After my initial visit with the tenants, I began the process of determining the property value of the rental property. The process began the day after the initial visit with the tenants. That day, I called my attorney to see if probate law in Massachusetts had rules for determining property values.
On the phone, I asked the attorney, “I want to start working on a sale price for the rental property. Does probate have rules about gathering estimates?”
The attorney replied, “Nothing out of the ordinary. However, you should obtain multiple estimates.”
The answer made sense, but I explained, “Well, here’s the thing: My sister, a beneficiary, referred me to a realtor. When I met with the realtor, we discussed the sale of the rental property, the tenants, and the formal probate procedure. The realtor agreed to guide me through the sale, including relocating the tenants, but that I would have to manage the probate aspect. So, I agreed to work with the realtor. Do I still need multiple estimates?”
The attorney advised, “Still, get multiple estimates so that the probate court won’t ask questions when it comes time to close the estate.”
After the discussion concluded, I called two realtors. They both agreed to visit the rental property and provide estimates on the property value.