Auctioning off a property is quick. It gets the property sold. However, it comes at a cost. When real estate in an estate or trust sits on the market for too long, the heirs may start to get impatient. Even if you listed the property for market value, you may not get any offers. An auction may be the next step to get the property liquidated. But a guaranteed sale may have consequences. As an example, this billionaire’s estate property in Aspen, Colorado, with roughly 244 acres and six family homes sold for 75% from the original asking price: https://www.wsj.com/articles/ex-billionaires-colorado-ranch-sells-for-over-75-off-1537563592.
If you are attempting to liquidate estate or trust property and need advice, please contact the Grand Junction Estate Attorneys Reams & Reams at (970)-242-7847. Please review our practices areas here and our qualifications.