekend DIY projects, and superb housekeeping. None of the other realtors they had talked to had any appreciation for these things. Excited and flattered, they signed a contract with the agent and began eagerly researching a home to buy with the even bigger equity they would soon net after closing. Every day, they worked hard to keep their beautiful home in “show-worthy” condition, perfect and polished. At first, most weekends were devoted to open houses and showings, with Dan and Julie disappearing for hours while potential buyers traipsed through.
And it sat there. (Insert sound of crickets here)
Spring and summer faded to autumn, cooler weather, holidays and a slower real estate market. Along the way, they agreed to periodic price reductions, dropping the listing price to $332,000, then $325,000, then $319,000. Showings were rare, at best, and by this point and the frustration of months of living in “sell mode” was beginning to take its toll. Other properties in their subdivision were listed and sold, some within days or weeks, and their wonderful home languished stale on the MLS month after month. *Not their real names
So what went wrong?
Dan and Julie were victims of the shiny, sparkling lure of overpricing. Their realtor rolled out a dazzling, shiny top dollar price tag, higher than had been previously suggested to them by other agents they had interviewed. Appealing to the owners’ pride, sentimentality, and desire for maximum equity, some realtors will utilize this tactic to coerce the homeowner to sign with them. Like slick game show hosts, they entice the seller to make a poor decision because of the chance of a big win. The reality is that where there is a lure, there is a hook. And as you drop your price every few weeks, you are still paying your mortgage, insurance, HOA dues, maintenance, utilities, etc., etc., etc. More equity is whittled away with every turn of the calendar page. And that’s not all. The stigma of a stagnant
listing brands your house as undesirable. Like the leper among the healthy houses. Brokers and realtors may steer clients away from your listing. After all, it’s been on the market 284 days, so something MUST be wrong with it.<br /><br />So what happened with Dan and Julie?
When their contract expired for the third time, they kept their home off the market for a few months, relisted with a different agent, pricing the home at $292,000 and got their asking price about five weeks later. All told, however, it was more than a year wasted because of a crucial error at the beginning of the process. In today’s market, the “aim high and drop the price later” strategy costs time, money, and aggravation. The simple fact is that the longer your home sits on the market, the lower the offers you receive. Buyers see you as becoming desperate, and see the house as a lemon- a money pit. It does not matter if these things are true; it is their perception that costs you. Correct home marketing is like shooting fish in a barrel!<br /><br />4. Have you had a nibble on the line?
If weeks and months have gone by without a single offer, you should review your price. Most sellers get a little tug on the line now and then.
As a seller sitting on an overpriced home, you might ask yourself, “Why doesn’t someone just make me an offer? “ You budgeted in some wiggle room, after all! The sad truth is that you have spooked your potential buyer, like the kid who throws rocks in the water where you are fishing. In the case of Dan and Julie, most buyers home shopping in their area were qualified for $299,000 or less and didn’t want to waste time with a listing that was $40,000 out of their league, especially since there were lots of other fish in the sea. Those that did bother to tour their home were not prepared to insult the seller with a lowball offer. Many lookers erroneously assumed that offers had been made and rejected, further discouraging a negotiating initiative.
It has been estimated that up to 70% of homes listed are initially overpriced, requiring one or more reductions before they eventually sell. Statistics also indicate that of the overpriced listings that do end up selling, the average sales price is only 87% of their original asking price. Even more disturbing, these stagnant homes languish on the market for an average of 120 days. A correctly priced home, on the other hand, averages 45 days on the market with an average selling price of 97% of the original list price.<br /><br />1. How do you know if your home is overpriced?
Pricing is not comparable to the other listings in your neighborhood. A trustworthy real estate professional will recommend a fair market price that has been established by expert analysis of comparable sales in your area. The process of selling a home is serious, and a whimsical spin-the-wheel pricing approach is folly. Your home must be priced in the same ballpark as similar ones in your neighborhood.
2. Pricing based on irrelevant factors.
When considering pricing your home for sale, did you try to factor in expensive repairs and upgrades? Big mistake! The ten grand you forked over for all new light fixtures, a new A/C system, and added insulation will not increase your home value dollar for dollar. The buyer might hate your fixtures, not care about energy efficiency, and the air better work, or he will ask you to knock thousands off your price if he is even still considering buying. Your stack of receipts does not impact a fair market price.
3. Has the phone stopped ringing?
The showings have slowed to a crawl or none at all. A lack of “buzz” is a bad sign.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-04-12T14:52:00-07:002022-06-30T06:48:08-07:00David Pannelltag:citiesrealestate.com,2012-09-20:13472Resolving Debts For Probate in TexasResolving Debts
As an estate executor, resolving a debt means paying it off or otherwise addressing it, so the estate no longer owes anything related to it. For your protection, you should resolve all debts before distributing any assets to heirs unless the estate’s assets are clearly worth more than its debts.<br /><br />Debt Validation
If a creditor fails to contact the estate within the local state regulatory deadline, which is typically three to nine months following the publication of a probate notice, the debt is barred, and the estate is no longer legally obligated to pay it.
Note that not all apparent debts are valid. You may be contacted by dishonest parties seeking to defraud the estate or even by legitimate organizations with poor record-keeping practices. Make sure that the decedent actually owed the payment being requested and that the debt hasn’t already been paid.<br /><br />Family Entitlements
Although debt resolution usually has priority over distributions to heirs, there are some state-specific restrictions and entitlements that protect a surviving spouse and children. Typical entitlements include personal property exemptions, a homestead, a family allowance, and sometimes a surviving spouse elective share. As executor, be sure to subtract any such priority entitlements from the estate before paying debts owed.<br /><br />Debt Payment
Eventually, the estate will have to pay all of its valid debts unless the estate owes more than it’s worth, in which case not everyone will be paid the money they are owed.
In some cases, it may be necessary for the executor to sell certain assets to raise cash for debt payments. As executor, try to avoid selling assets that the will specifically bequeaths to certain heirs. Develop a plan before selling off assets piecemeal.
Pay special attention to medical debts. The estate must pay these within one year of death to be able to deduct them on the decedent’s final income tax return.
Small debts should be paid as they come due, such as utility bills.<br /><br />Tax Liability
As executor, you must be aware of IRS Publication 559. It states that the executor of an estate that is unable to pay a tax liability of the decedent is personally responsible for those taxes if they had notice of such tax obligations or failed to exercise due care in determining if such obligations existed before distribution of the estate’s assets and before being discharged from their duties.
Federal tax debts are considered senior to most other debts. The executor is personally liable for any unpaid taxes of the decedent up to the amount of any debts the executor did pay.
The courts have acknowledged that funeral expenses, estate administration costs, and some family entitlements do have priority over the payment of taxes.<br /><br />Insolvent Estates
An estate that owes more than it’s worth is considered “insolvent.”
If the estate you are the executor of is insolvent, there are several legal statutes governing who should be paid out and how much they should be paid. Details vary by state, but in general, an estate must pay its debts in this order:
Funeral expenses
Estate administration costs
taxes
Other general debts
Assets can be distributed to heirs only after you’ve arranged to resolve all debts.
When an estate is insolvent or near-insolvent, negotiation for debt forgiveness is common. Debt-holders usually realize they may end up with nothing if they don’t agree to receive a lesser amount.<br /><br />Debt Forgiveness
In some cases, creditors may completely forgive a debt if they believe the estate may not have the money to pay all of its debts. They may also partially forgive a debt instead of being paid nothing, particularly if other creditors will be paid first.
All agreements to entirely or partially forgive a debt should be made in writing. Be aware that the amount being forgiven is considered taxable income to the estate and that large creditors will almost certainly report these amounts to the IRS.
If you have hired a probate attorney, debt resolution may be something you delegate to them since they are usually experienced in these matters.<br /><br />Debts to the Estate
Any loans the decedent made to other parties are considered assets of the estate. The executor's role is typically to obtain repayment for those loans so funds can be distributed to heirs. In some cases, transferring the debt to one or more heirs is preferable if collecting the debt isn’t practical. If the debt is uncollectible, it may need to be written off.<br /><br />Ongoing Bills
As executor, you must protect the estate’s assets, which may require some ongoing bills being paid, such as insurance premiums, utility bills, property maintenance, etc. Use your best judgment concerning bill payment, and be sure to always act in the estate's best interests.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-04-07T08:54:00-07:002023-07-13T10:08:05-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12475Determining Asset Value
Among the many duties you assume as an executor is determining the value of the estate’s assets. Asset values are used to determine the type of probate needed (if any), allocate assets among heirs, calculate taxes, and fix cost basis for future sales by the estate or its heirs.
Assets must be valued twice: at death and at disposition.
Value at death – assets must first be valued as of the date of the decedent’s death. This is important for estate tax calculation (for very large estates) and for determining cost basis when an asset is eventually sold.
Value at disposition – assets also must be valued when they’re sold or distributed. Settling an estate can take months, if not years, and the value of assets changes, sometimes dramatically, during that period.
Value at disposition is used to calculate estate income taxes if the asset was sold or to calculate any state inheritance tax due, which should be allocated to heirs if the asset was distributed.<br /><br />Gross Value vs. Net Value
When calculating the value of an estate, the gross value is the sum of all asset values, while the net value is the gross value minus any debts (the actual worth of the estate). Gross value equals net value for most assets, but in some instances, an asset includes associated debt, such as real estate with a mortgage. In those cases, you should enter the gross value of the asset as its value and record the mortgage debt separately.<br /><br />Probate Value
If the estate you’re settling is undergoing probate, you’ll need to submit asset values to the court. Assets with designated beneficiaries, like 401 Ks and life insurance policies, normally bypass probate and shouldn’t be included in estate probate value.
Probate rules for estate valuation can vary by state. Some states use gross value, while others use net value. An executor needs to remember that all personal property is probated in the decedent’s home state, and real estate is probated in the state in which it’s located.
As the person who valued the estate’s assets, you may be challenged by the IRS, heirs, or creditors on the value you assigned an asset. Therefore, you’ll want to be sure that you’ve reasonably valued all assets.
Assessing Value
While certain assets are easy to value, like bank accounts or shares of stock, other assets can be more challenging, such as real estate, used cars, or collectibles. A real estate agent can assist you with real estate values by comparing similar properties, and the tax assessor’s valuation should also be considered.
Using a Professional Appraiser
A professional appraiser may be needed for jewelry, artwork, private businesses, and other assets you find difficult to value. Appraisers typically charge anywhere from $125 to $400 per hour, depending on the geographic area. Their rates may also be based on their level of expertise, and they may charge extra for a site visit. Appraisers who charge based on a percentage of an asset’s value should be avoided, as this goes against the Uniform Standards of Professional Appraisal Practice (USPAP) ethical requirement.
When hiring an appraiser, inquire about certifications and memberships in any professional organizations. To avoid any potential conflicts of interest, ask for a written estimate of the appraisal fee in advance and avoid hiring an appraiser who is also a dealer or offers to buy items for themselves.
There are also online appraisers, which can be faster and less expensive than working with a professional appraiser, but the appraisal won’t be as robust since the person valuing the asset didn’t have physical access to it.
Valuing Household Contents
Household contents is a broad category that can include furniture, books, gardening tools, appliances, tableware, etc. Instead of valuing each item individually, many executors list “household contents” as a single asset and provide an overall valuation estimate. Items that are particularly valuable, such as antiques, high-end artwork, etc., should be individually valued.
Valuing these assets can also be done through an estate sale, where you take what people are willing to pay for an item. Estate sales companies are available to help with this, which can help protect you from accusations of mismanagement.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-03-25T04:00:00-07:002022-03-25T04:16:55-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12390Texas Probate FormsAs the executor clearing for an estate located in the state of Texas, there are some state-specific forms you may need.
In Texas, only a few counties have dedicated Probate Courts; most handle probate via Constitutional County courts. The relevant District Court has jurisdiction over contested matters (view the state <a href="https://www.txcourts.gov/media/1097010/Court-Structure-Chart-Sept-2015.pdf" title="Texas Probate Courts">court structure</a> on the Texas Courts website). To search for the appropriate court within the county where your estate is located, check <a href="https://www.txcourts.gov/media/1444702/trial-courts-by-county-082121.pdf">here</a>.
General Texas Probate Forms
Your local court can provide you with the forms they may prefer; these are some of the forms most commonly used in Texas:
<a href="https://forms.justia.com/texas/statewide/probate/application-for-probate-of-will-issuance-of-2064.html" title="Probate Request Letters">Example Request for Letters</a> – initiates the probate process.
<a href="https://www.dallascounty.org/Assets/uploads/docs/courts/probate/ReceiptandWaiverofNotice_2014.pdf" title="Probate Receipt Wavier Notice">Example Receipt and Waiver of Notice</a> – heirs can sign this to relieve you from formal notification requirements.
<a href="https://www.tarrantcounty.com/content/dam/main/probate-courts/Documents/Waiver-and-Consent-401.002-.003.pdf" title="Consent to Independent Administration">Example Consent to Independent Administration</a> – the form used for heirs’ consent if you choose to use an independent administration.
<a href="https://www.tarrantcounty.com/content/dam/main/probate-courts/Documents/Affidavit-of-Notice-to-Beneficiaries.pdf" title="Affidavit of Notice">Example Affidavit of Notice</a> – tells the court you notified heirs as required.
<a href="https://www.dentoncounty.gov/DocumentCenter/View/2659/Annual-Account-of-Estate-DOC" title="Estate Inventory">Example Estate Inventory</a> – the form used to record the inventory you took of estate assets.
Example Final Accounting – form submitted at the end of the probate process containing the final accounting for the estate.
As the estate’s executor, you can personally file forms, but be aware that the state of Texas requires an estate to have an attorney of record unless:
You are using a <a href="https://www.citiesrealestate.com/blog/probate-for-small-estates-texas/" title="Small Estate Texas">small estate</a> approach or
The estate doesn’t involve any other interested parties
Texas requires attorneys to file submissions electronically and encourages executors to do the same.
Other forms that you may find helpful as an executor in Texas include:
Example <a href="https://texaslawhelp.org/sites/default/files/sm-estate-affidavit_form.pdf" title="Small Estate Affidavit Form">Small Estate Affidavit Form</a> – obtain custody of personal property for small estates with no will.
<a href="https://www.comptroller.texas.gov/forms/53-111-a.pdf" title="Texas Affidavit of Heriship Form">Texas Affidavit of Heirship Form</a> – obtain title to real estate for small estates with no will.
<a href="https://texaslawhelp.org/sites/default/files/affidavit_of_death_10_9_19.pdf" title="Affidavit of Death">Affidavit of Death</a> – transfer real property subject to a Transfer on Death Deed.
<a href="https://www.tarrantcounty.com/content/dam/main/probate-courts/Documents/application-muniment-of-title.pdf" title="Muniment of Title Application">Example Muniment of Title Application</a> – an alternative approach to probate.<br /><br />Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside of your area of expertise or your comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in Tarrant, Denton, Parker, Wise, Collin, or Dallas County, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a Unites States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-03-17T08:04:00-07:002022-03-18T09:36:45-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12375Essentials of Probate Success Dallas Fort Worth, Texas by David Pannell BrokerProbate is the court-supervised process of administering a decedent’s estate to distribute the net proceeds of the estate to the rightful heirs.<br /><br />Are the Services of an Attorney Required?
In Texas, if a small estate settlement process isn’t used, the law requires that an attorney represent the executor if there are heirs other than the executor or creditors involved.
Though a lawyer may be involved with the clearing of an estate, the executor will still have many duties to perform, such as tracking expenses, paying bills, etc.<br /><br />The Elements of the Probate Process
Though probate details can vary by state or county, there are many common elements of the probate process regardless of location:
Executor appointment: the first step in the probate process, it requires filing documents with the court, notifying potentially interested parties, and obtaining a probate bond.<br /><br />
Estate inventory: the executor must provide the court with an official inventory of the estate’s assets and debts. This inventory is often required along with the probate application.<br /><br />
Creditor notification: many states require that creditors be notified and advised on how to submit claims.<br /><br />
Family entitlements: a surviving spouse and other dependents often have rights to the estate superseding the terms of the will or legitimate claims from creditors. Some states require the executor to inform the spouse of those rights and wait a certain amount of time to let the spouse decide whether to file any claims.<br /><br />
Debt resolution: once an executor understands the estate’s overall finances, they must attempt to resolve all debts.<br /><br />
Tax payments and discharge of personal liability: the executor is responsible for filing a tax return for the decedent’s final year of life, and also for the estate.<br /><br />
Asset distribution: after all debts have been resolved and any taxes due have been paid, the executor can distribute the remaining assets to the rightful heirs.<br /><br />
Final accounting and probate closing: the probate process usually concludes with the submission and court approval of two documents: the Final Accounting Statement and the Probate Closing Statement.
<br /><br />Questions Concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Why Hire David Pannell & Cities Real Estate?
Experience the ease and peace of mind that comes with our comprehensive probate assistance services for families. Unlike attorneys who focus on legal matters, we specialize in the tasks that truly matter to you. From decluttering houses to connecting executors with reputable estate sell companies, we ensure that no aspect of the probate process is overlooked. We even go the extra mile by helping you donate unwanted personal property and providing valuable recommendations to enhance your property's value. With the current surge in investors aiming to purchase estate properties well below their actual worth, our guidance becomes even more crucial.
Whether buying or selling a home, it is our goal to make this important event a positive and enjoyable experience. We are committed to providing you with personal attention accompanied by courtesy, respect and professionalism.
David Pannell's Team is a top producing real estate team in the Fort Worth Texas. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in the home buying and selling process. We focus on detailed systems and aggressive negotiating strategies to get our clients the best results every time.
Our success stories are filled with satisfied clients who have found tremendous value in our services, particularly those dealing with probated estates. By understanding your family's unique goals, we offer tailored options that align with your desires and aspirations.
When you choose us, you're not just getting a service; you're gaining access to a dedicated team and an entire service hub built around streamlining the probate process. We handle the intricate details, allowing you to focus on your busy life without the burden of overwhelming paperwork and logistics.
Let us empower you to take complete control of the probate process. Working hand in hand with our exceptional Probate Services team, you'll experience a faster, smoother journey with significantly less stress. Embrace this major life transition with confidence, knowing that we have your back every step of the way.
<a href="https://www.citiesrealestate.com/buyers/" title="Thinking about buying a home">Thinking about buying a home?</a> You have found the best search engine to do just that. In addition, our team will get you priority access to all the best deals the moment they come on the market…. and in this competitive market you have to have that sort of access to nail down a great deal! If you are looking to sell your home we specialize in getting our clients maximum exposure and top dollar every time.
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. He is a realtor you can trust to help you find your treasure in Covered Bridge Canyon or sell your home as you begin the next chapter in life. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David</a> today at (817) 797-9047.<br /><br />4 Types of Probate
The state for which you’ve been appointed executor may not need to go through probate, but if it does, there are four types:
Summary – the shortest and easiest form of probate, it’s usually applicable for small, simple estates.<br /><br />
Informal – the most common type of probate, it requires that there are no disputes that the court will need to resolve.<br /><br />
Formal – lengthier and more expensive, formal probate can resolve disputes, usually with the assistance of an attorney.<br /><br />
Supervised – the rarest type of probate, it’s used when the court finds that an heir needs protection, such as a minor child or someone deemed incompetent in some manner.
The type of probate an estate will require, if probate is in fact even needed, is determined at the state and county level; there are no federal probate requirements.<br /><br />The Location of the Court
The particular type of court overseeing the probate process will vary by state: it may be a dedicated probate court, superior court, circuit court, general county court, or something else. Regardless, real property must be probated in the state where it is physically located, which may require an estate to pass through probate in multiple states.
Probate Costs
Probate court costs are typically nominal – usually a few hundred dollars. The more significant expenses involve paying thousands of dollars to attorneys, appraisers, accountants, and other professionals (the average estate spends over $12,000 on attorneys and accountants).
Probate Benefits
If probate is required, one clear benefit of an executor is that they will be following the law. But, even if probate isn’t legally required, the process can shield an executor from disgruntled heirs and get the executor formal documents known as “Letters,” which make it easier for an executor to prove their authority to third parties, such as banks and investment firms.
An Alternative to Probate: the Affidavit
If probate is not required, many states allow an executor to claim estate assets using a simple sworn statement (affidavit) and that they’ll be taking possession of the asset. In some instances, a copy of the death certificate will also need to be provided.
If the estate owner dies intestate (without a will), the executor will likely need to use an Affidavit of Heirship, which states the location and date of the decedent’s death, as well as the name and address of all heirs specified by statute.2022-03-16T07:06:00-07:002023-07-08T07:14:14-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12368Probate For Small Estates TexasMany states, including Texas, allow “small” estates to bypass standard probate, saving the estate, its executor, and its heir's considerable effort and cost.
Different states define “small” differently, and an estate worth millions of dollars may even qualify as “small.”
When determining if an estate meets the qualifications of being considered “small,” only the values of assets that would normally go through probate should be counted. Community property with rights of survivorship, assets with named beneficiaries (e.g., life insurance policies, IRAs, 401(k)s), and other standard probate exclusions should be excluded from the calculation.
Excluding these assets that may be considerable in value can mean the difference between a substantial estate bypassing probate or not.<br /><br />Qualifying as a “Small” Estate in Texas
If the qualified gross value of an estate in Texas is under $75,000 and there is no will, the small estate process can be used with almost no court involvement.
To use the small estate process in Texas, the following five conditions must be met:
The estate’s qualified gross value is <$75,000
There is no will
At least 30 days have passed since the death of the estate owner
The estate is solvent (the non-exempt assets are worth more than the debts)
No petition has already been made to the court to officially appoint a personal representative
When determining if an estate qualifies as “small,” assets should be valued as of the date of death, and unsecured debts should be ignored. In addition, assets that would not usually go through probate should also be excluded.<br /><br />General Settlement Approaches
If the estate qualifies as “small,” there is often a waiting period, after which you can use one of the following approaches (depending on the state):
Small Estate Affidavit: complete a sworn statement concerning estate inventory and heirs, then use the affidavit to obtain possession of estate assets from current custodians. If done correctly, no court will usually be involved.
However, on occasion, a current property custodian won’t understand the process and may resist relinquishing possession of an asset. In that instance, court involvement may become necessary.
Summary Administration: many states allow an abbreviated form of probate, in which an interested party submits documentation to the probate court attesting to estate assets, debts, and legal heirs. In return, they obtain a court order allowing them to settle the estate according to a substantially simplified process.
Other: some states provide alternate ways of handling small estates, such as the Texas Affidavit of Heirship.<br /><br />A Word of Caution for Executors
Even if the estate you’re administering qualifies for small estate treatment, consider going through the probate process anyway for the increased liability protections and protections from creditors it provides.
For example, a creditor can take heirs or the executor to court if debts are not satisfied and distributions are made to heirs that could have been used to pay the debts.
Also, consider probate if estate solvency is uncertain or you’re concerned as executor that the estate may become embroiled in a lawsuit (e.g., a disgruntled employee or resentful heir).<br /><br />Questions Concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-15T12:28:00-07:002022-06-28T14:45:46-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12342Key Executor Duties For ProbateOne reason some people don’t succeed in a job is they weren’t made fully aware of what their responsibilities were. Or, as author Steven Covey wrote, “they had their ladders up against the wrong wall.”
To help you succeed as an estate executor, here is a list of key executor duties you need to be aware of. You may, or may not, be called upon to perform all of these duties. Your exact responsibilities will be impacted by the size of the estate and the amount of pre-death planning done by the estate owner.
Arrange the Funeral
Though this isn’t a legal requirement, many executors are asked to manage funeral arrangements and other details related to the burial of the estate owner, including buying a headstone, writing the obituary, arranging for an honor guard, and more. In addition, coordinating funeral arrangements and payment with in-force insurance policies may be required.
Collect and Inventory Estate Assets
This may mean taking physical possession of tangible assets like jewelry, vehicles, and homes, as well as taking control of financial assets such as bank accounts and investment portfolios. This should be done as soon as possible. Still, some assets held by custodians like financial institutions typically require you first to be appointed executor by the probate court, which can take several weeks or longer.
Collecting all of the assets can be challenging for an executor. Even if the decedent left behind a list, you might receive account statements in the mail from previously unknown assets. Other assets may surface through conversations with advisors like attorneys or accountants, looking at previous tax forms, or performing online searches for retirement plans, life insurance policies, abandoned assets, and more.
You’ll also need to value these assets, which is straightforward for bank and investment accounts but not as easy for real estate, cars, and collectibles. Using professionals like real estate brokers and appraisers for asset valuation may be necessary.
Initiate Probate (If Required)
Not all estates need court involvement. Generally, an estate won’t have to undergo probate if it only contains assets that automatically transfer to named beneficiaries (life insurance policies, IRAs, other retirement plans) or if the estate qualifies to use a state-specific small estate procedure.
Protect and Manage Assets
An executor is responsible for protecting and managing estate assets, including taking reasonable steps to minimize asset risk. This might mean locking up valuables to prevent theft and making sure valuable assets remain insured, such as homes, cars, and valuable collections, including wine or art.
Protecting a home requires an executor to be proactive. The home will need to be reasonably maintained, including routine maintenance like yard work. A house may also need to be protected from fire and flood hazards, leaky roofs, and even vandals who could be attracted to an obviously abandoned property.
If the decedent owned all or part of a business, you’ll also be called upon to ensure the company continues operating, unless the business depended solely on the efforts of the deceased, such as them being a solopreneur or a professional practicing privately. Depending upon circumstances, you may need to manage the business yourself or hire a professional manager.
Protecting investments like retirement plans and equities like stocks or crypto involves a degree of risk for an executor. If the decedent owned some speculative stocks, for example, you might be tempted to cash out and leave the proceeds in a conservative money market account to avoid having the asset lose value, but you could be faulted for having the money market account lose value due to a low rate of interest credited to the account combined with inflation. If you’re not an experienced investor, you may want to obtain professional advice.<br /><br />Notify Required Parties
There are numerous organizations and people you will need to notify about the estate owner’s death; some of these notifications are time-sensitive. They include:
IRS
Social Security Administration
DMV
Post office
Creditors
Financial institutions
Life insurance companies
Utility companies and other service providers
Heirs
Pay Required Taxes
Another one of your duties is to pay all required taxes. This includes income taxes for the decedent (for their last year of life and any other unresolved tax years), income taxes for the estate while the estate is being settled, federal estate taxes, state estate taxes, and state inheritance taxes.
Additionally, you need to pay local property taxes for any property contained within the state. Note that federal and state taxes have priority over most other claims on the estate, including standard debts.
Resolve Estate Debts
Resolving the estate’s debts should be completed before distributing remaining assets to heirs. As executor, you may be held personally liable for estate debts if you make distributions rendering the estate incapable of paying its debts, even if the debts were unknown at the time.
Account for Results
You’ll need to prepare a Final Accounting of the estate, showing its assets, income, expenses, changes in asset value, and distributions. This is usually a required report that must be submitted to the court if the estate is passing through probate.
Settle the Estate in a Reasonable Time
There are no set rules on how long settling the estate should take; that will depend on many variables like estate size, location, contestation by heirs, etc. Regardless, you do have a duty to act reasonably and attempt to complete settlement within a reasonable period. Unhappy and impatient heirs can petition the court to have you removed if they believe you’re not acting in a timely manner.
Act in the Best Interests of the Estate
You have a fiduciary duty as executor to always put the estate’s interests ahead of everyone else’s – including your own. Some decisions won’t have a clear answer, requiring you to use your best judgment. For example, you can’t sell an asset at below-market price to a friend.
Act Ethically
As executor, you must always follow the law and adhere to the highest ethical standards. Of course, you’re not expected to achieve perfect results, but you are required to follow the standard of a “reasonable, prudent individual.”
For your protection, keep accurate, detailed records of all your actions, particularly concerning financial transactions. When you’re addressing areas you may not know very well, such as real estate valuation and complex investments, you may want to seek professional assistance.<br /><br />Questions Concerning Probate and Eeal Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside of your area of expertise or your comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in Tarrant, Denton, Parker, Wise, Collin, or Dallas County, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let the US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major and this life transition.2022-03-14T17:34:00-07:002022-06-29T09:48:55-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12326Before you sell the house AS IS!Before you just cash out, read this first!
By now you’ve received letters from investors who would like to buy the property for r! 50 cents on the dollar – or less.
While their offer of an “all cash, as-is, quick close” may seem attractive, you could be leaving money on the table. If you decide to sell to an investor you’ll want to consider more than one potential buyer. The most effective way to do this is to list the property with a professional Realtor®. This will attract ALL qualified buyers interested in an “as-is” property. In our experience, this brings many qualified investors. Oftentimes you will receive multiple offers. By exposing the property to all potential buyers in the local market you can expect to sell for a much higher price.
To receive a professional opinion on the value of your house please call me at (817) 797-9047. I will meet you at the property, conduct a thorough visual inspection, and give you some tips on selling the property quickly -- for the most money.
We will then complete a comprehensive Broker Price Opinion (BPO) and present it to you within 72 hours. A BPO will give you valuable insight about how much the home will likely sell for in today’s market and an estimate on how long it will take to sell.
Over the last 13 years our team has completed hundreds of BPOs for banks, lenders, and asset management companies. We offer this service free to you. (A savings up to $150.)<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.2022-03-13T17:37:00-07:002022-06-29T16:24:23-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12325Why Hire US? Cities Real Estate - David PannellWHY HIRE US?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-13T13:17:00-07:002022-03-14T06:37:45-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12324Ms V. Story After Working with Cities Real Estate, David Pannell <br />While making calls to families with property going through probate, I got connected with Ms. V and had a great conversation. Her situation thus far had been timely and stressful. A distant cousin had passed away and she was made the temporary administrator of the estate. There was not a will, and no additional heirs that could be found. Ms. V. was prompted to go through an additional process with the court to make her the sole permanent executor. Because there was no will, she was obligated to get top dollar for the property which makes the faster and easier cash offer route more difficult. In addition to trying for top dollar, a judge has to approve and sign off on the sale based off comparable values in the area. Being that Ms. V lives over 4 hours from the subject property, this has added another layer of difficulty for her and the family.
Cities Real Estate helped Ms. V get the property sold and the situation behind her. First we sent a thorough comparable market analysis of the property and came up with a value that would allow the property to sell in the shortest amount of time and the most amount of money. We also helped her come up with a timeline for going ACTIVE on the market, handled all calls and inquiries, and applied the proven Cities Real Estate action plan for getting properties SOLD.
Once Ms. V had all of this info in hand it made for a smooth court process and was approved by the judge. From there we were able to help get the property SOLD for over the asking price in less than 30 days.
Along with all of the listing documents, we also provided Ms. V with a real cash offer in writing so she could provide the judge with more than one option. Based off the value of the property and the strength of the cash offer, the judge allowed it to go through which enabled the property to be closed in 2 weeks Not only did this allow Ms. V to put this stressful situation behind her, but she could return to her normal life knowing things were handled properly and done the right way.<br /><br />Questions concerning probate and real estate?
If you have questions concerning probate and real estate in Tarrant, Parker, Wise, Collin, Denton, or Dallas County, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-13T13:02:00-07:002022-11-07T17:39:23-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12290As An Executor, Do You Need a Lawyer For Probate in Texas?If you do some reading up on being an executor, a common piece of advice you’ll see is “hire a lawyer.” Depending upon the complexity of the estate, you may decide to seek legal advice from an experienced attorney who’s familiar with your state’s laws and how local probate works.
However, not all executors need to turn an estate being probated over to a lawyer, or even hire one for limited advice. If the estate you’re handling isn’t too large, is pretty clear-cut, and doesn’t contain any assets that could be considered unusual, you may be able to fulfill your responsibilities as executor without a lawyer’s help.
Answering the questions below will help you determine if you can wrap up the estate on your own. If you’re unsure of the answers, consult with an attorney and run through these questions with them.
Can the decedent’s assets be transferred outside of probate?
Ideally, all of their assets can be transferred to heirs without going through probate. But, this will depend on how much (if any) probate-avoidance planning the estate owner did before they died.
Common examples of assets that don’t need to go through probate include community property, assets held in joint tenancy, or tenancy by the entirety. Assets held in a living trust can also bypass probate. Probate is also unnecessary for assets for which the decedent names a beneficiary, like retirement accounts or life insurance proceeds.<br /><br />Does the estate qualify for your state’s simple “small estate” procedures?
It’s preferable that no amount of probate is required, but if that’s not possible, determine if the estate can use small estate procedures. In most states, these include “summary probate” and a completely out-of-court process that requires presenting an affidavit to the institution or person holding the asset. Every state has its own rules on which estates can use the simpler procedures, but most states allow it, even for estates that can be considered relatively large.<br /><br />Probate is pretty straightforward in states that have adopted a set of laws called the Uniform Probate Code. In those states, probate is conducted with minimal court supervision.
The Uniform Probate Code was first created in 1969 by the National Conference of Commissioners on Uniform State Laws (NCCUSL) and was amended in 1990 as a model code that states could adopt to standardize probate laws.
The entire Uniform Probate Code has been adopted by eighteen states (listed below). Other states have adopted parts of the Uniform Probate Code, but it has not become a standardized law across all fifty states. Alaska Arizona Colorado Florida Hawaii Idaho Maine Massachusetts Michigan Minnesota Montana Nebraska New Jersey New Mexico North Dakota South Carolina South Dakota Utah<br /><br />Rarely is a will contested by a family member, but if that’s the case in your situation – talk with a lawyer immediately. Probate lawsuits can drain an estate financially and cause irreparable damage to the relationships of family members. An attorney may be able to prevent a court battle.
Is there enough money in the estate to pay debts?
If the estate has enough money to pay legitimate debts, such as final income taxes, expenses related to the last illness, and funeral costs, and there is some money left over for beneficiaries under the will or state law, you won’t have to decide which bills to pay.
However, if you determine there isn’t enough money to pay debts and taxes, you shouldn’t pay any bills before talking with a lawyer. State laws give some creditors priority over others; an attorney can help you prioritize who gets paid initially, and in what order.
Will the estate owe either state or federal estate tax?
Under the current tax law, more than 99.7% of estates don’t owe any federal estate taxes, so this will probably not be a concern for you. But, nearly 20% of states impose their own estate tax laws, with many of them taxing estates valued at $1 million or greater.
If the estate you’re working on needs to file an estate tax return, either with the Internal Revenue Service or the state taxing authority, use the services of an attorney.<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?2022-03-10T11:11:00-07:002022-06-30T07:59:30-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12280Vacant Property Insurance in Texas?<br />Make sure to get your properly insured. This is so important that it’s actually #4 in your Duties and Liabilities as a Personal Representative. DO NOT Take this risk! Your property may be vacant because you’re doing renovations, it’s on the market, or you’re looking for the right tenant.Owning a vacant property comes with special risks. In fact, some insurers won’t cover them at all.
TOP 6 VERY IMPORTANT items to consider:
Does the average homeowner’s policy cover a property that is unoccupied? No, it does not. The home must be occupied or the insurance company must be informed of the change and update the policy.<br /><br />
When does the policy coverage terminate due to non-occupancy? Typically, 30-45 days, depending on the insurance carrier.<br /><br />
If the policy terminates, will the insurance carrier still charge the estate? If the house is vacant, the insurance policy will terminate, and the insurer should not bill the estate.<br /><br />
What should I do to protect unoccupied property? You will need an unoccupied property policy to protect what is generally the estate’s most valuable asset: the real property.<br /><br />
If someone needs this policy, how fast would coverage go into effect? Immediately. Once the policy is in place, can the Personal Representative cancel the previous policy? Yes.<br /><br />
Are unoccupied policies more expensive? It depends on the house.
<br /><br />Questions concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
2022-03-09T12:59:00-07:002022-06-28T12:02:56-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12238Fiduciary Duty For Probate TexasActing as the executor of an estate will require time, effort, and attention to detail. It’s not an overly complicated role, but it does carry a tremendous amount of responsibility, including acting as a fiduciary throughout the process.
Being a fiduciary means that you have a legal obligation to always act in the best interests of the estate – even if it’s not in your own best interests. It requires the highest ethical standards, with most states requiring that you follow the standard of a “reasonable, prudent individual.”
Keeping accurate records of all your actions, especially financial transactions, will help you prove that you’ve been faithful to your fiduciary responsibility, as well as getting professional assistance in areas you may not be very familiar with, like real estate and business valuations, complex investments like cryptocurrency, etc.<br /><br /><br /><br />Asset Protection
It can be a breach of your fiduciary responsibility if you fail to protect estate assets or do something damaging to the estate, like investing irresponsibly. Asset protection is a broad concept and ranges from ensuring valuables are locked up in a safe to ensuring that valuable insurance policies don’t lapse because of non-payment of premiums.
If there are substantial investment and insurance assets involved, consider enlisting the services of a professional investment manager or Certified Financial Planner.
Timely Filings
As executor, another fiduciary responsibility is to submit estate tax forms on time. Not doing so can result in you being held personally liable for damages.
In addition to submitting required forms in a timely manner, there may also be other important filings you’ll need to make, such as annual property taxes, business license fees, payroll taxes, etc. The help of a Certified Public Accountant can be helpful with many of these filings.
Limits of Authority
You also need to be sure that you have the authority to take significant actions. For example, if the estate is going through probate, don’t sell real property unless given permission by the court. If the decedent owned a business, make sure you understand the ownership situation and the legal rights of any co-owners before making any substantial changes, including liquidating the business or selling ownership shares. A corporate attorney can advise you in this area.
Fair Distributions
The estate’s heirs must receive what the will and other legal directives dictate that they receive; nothing more and nothing less. Therefore, you can’t show favoritism to anyone, such as through obvious excess distributions or those caused by skewed asset valuations.
Record-Keeping
As a fiduciary, it is in the estate’s best interests, and yours, to be able to account for the estate’s original assets and debts and what you did with each. Even if you aren’t ever held accountable by an individual like a family member or business partner, you’ll likely need to submit detailed records to the court if the estate is passing through probate.
Remember, failing to follow your fiduciary duty can be costly, both in terms of fines and possible jail time. As an executor, even honest mistakes can cause you significant legal and financial problems, so don’t try to take on this challenging role all alone if you’re dealing with a complex estate. You won’t be faulted for enlisting the aid of professional advisors, but you may be held accountable if you don’t.<br /><br />Questions Concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-07T17:28:00-07:002022-06-28T17:32:56-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12203Becoming An Estate Executor Probate TexasBeing requested to serve as an estate executor is a compliment and should not be taken lightly. The estate owner thinks highly enough of you to offer you a substantial role in the life of their family. It’s a significant responsibility requiring substantial time and effort, and much thought should go into accepting it.
Ideally, the estate owner discussed the role with you in detail before they passed away, and you knowingly agreed to serve as their executor. If you have accepted their request but decide to decline when the time comes to serve, you’ll be able to do that without much difficulty. Someone else will need to act as executor, and the court will appoint someone, if necessary.<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/">HERE</a>?<br /><br />Other Paths to Becoming Executor
If the person initially designated as executor by the decedent refuses the responsibility when the time comes, and nobody else exists who meets the default criteria to serve (i.e., named in the will or default line of succession), the court will appoint an executor. That person can be a professional, or perhaps someone desiring the role but has no legal standing to demand it. Bear in mind, the court is not always obligated to follow the desires of the will or the default succession.
If you’d like to serve as executor, but there are others with a higher priority than you, you can still serve if they’ll submit a signed waiver stating they don’t wish to serve.<br /><br />Being Officially Appointed
If the estate does require going through probate, there are several steps you have to take to be officially appointed as estate executor:
File a Petition for Probate with the decedent’s local probate court. If there is no will, the document will be a Petition for Administration.
Before the initial probate hearing, all heirs must be notified by you, as well as any heirs who would inherit by state law if there wasn’t a will (even if there is a will).
A probate hearing will be held by the court to approve your appointment as executor. This hearing is usually just a formality, and you may not be required to attend.
Objections to appointment: interested parties have the right to legally challenge your appointment as executor, regardless of the reasons you were appointed.
If the court requires it, you must obtain a probate bond before officially becoming the estate’s executor. This bond protects the estate from any losses you may cause. The bond’s requirements can depend on the estate size, jurisdiction, if you reside in the same state, and other factors.
The final step in being officially approved after the probate hearing has been held is to receive your official documents from the court declaring that you are the executor of the estate. These documents are commonly referred to as your “Letters.”<br /><br />Preparing to Become Executor
To effectively execute the role of estate executor, there are some things you can do in advance that will prove helpful in performing your duties and will lower the stress levels of everyone involved in settling the estate. These include:
Determine the location of essential items: such as the original or copy of any will, advance medical directives, social security number, location of keys and combinations, property deeds and vehicle ownership certificates, information on outstanding debts, tax submission information, and funeral arrangements that have been prepaid.
Obtain power of attorney: though power of attorney will become void when the estate owner dies, having this authority in the final stages will give you the ability to make important decisions and take appropriate action.
Access to safe deposit boxes: have the estate owner add you to the bank’s list of people who can access any such boxes.
Explore funeral options: this is usually much easier done in advance and eliminates a stressful, and sometimes emotional, process during a very challenging time for the decedent's family.
Acting as Executor
You are entitled, upon the death of the estate owner, to act as executor if:
The will names you as executor
If there is no will, you are first in line to serve according to state law (e.g., surviving spouse, child, or other relative)
Or, the local probate court has named you as the estate’s executor
If the estate is required to pass through probate, the court will officially need to appoint you, regardless of any other criteria listed above. If the estate isn’t required to go through probate, you don’t need an “official” appointment.2022-03-04T11:18:00-07:002022-06-30T06:20:27-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12166Choosing an Executor For Probate In TexasThe first step in the eventual settlement of an estate is selecting the individual who will serve as the executor of the estate. This is a critical decision that the estate owner must make since the <a href="https://www.citiesrealestate.com/blog/what-is-an-executor/" title="What is a executor">executor</a> will accept the responsibility of settling the estate.
Choosing an executor has significant ramifications for the estate owner. The executor’s actions will have an impact on the owner’s legacy, and they bear the responsibility of ensuring all final obligations are fulfilled and that the estate’s assets are distributed per the owner’s wishes
It also has significant implications for the person selected as the executor, considering the considerable time and effort that will be expended and the legal and financial risks they’ll assume.<br /><br />Questions Concerning Probate and Real Estate?
Home Values have Risen - Ask David Pannell to evaluate your home <a href="http://askdavidpannell.com/" title="whats my home worth">HERE</a>?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />Selection Criteria
There are many factors to consider when choosing an executor:
Ability: the role of an executor requires the ability to organize, act responsibly and with sound judgment, adhere to schedules, and understand financial matters. An executor doesn’t need to be an expert in all things or personally fulfill all responsibilities. Most executors will hire various professionals to assist with certain aspects of the estate, including attorneys, accountants, real estate agents, cleaning services, etc. Above all, the executor must conduct themselves fairly and ethically.
Health: candidates to be named executor should be in good health presently and expected to remain so for the foreseeable future. The estate owner should update their will if the chosen <a href="https://www.citiesrealestate.com/blog/what-is-an-executor/" title="What is a executor">executor</a> becomes incapable of performing their expected duties or passes away.
Finances: candidates should have excellent credit since an executor bond may be required for the estate, depending upon the will and particulars of the estate.
Location: ideally, the potential executor will live in the general vicinity of the estate owner’s residence and physical possessions. This makes it much simpler for them, rather than someone living hundreds of miles away. In addition, some states require out-of-state executors to obtain an “in-state agent,” which is not difficult to do.
Communication skills: clearing an estate can be challenging and fraught with delays. Heirs and other interested parties can become anxious if they aren’t kept informed about what is happening – an effective executor can skillfully keep everyone calm and reasonably patient.
Criminal record: it should be noted that convicted felons cannot usually serve as executors.
Older adults frequently select an adult child to serve as <a href="https://www.citiesrealestate.com/blog/what-is-an-executor/" title="What is a executor">executor</a>, while younger adults often choose a parent or an aunt or uncle.<br /><br />Agreement to Serve
Estate owners should talk with their desired executor in advance and fully explain the role and its responsibilities. The executor’s job isn’t easy, often requiring more than 500 hours of effort over 16 months. They must notify government agencies, clean out residences, pay off debts, file taxes, distribute assets to heirs, and more.
The executor should also be aware they’ll be exposed to financial and legal risks, since failing to act in accordance with the law can result in stiff penalties, including jail time in extreme cases.
Once an executor agrees to serve, the estate owner’s will should be modified immediately, explicitly naming them as executor. Estate owners can supply the named executor with a copy of the will or inform them where to find it when the need arises.
Newly chosen executors should also be provided a high-level overview of the estate by the owner, along with instructions on gaining access to estate particulars once the owner has passed away.<br /><br />Alternate Executors
Though an executor has been chosen, approached by the estate owner, and agreed to serve, that doesn’t obligate them to do so when the time comes. An executor can always change their mind before the estate owner dies, and even midway through the settlement process. For example, they may decide they no longer have enough time, have health issues, or have a falling out with the estate owner since the drafting of the will.
Because this can happen, it’s prudent for an estate owner to name an alternate executor. If an alternate isn’t named and the named executor can’t or won’t serve, the local probate judge will assign an executor, usually a close relative or legal professional.<br /><br />Multiple Executors
Estate owners sometimes name more than one person to serve as executor. This is done to prevent the appearance of favoring one child over another, and to ensure fairness and transparency. It is also done if an estate is so sizeable that it would be too much of a burden for one person.
However, there are several downsides to naming multiple executors. Courts and financial institutions often require co-executors to sign documents, which can be a burden logistically and can become particularly problematic if not all executors agree on a particular course of action.
Having multiple executors can also increase fees, which reduces the size of the estate that will eventually be distributed to the heirs.<br /><br />Professional Executors
Appointing a professional to serve as the executor of an estate brings certain advantages. They understand the estate process and can more easily follow all rules and regulations, and be trusted to act impartially and with the fairest and highest ethical standards.
The downside of a professional executor is that it’s unlikely they’ll be concerned about the estate owner’s legacy as much as a family member or close friend will. They also won’t know the interpersonal dynamics of the individuals involved and may not make certain decisions or resolve conflicts the way the estate owner would have preferred.<br /><br />Executor Fees
An executor, professional or not, is typically compensated for their services. If compensation isn’t specified in the will, state law will determine the amount to be paid. Since regulations vary so widely by state, many estate owners state in their will that they’d like their executor compensated according to default state law, along with any modifications they’d like to make to the compensation (such as an additional fee of $10K, for example).<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.2022-03-03T06:49:00-07:002022-06-29T15:30:11-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12276How Can We Help You? Probate Questions?We have a team member for every task the attorney’s don’t do?
Nearly 77% of estate homes in our area expire with no offers because they are overpriced and under-marketed. If we can get involved early, we can save the estate a lot of money — sometimes tens of thousands of dollars. That’s because we do so much more than put a “For Sale” sign in front of the property.
We help sell items from the house, get it cleaned out, and suggest repairs that our experience shows increases the sales price. We start by understanding the family's goals.
Then, we'll make suggestions and give you options to help you sell the property and move on with your life. After the sale of the estate’s property, we can show you how to invest your profits or protect your assets for the future.
<br /><br />Questions concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
2022-01-11T11:54:00-07:002022-06-28T12:28:41-07:00David Pannelltag:citiesrealestate.com,2012-09-20:12260Who Determines The Real Estate Value?We offer <a href="https://www.citiesrealestate.com/contact/" title="Contact David Pannell">FREE</a> market reports that include a list of properties that were sold or listed in the last 30 days. This valuable information tells you what properties are being listed and sold for in your area..
The <a href="https://www.citiesrealestate.com/contact/" title="Contact David Pannell">FREE</a> market report will help you make the most informed decision with either selling the home quickly, making recommend repairs to increase the value, or keeping the home as a rental to build your investment portfolio.

We can send you a <a href="https://www.citiesrealestate.com/contact/" title="Contact David Pannell">FREE</a> MARKET REPORT about the neighborhood, the subdivision, and the zip code so you can see what is listed or SOLD around the property.
Sign up for <a href="https://www.citiesrealestate.com/contact/" title="Contact David Pannell">FREE</a> monthly market reports delivered to your email inbox and keep tabs on changes in the real estate market. Call us, text us, or email us for the <a href="https://www.citiesrealestate.com/contact/" title="Contact David Pannell">FREE</a> report.
There is no obligation to work with us. We us, we just want to help you make the best decision.
For more information or to discuss, there’s no cost or obligation. Call 817-797-9047 or go to probateresults.com to schedule a no-risk consultation. We are here to help.<br /><br />Questions Concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
<br /><br />The thing I like about real estate is that there is no recommend price. We use a system/process that helps my clients achieve top market prices for all types of homes. They could be perfect, as is, falling down..it does not matter.
I understand that you may not need the services that I provide to families who are faced with the overwhelming task of settling a loved one’s estate. Understandably, some like you, feel that being contacted very early during this sensitive period is intrusive and ill-timed. I’ll risk the occasional letter condemning me for my actions because, over the past two years of reaching out early, dozens of families have felt the opposite and were appreciative to know there is help available and contacted me for assistance.
I have nothing to be ashamed of, and I can provide references of many families I’ve helped over the years because of my efforts to reach out early to offer my unique services in dealing with the many difficult aspects of probate.
My services typically pick up from where the family attorney stops since the attorney only handles the legal aspect which is typically only 25% of the total process to settle an estate.2021-03-09T07:23:00-07:002022-06-28T12:42:25-07:00David Pannelltag:citiesrealestate.com,2012-09-20:7251How Safe is Selling Your Own Home?Safety First Selling a home
When you decide whether or not to hire a Realtor® to sell your home, the key question you ask yourself is, “How much can I save by selling my home by myself?” In the previous articles in our For Sale By Owner (FSBO) series, we’ve given you advice on how to get your home prepared for sale and how to price it properly. But there’s an important question we’d like you to ask yourself before you decide to go the FSBO route: How much is your life worth?
Safety First
When you sell your home, you open the door to strangers. Even if you are working with a licensed Realtor® there are things you need to do to protect your property. When you are a FSBO, there are some extra steps we recommend to keep you and your family safe.
Store Valuables
There are plusses and minuses to having a safe in your home. You can put all your valuables, guns, medications, papers, etc. in a large safe. But it also announces that you have valuable items there on the premises. If possible, store valuables in a safety deposit box.
Lockup Guns
You should be doing this anyway. We recommend a gun safe placed inside a closet, basement, or back room. The less conspicuous, the better.
Clear the Medicine Cabinet
If you have kids or grandkids, you should already be locking up your medicines. Even non-narcotic drugs can be dangerous in the wrong hands.
Pack Up Your Collections
There are two reasons to pack up your collections of dolls, memorabilia, teacups – whatever it is you fancy. First, you want to declutter your house prior to putting it up for sale. (<a href="https://www.citiesrealestate.com/blog/david-pannells-home-selling-system-part-4/" title="David Pannell Real Estate Broker">David Pannell's Home Selling System</a>) Second, your collection may be so appealing that a few of them go missing. Oh, and you need to pack up anyway, right?
Move Important Papers Offsite
Your papers may be worth more to a crook than your fancy teacups, Grandma’s pearls, or your favorite shotgun. Why? Identity theft. Once someone has your social security number, bank information, and other personal information, they can wipe out your accounts. Or buy something very expensive in your name.
Family Pictures
You know what they say, “Just because you’re paranoid, doesn’t mean they’re not out to get you.” You don’t want folks knowing what your children look like or where they go to school. In fact, you want people to know as little about you as possible. They’re strangers, remember? Also, you need to declutter anyway – and you want a prospective buyer to picture their family in the home.
<br /><br />Security Selling a Home
The Right Lock Box
Most real estate agents have access to a special kind of lock box that tracks who is coming in and out of your home. Some agents will use a regular old lockbox, but we recommend they use what’s called a “Supra key” lockbox. It holds the key to your house and each agent must enter a code that is associated only with them. Another option is to replace your door lock with a “smart” lock.
The Right Doorbell
You should definitely have a Ring or other type of “smart” doorbell. The least expensive Ring doorbell replaces your current one. It’s better than a wireless doorbell because you don’t have to worry about losing power or replacing batteries. It’s wired directly to the house. For a small annual fee, the doorbell can save recordings of people who come to the door when you can’t answer it. The main value is that you can answer the doorbell from anywhere through your smart phone. We recommend you have one of these even if you are not selling your home.
The Right Camera
Consider getting interior cameras. Especially one that points at your safe if you have one. If you’re not technical, you can hire people to install some basic security equipment. You should be able to monitor the cameras from a smart phone.<br /><br />Safety Precautions Selling a Home
Ask for ID
If you are going to show your home to a prospective buyer, if at all possible, don’t show it alone. Have the buyer text or email their license to you before the appointment. Tell them you need to have licenses for any adults that will be joining them. Then, answer your door via your smart doorbell and make sure the person there matches the picture on the license. We recommend forwarding the license and date / time of the appointment to a trusted friend or family member.
Go with Your Gut
There are millions of neurons in your stomach. It is sometimes called your second brain because it acts independently. (https://www.sciencedaily.com/releases/2018/05/180529132122.htm) That “gut feeling” you get sometimes? You know the one you’re often sorry you ignored? If someone comes to your door and it just doesn’t feel right, listen to your gut. Bad people count on your feeling uncomfortable turning them away. You don’t know them – who cares what they think about you. Safety first.
The Agent Advantage
In most states, Realtors® must go through a background check and be fingerprinted. First, make sure your agent is actually licensed. You can do that here: https://www.arello.com/. Also, if a buyer’s agent wants to show your home, ask them to send a picture of their business card. Make sure they are licensed as well. The bottom line is that your agent takes on the responsibility -- and the risks -- of showing your home.
You Just Want My Listing
You’re right. We do want your listing – but that’s because in our experience you will net more money than you will if you don’t use an experienced real estate agent. But we also care about our community. We live here. We want our neighbors to be successful. We want them to be safe. Even if you don’t hire us, please take these precautionary measures.
One last thing: Consider using our Smart Seller listing agreement. We will put your home in front of hundreds of buyers weekly. There’s zero obligation and you can cancel at any time.<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David Pannell</a> today at (817) 797-9047.2020-06-23T04:48:00-07:002023-07-31T07:38:33-07:00David Pannelltag:citiesrealestate.com,2012-09-20:7230The Dirty Little Secret About Pricing!The Dirty Little Secret About Pricing.
Did you know most agents list homes at a price where the property will not sell? Over 70% of homes on the market today are overpriced! This means that they will require one or more price reductions before they do sell. For some reason, real estate agents don’t want to admit that dirty little secret…that they will list your home at a price that is too high. And they know it’s too high. You may be saying, “OK…so they priced it too high initially…no big deal…I can always come down.” But here is the shocking truth:
Overpriced listings end up selling for less because they sit on the market too long and become stagnant. After weeks and weeks on the market, buyers and agents start to ask, “What’s wrong with that house?”<br /><br />The WWWTH Syndrome
We call it the “WWWTH Syndrome.” What’s Wrong With That House? The price. That’s what’s wrong with that house. There’s another question that some buyers and agents will ask: “What’s wrong with those sellers?” You see, when a house sits on the market for a long time, folks just start to assume there’s a problem beyond the price. They think there must be a lot of needed repairs, or it’s ugly inside, or the sellers are difficult to deal with. They figure it’s not worth their time to even see that house. The sellers are probably a hassle to work with anyway.
The Facts Don’t Lie
Here are the actual statistics: Of these overpriced listings that actually end of up selling (not including the ones that don’t sell at all), they sell, on average, for only 87% of their original asking price. And they take over 120 days on average to sell! Homes that are priced correctly from the beginning, sell for over 97% of list price with an average of only 45 days on the market.
Here’s the Truth
The TRUTH is that the “price-it-high, come-down-later strategy” actually costs you precious equity…2%, 3%, 5%...or even more. When your home is initially priced too high, you lose the opportunity to get the premium value for your house because of this simple, statistical fact: the longer a house spends on the market, the lower the offers it generates. This happens for two primary reasons:
1. The “WWWTH Syndrome” (see above) causes buyers to offer less for the property – if they’re willing to make an offer at all.

2. After price reductions, buyers and agents perceive an increased motivation from the sellers – so they make lower offers thinking the sellers are now desperate. It doesn’t matter if it’s true or not. Their perception costs you money – a lot of money.
<br /><br />Seller Beware
Beware of real estate agents who set the list price on homes at unrealistically high levels. Why do they do this? To get your listing. They will tell you what you want to hear because they are afraid if they tell you the truth up front, they might not get your listing. Do you want to hear the truth? This is a question that you, as an owner selling their own home, need to ask yourself. Because pricing a home can be emotional. And this is a time when you need to be rational. An agent who feeds into your emotions – and doesn’t tell you the real deal – is not helping you.
You May Not Want an Agent…Now
We know that you want to sell your home on your own. I hope that you are among the small percentage of homeowners who are successful! Our job is to help you. If you call us up and ask us to help you price your home, we’ll do it! But we’re going to tell you the truth. So, here it is:
The market value of your home:
The market value of your home is not the price you need to get.
The market value of your home is not the price you want to get.
The market value of your home is not the price your neighbor got (or told you they got) for their home. -
The market value of your home is not the assessed tax value.
The market value of any home is the price someone is willing to pay for it. The best way to initially price your home is to look at homes similar to yours in the same area that have sold recently. Even then, there is no guarantee that you will get that price for your home. It’s an educated guess. You might get more – you might get less. How you price your home should be strategic. Honestly, a real estate agent with years of experience and a solid track record knows how to do that. It just isn’t something you learn overnight.
Are You Good at Your Job?
What kind of work do you do? Are you good at it? We bet you are. It probably took you years to learn how to do your job. Maybe you earned a degree. Or went to a technical or trade school. So, ask yourself, “Can anyone do my job?” Now, you might be able to fix a leaky faucet, but that doesn’t make you a plumber. You probably know how to put on a band-aid, but that doesn’t make you a doctor. You get where this is going, yes? Selling real estate is a profession. Every person who tries to sell their own home thinks it’s going to be easy. Maybe your job looks easy – from the outside.<br /><br />Our Commitment to You
We will always tell you the truth. And THE TRUTH IS…we don’t want your listing. We want to help you get what you want…which is to get your property for the highest price, in the least amount time, for as little hassle as possible.
That is our commitment to you.
One last thing: Consider using our Smart Seller listing agreement. We will put your home in front of hundreds of buyers weekly. There’s zero obligation and you can cancel at any time.
We have a lot more information to share with you – be sure to read the next article in our FSBO series. (<a href="https://www.citiesrealestate.com/blog/10-things-you-absolutely-must-know-to-sell-your-home-without-leaving-a-penny-on-the-table/" title="10 Things You Absolutely Must Know to Sell Your Home Without Leaving a Penny on the Table">10 Things You Absolutely Must Know to Sell Your Home Without Leaving a Penny on the Table</a>)<br /><br />Questions concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
2020-06-15T15:38:00-07:002023-06-16T16:05:45-07:00David Pannelltag:citiesrealestate.com,2012-09-20:721510 Things You Absolutely Must Know About Selling a HouseSelling a home is one of those things in life that sounds easy but is actually a daunting task. Whether you decide to sell your home on your own or hire an experienced Realtor®, you’ll want to implement these 10 strategies to get top dollar for your home.
#1 Neutralize:
You want to make a great first impression from the moment a prospective buyer walks in the door. Strong statements of wallpaper and paint may appeal to a select group, but most will see it as additional work they will have to do before they move in. Use neutral colors so all buyers can envision their own furniture in the home. Remember, first impressions only happen once.
#2 Depersonalize:
The buyer must see the house as their new home. Too many personal family items, pictures, trophies, collections, posters, etc. will hinder this process. A few personal items are fine, but you want buyers to look at each room – not at your things. Pare each room down to the bare essentials. Tip: Take down everything you have pinned on to your refrigerator – including the magnets!
#3 De-clutter:
Take everything off the floor that does not have to be there. More floor space makes the home seem larger. The same goes for countertops. Buyers should be able to easily walk around furniture and look out the windows. Clutter is worse than dirt. Too much stuff makes the house confusing; the buyer's mind gets cluttered. Start packing! You are moving anyway. Attack Odors: People buy homes with all their senses. You may not be able to smell your pet but believe me, others can. Strong food odors also are a turn off. Consider having your carpet and windows professionally cleaned.
#4 Garage Sale:
I have shown hundreds of properties and what buyers are most surprised by is a nice, clean, and orderly garage. It speaks of the care that you take toward the rest of your house. With a bit of effort, you can purge the things you no longer use or need. It is best to pack up as much as possible and put it in a storage facility. If you must use your garage, neatly stack boxes in one corner as far from the entry as possible. (You want buyers to easily walk into the garage and look around.)
#5 Clear and Minimize:
The eye naturally scans a room from left to right. Clear off horizontal surfaces such as tables and shelves. Take things off of your kitchen and bathroom counters. This makes your home more visibly pleasing to a prospective buyer. The bonus is that you get a jump on packing.
#5 Mentally Prepare:
Having your home on the market is never convenient. You have to mentally prepare yourself to adjust your schedule to show your home. You must be ready to keep your home neat and clean at all times. You have to brace yourself for negotiation – it is unlikely that you are going to receive a full-price offer. In fact, according to the National Association of Realtors (NAR) the typical FSBO home sells for $200,000 as compared to $265,000 for a home listed by an agent. There are many reasons for this which we will cover in our FSBO series.
#6 Be Flexible:
Every buyer opportunity is critically important. As much as possible, you must show your home when it’s convenient to a prospective buyer. You don’t want to leave a prospect waiting. Leaving work on a moment's notice may be necessary to land the buyer--so be ready. Just because someone won’t wait to see your home doesn’t mean they weren’t a serious buyer. Often when someone decides to buy a home, they are ready to go and will move on to the next one on their list if you make seeing your home a hassle.
#7 Don’t Show Your Cards:
As an agent, my job is to keep the buyer and seller apart. I ask my clients to not be home when the house is being shown. Of course, this is not possible as a FSBO. Make sure you don’t let on why you’re selling your home. It can give a prospective buyer insight into whether you need to sell or want to sell. If a buyer knows, for example, that you’re going through a divorce, it can affect your bottom line.<br /><br />Questions Concerning Probate and Real Estate?
Serving as an executor can be all-consuming. Certain aspects of settling an estate require significant time and effort, like handling an estate’s real estate holdings.
<a href="https://www.estateexec.com/" title="Estate Exec Probate FREE Software">EstateExec</a> is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
If you have questions concerning probate and real estate in <a href="https://www.tarrantcounty.com/en/probate-courts.html" title="Tarrant County Probate Courts">Tarrant</a>, <a href="https://www.parkercountytx.com/363/County-Probate-Court" title="Parker County Probate Courts">Parker</a>, <a href="https://www.co.wise.tx.us/164/Probate-Guardianship" title="wise coutny texas probate courts">Wise</a>, <a href="https://www.collincountytx.gov/probate/Pages/default.aspx" title="Collin County Probate Courts">Collin</a>, <a href="https://www.dentoncounty.gov/1143/Probate-Court-No-1" title="denton county probate courts">Denton</a>, or <a href="https://www.dallascounty.org/government/courts/probate/" title="Dallas County Probate Courts">Dallas County</a>, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marines, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.<br /><br />Why Hire Us?
We help FAMILIES GOING THROUGH PROBATE with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assist the executors in finding the right estate sell companies in the area, help with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the PROBATED Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in HELPING Personal Representatives get to their desired outcome FASTER, SMOOTHER, and with MUCH LESS STRESS! We have built an entire team and service hub around the probate process, that will allow YOU to focus on YOUR busy life and not worry about all the details.
Let US help you gain COMPLETE control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition.<br /><br />Ask for Help:
Fact is, selling your own home is not for everybody. There’s no shame in asking for help. Here at Cities Real Estate we’ve helped hundreds of home sellers obtain top dollar. Some paid our team a commission, others did not. We are happy to be your resource. Why? Because everybody needs a great real estate strategist. Consider using our Smart Seller listing agreement.. We will put your home in front of hundreds of buyers weekly. There’s zero obligation and you can cancel at any time.
Using these 10 strategies will greatly increase your chances of getting top dollar for your home. Feel free to contact <a href="https://www.citiesrealestate.com/contact/" title="contact cities real estate">Cities Real Estate</a> with any questions you may have about selling your home. We have a lot more information to share with you – be sure to read the next article in our FSBO series. (Link to next article…)2020-06-10T04:06:00-07:002022-06-29T09:08:42-07:00David Pannelltag:citiesrealestate.com,2012-09-20:7133Winning the Real Estate SuperbowlEvery Game Has A Strategy
In tic tac toe, experience teaches you not to go to the center square for your initial move. Experts will tell you that the worst first move in chess is f-3, because it leaves your king vulnerable right off the bat. In 1940, before the era of the Super Bowl, there was a national championship football game between the Washington Redskins and the Chicago Bears. The final score was a total blowout, 73-0, and that win was attributed to one single strategic change, namely the T formation, which left defenders guessing who would have the ball after the snap. No matter what the game, a careful, planned strategy is imperative to success.
The Real Estate Game Is No Different
When selling your home, it is important not to sabotage your chances for success at the onset. Very few people enter into the arena of selling a home with a cavalier attitude. Rarely do you hear, “Oh, if it sells, fine, if not, that’s okay too.” Whether you have a growing family and are ready to upgrade or you are settling an estate, fast and easy is always preferable to slow and agonizing.
Obvious Approaches
Some of the more obvious approaches to the quick and painless sale are fundamental. Completing repairs, staging, accurate analysis for pricing and advertising blitzes are all among the standard operating procedures. No brainers. But is there another trick to this selling game? Has technology and pop culture redefined home marketing at all? If so, by all means, let’s use every trick in the book! Leave no stone unturned. There is a new wrinkle- a fresh ingredient you can add to this mix that can boost your success rate.<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David Pannell</a> today at (817) 797-9047.<br /><br />Days on the Market
Research indicates that the number behind the “Days on the Market” spot in the MLS can be a deal breaker for many buyers. Homes that give the impression of being stagnant, not new listings, slow movers, not hot off the press (choose your term) are huge turnoffs for prospective buyers. Given a choice between equivalent houses, one on the market for 19 days and the other 35, the 19-day house always has greater appeal. It is no different than lining up at the door at 5 a.m. on Black Friday as opposed to waiting till Saturday afternoon to shop. It is all about perception. Everyone assumes the best deals are gone. The merchandise is picked over. As a seller, the best way to buy into this psychological bias is to delay listing on the MLS as long as is legally possible.
Regulations
Different jurisdictions have varying regulations regarding when the broker is required to add your listing to the MLS, so you are constrained within those individual guidelines. “BUT”, you may ask, “how will I reach potential buyers? How is anyone going to know about my listing?” I’m so glad you asked. The reality is that progressive brokers have already laid the groundwork for you. They have started selling your house before you even thought about listing it by establishing a social media following.
New Approach
This new approach delays the MLS reveal and blasts your listing on platforms like Facebook and YouTube first. There are several benefits to this technique. First and foremost, it delays the ticking time bomb of “days on the market”. Preventing the stigma of the unsellable listing, and the nagging doubt of “what’s wrong with that house” is vital to selling success. Once your home has that brand on it, reversal proves difficult. Secondly, the social media blitz goes to a targeted audience.
Let’s Face It
Nobody is following realtors on Facebook, YouTube and Twitter unless they are 1.) someone looking to buy or 2.) an agent trolling and stalking other agents to get a scoop, or keeping up with their competition. It’s a great way for realtors to get the skinny on a hot listing before it goes public. Think “insider trading” without any criminal or legal repercussions. If the agent can deliver a great home to their client before it even hits the MLS, everyone scores. And buyers love a good sneak peek, especially when they are bleary eyed from reading stale MLS offerings for weeks without finding a perfect fit.
Another Advantage
Is that it provides you with two opportunities to reveal your listing. The preview on social media, and then the “New Listing” popping up days later on the MLS system. Twice the splash for your money. Double the bang for your buck. There is really not a down side to this strategy. Players in the real estate game know where to snoop around for these pre-MLS gems, and believe me, they are snooping. If an agent is on their game, they scout social media as well as the MLS for their clients looking to buy. If your realtor isn’t, maybe you need a new realtor. Times change, technology advances and dynamic popular culture is constantly morphing. It is essential that we improve our strategies accordingly to attain success.
Rely On A Expert
Today’s highly competitive market demands that your realtor use every trick in the book. Whether you are buying or selling, your agent must be a skilled player with a winning strategy.
Cities Real Estate Broker David Pannell has been helping families with their real estate needs for over fifteen years. Specializing in Tarrant county’s most desirable neighborhoods, David is a former United States Marine and City of Arlington police officer. He is a realtor you can trust to help you find your treasure in Timarron or help you sell your home as you begin the next chapter in life. Contact David today at (817) 797-9047.2020-05-14T04:28:00-07:002023-08-01T14:44:48-07:00David Pannelltag:citiesrealestate.com,2012-09-20:6895Pricing Your Home Accurately Probate EstateIf you’re gearing up to sell your home
it’s critical to price it correctly from the get-go.
I just ran a report on homes priced between $230,000 and $330,000 in the 2023 DFW market, and at a median price of $280,000, 50% of all home sellers lost an average of $4 per square foot. You might not think that’s a big deal, but that’s $22,000 of lost revenue that could’ve been rolled into the next property. In most cases, that accounts for roughly 20% of a down payment.
How do homes commonly get priced?
The most popular way is to use a CMA, or comparative market analysis. This is what most agents use to price a home. While a CMA can show you the street-level sales history of a subdivision, it can’t tell you what attracted buyers to those homes in the first place, and whether price was a factor.<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert<br /><br />An appraisal is another common method.
<br />When you snag a buyer, the bank will hire an appraiser for your home, and they’ll valuate it based on what happened in the past. Since you’re selling your home in the future, it’s important to look at the absorption rate of the recent past. If four, five, or even 20 homes sell in the same ZIP code, you can tell how quickly homes are selling in that area month over month.
"You don’t want to rush your home onto the MLS with the wrong price."
When my team and I valuate homes, absorption rate is one of the metrics we use. Just like when dealing with the stock market, we want to know how long it will take to bring you results. In today’s market, if your home spends 30 days or more on the market, people will assume there’s something wrong with it. How you want to price your home is up to you, but remember that your price is acid to your equity. In other words, the longer the home is on the market, the less you’ll get for it.
If you hire a professional to help sell your home, a great way to price it correctly is by posting it as a “coming soon” listing. On our team, we advertise homes 14 days before they hit the market by using amazing photography and video. We want to maximize interest in that property, but we won’t show it to anyone yet. Everything gets funneled toward the open house. That way, you can judge the amount of activity you get. If it’s a ghost town, you know something’s wrong with the price before the home goes live on the market.
You don’t want to rush your home onto the MLS with the wrong price because you’ll be testing the market for months before even considering a price correction.
If you have questions about this or any other real estate topic or need help buying or selling a home, don’t hesitate to reach out to me. I’d love to help.2020-03-23T06:54:00-07:002023-07-28T09:56:25-07:00David Pannelltag:citiesrealestate.com,2012-09-20:6853How to Prepare Your Home to Sell For MoreHow do you prepare your home to sell for more money? Here are a few tips to help you do this:
1. Brighter. For the photos you use to market your home online, we need as much light to illuminate the property as possible. Try removing all your window screens and blinds, cleaning the windows, and replacing all the lightbulbs in the house with daylight bulbs.
2. Lighter. One of the best things you can do to prepare your home for the market is to get rid of any dark furniture and paint schemes. If your home incorporates a lot of dark colors inside, consider repainting those areas with a light, neutral palette.
3. Clean. Though many people like to ask their family and friends to help them deep clean their house before they sell it, I recommend that you just hire a professional cleaning crew to come to do a sweep of your entire home. If you do this before you take your listing photos, they’ll shine all the brighter. The average cost of a professional cleaning service is around $150 per 1,000 square feet, so a 4,000 square-foot home would cost $600 to clean—this is the best money you could spend when preparing your home for the market.
"If your home incorporates a lot of dark colors inside, consider repainting."
Next time, I’ll discuss how to correctly price your for-sale home after you’ve implemented these principles and how pricing impacts both buyers and sellers. If you have any questions in the meantime, don’t hesitate to reach out to me. I’d be happy to hear from you.<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David Pannell</a> today at (817) 797-9047.2020-03-10T11:58:00-07:002023-08-01T09:17:13-07:00David Pannelltag:citiesrealestate.com,2012-09-20:67555 Tips to Prepare Your Home For SaleHow do you prepare your home for the market so you maximize its value and sell quickly and hassle-free? Remember these five tips:
1. Be realistic. Look at the data, see what other neighborhood homes are selling for, and compare those homes to your home’s condition. Your home has an as-is value that investors or other buyers looking for a good deal will buy it for, but if you plan to do some work on the property, you need to determine its after-repair value (ARV). Your Realtor will help you with this—we’ll make recommendations that will maximize your return without requiring too much money into a home you’ll soon be leaving.
2. Ensure your Realtor makes the home marketable. For example, in our Coming Soon listing process, we change all the light bulbs in a house to daylight bulbs so it brightens the property and does away with that dull yellow look. Setting out fresh flowers, cookies, or anything else that makes the home smell good is a great idea too.
3. Be prepared for the inspection. Every buyer who makes an offer on the property will hire their own inspector, so get your home’s foundation inspected (the plumbing, electrical system, AC unit, etc.) and pre-certified first and make sure there are no surprises once you’re under contract for the price you want.
"Setting out fresh flowers, cookies, or anything else that makes the home smell good is a great idea."
4. Use online resources to engage with multiple contractors. This is a tip I use whenever I remodel my home. If I need a plumber or electrician to do some work on it, I invite three or four of them to bid for the job at the same time in each other’s online presence—whether the platform is Nextdoor, Facebook, etc. When I market someone’s property, I want buyers to be on top of each other bidding for it, and the same strategy applies to contractors.
5. Get out of your own way. Don’t make improvements that are only comfortable to you or ones that you alone think would help the home sell for more money. Make improvements that will make the home more comfortable for buyers. Today’s buyers have to pay a down payment and closing costs during the closing period, so they don’t want to have to fix anything before they can even move into the home.
If you’d like more tips to help sell your home quickly and for top dollar or have any other real estate questions, don’t hesitate to reach out to me. I’d love to help you.<br /><br />Why Hire Cities Real Estate & David Pannell
We help Families going through Probate with all the tasks that the attorneys don’t do. We find that most people need help with cleaning out the houses, assisting the executors in finding the right estate sale companies in the area, and helping with donating personal property the family doesn’t want. We even educate you with small recommendations that will improve the property to get a better price; because so many investors are trying to buy estate properties for 40-50% of their value. Some of our best clients have come from the Probate Estates. with understanding the family’s goals then offering you some options to choose from.
We have expertise in Helping Personal Representatives get to their desired outcome faster, smoother, and with much less stress! We have built an entire team and service hub around the probate process, that will allow You to focus on YOUR busy life and not worry about all the details.
Let us help you gain complete control of the probate process. Working with the Probate Services team will reduce the stress of dealing with this major g this life transition
Rely On A Probate Estate Expert
<a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Cities Real Estate</a> agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. <a href="https://www.citiesrealestate.com/contact/" title="Cities Real Estate" target="_blank">Contact David Pannell</a> today at (817) 797-9047.2020-02-10T07:45:00-07:002023-08-22T08:54:36-07:00David Pannelltag:citiesrealestate.com,2012-09-20:3799Real Estate Has No Specific Price - Fort Worth TexasReal Estate Has No Specific Price
Because real estate has no specific recommended retail selling price, many property owners fall for the trap of selling too cheaply. Answer? Maximize your exposure online and off. Real Estate isn't all yard signs, newspaper ads anymore. As technology advances, we stay on top—and ahead—of all the trends. We provide professional guidance all the way through, we think open houses do work, and video marketing is the best form of marketing and so few Realtors do it. Your home is your most valuable asset. When selling, it makes sense to select an agent who you can trust to get the best possible price for your property. CITIES Realtors® specialize in getting their clients an outstanding result. From the moment you first contact us, it becomes all about achieving a result that you are overjoyed with.
So how do we do this? It starts with the 3 "P"s — Position, Presentation, Price.
<br /><br />Rely On An Expert
Cities Real Estate Broker David Pannell has been helping families with their real estate needs for over fifteen years. Specializing in Tarrant county’s most desirable neighborhoods, David is a former United States Marine and City of Arlington police officer. He is a realtor you can trust to help you find your treasure in Fort Worth or help you sell your home as you begin the next chapter in life. Contact David today at (817) 797-9047.
If you are in Fort Worth, buying or selling a home, please give us a call we can talk about it.<br /><br />This is where your CITIES Realtors® excel.
Through past experience what buyers like in the market place and what they like to see when viewing a home. So as a part of the CITIES comprehensive marketing campaign, we offer you the services of a Home Stager. This starts with an in-home consultation, advising you how to best present your home to potential buyers—inside and out.The promotion begins with professional VIDEO creation and photography. With the CITIES unique and comprehensive marketing package, we have a professional real estate photographer come to your home to take the photos. The photos will be outstanding, which leads to an impressive online presentation of your home. We take photos inside and out, and will also take an elevated photo of the entire property. Combine these with the creation of VIDEO and your buyers see an unmatched view of your home online. Most agents can't even take a professional photo for their listings; they'll use a point-and-shoot digital camera, then add the listing to the MLS (Multiple Listing Service) and sit back and wait. We have been and will continue to set the standard in real estate videos and photography in Dallas-Ft Worth Texas.
From here your Realtor® prepares all the marketing material and paperwork, right through to the successful sale and settlement of your property. Your CITIES Realtor knows how to market your property on the Internet so it receives maximum exposure.
This includes Website presentation on all major real estate websites, notification to our top-producing Realtor® database, signage and brochures—all before our first Open Home event, which is the focal point of our marketing campaign. We continue this process, all while communicating and reporting back to you, until the successful sale of your home.
Our Comprehensive marketing and presentation strategies we employ, you will be ensured of achieving the highest possible price available in the market today.
Even if you’re not ready to sell at the moment, still call a CITIES high-performance Realtor® and have them come out to see you and discuss a few ideas about selling your property in the future.<br /><br />We shoud’ve started this article with Pricing; but most people because for whatever reason believe that they need to start HIGH and come down later. Selling a home is not like selling a $100 - $1000 - $10,000 item. To achieve the best result, you have to be uncomfortable and trust the process. The sole idea is to attract all the buyers in the market even if they don’t buy yours. The internet is driven by clicks, views, saves, likes. If you price your home high to start nobody will ever see your house until it’s too late. Testing the market is not the way to get the best price.
The offer is the price. We need to attract the most amount of people to the property within the first 21 days. We use a 14 day coming soon process to add to that. This is the only way an open house works by the way. You must know, just like when you were looking for home, you became real knowledge about the neigborhoods you liked. You could probably even quess the sold price after looking so long. Well every buyer if they search long enough they do to. That is exactly how you get someone to pay more when they think its a good deal.<br /><br />Presentation
This is where we make a real difference to your property's value and saleability. We achieve this in two ways: presentation of your property to the potential buyers who view online or within the local communities, and presentation to the market in general. Promoting homes in the newspaper—the old fashioned way—does absolutely nothing for the seller; it only promotes the listing agency. The Internet is now the most popular method for searching for a home, and the explosion of fast download speeds makes watching VIDEO much more convenient. Every day more than two billion people—just under a third of the world’s population!—view YouTube. It's the second largest search engine in the world, and they're considering the addition of a real estate category soon. We're excited. The change is coming and we're way in front of it.<br /><br />Positioning (NOT Location)
This is the only constant in the whole process. All locations have positive aspects, and you will find them and focus your buyers' attention towards them. We market directly to potential buyers. By using video we can highlight the benefits of your home's location much better than just listing them in written form or using a photo. A recent study by Dr. James McQuivey of Forrester Research found that one minute of video is equal to 1.8 million words. Wow! Video offers 25 frames per second, and we pack every second full of the most beautiful, vivid aspects of your home.2012-11-20T19:47:00-07:002022-06-29T08:34:09-07:00David Pannell