Estate Planning and Settlement
Hire the right team for your job!
Planning or settling an estate is a very important and serious process. Put Hostetter Auctioneers to work with your attorney and accountant to best market your assets for the maximum return. Below are a few of the most frequently asked questions. If your question is not answered, contact Hostetter Auctioneers for the solution to your situation.
Why do I need an Auctioneer?
Today’s families are often separated by hundreds to thousands of miles and are unable to personally handle the work required to settle an estate. The task can be overwhelming. A professional auction staff is trained in the management, preparation and marketing of estate assets to achieve the highest return possible. Auctioneers work to fulfill the wishes of the will, the executor or administrator and your attorney in an efficient and timely manner. Only through the auction process can you sell the real estate, vehicles, household, antiques, collectibles, furniture, appliances, tools, equipment and every other estate asset in one day for top dollar.
Why should I use Hostetter Auctioneers?
Hostetter Auctioneers are real estate and estate specialists. The Hostetter Family has built a strong reputation by serving the Tri-State area as licensed real estate brokers, auctioneers and appraisers since 1955.
How can I determine the value of the assets held by the estate?
Through the settlement of hundreds of estates, Hostetter Auctioneers has gained a thorough working knowledge of the values of estate assets. Our professional appraisal program, offered in addition to our auction services, is performed in compliance with the Uniform Standards of Professional Appraisal Practice and the Auction Marketing Institute. We have Graduate Personal Property Appraisers on our staff ready to work for you.
Why should I auction the real estate instead of listing with a broker?
How many times have you seen a property sit on the market for months and even years? During that time the expenses of taxes, insurance, utilities, mortgage payments, maintenance and, sad to say, vandalism can result in 10 to 25 percent of the value spent in overhead per year. This results in the family and heirs receiving less money. We realize time is money and a property is only fresh to the market once. The auction advantage capitalizes on that premise to stimulate demand and competition for your property. Hostetter Auctioneers will achieve the greatest return for your property in the shortest time frame possible. Auctions produce results quickly.
Can the family or heirs buy at auction?
Yes. A public auction is the fairest of all methods for selling real estate and personal property. The auction allows all interested parties including family and heirs to bid and participate. Family relationships are preserved since no one is upset because they did not have the opportunity to buy a particular item or keepsake. Everyone has the same opportunity to buy at auction and the family or heirs receive the money.
How will the assets be advertised?
The auction process will focus attention on the real estate and personal property through a highly aggressive advertising campaign involving brochures, direct mail, signage, newspapers, e-mail blasts, various auction websites and our website. Our staff will do all ad preparation and placement. Advertising is customarily concentrated into the 2 or 3 week period immediately prior to the auction.
How long will it take to auction the real estate and personal property?
The normal time frame for real estate and personal property sold at auction is 4-6 weeks from the signing of an auction agreement. You set the date, time, place and terms to suit your needs and goals. The condensed marketing time reduces or eliminates the holding costs involved with other forms of marketing, which erode the value of the estate. By auction, the seller quickly converts hard assets into cash for distribution to family, heirs and creditors.
Do I have to sell regardless of the price bid at the auction?
No! You can auction the real estate and personal property at absolute auction or with reserve. Absolute means the property will sell to the highest bid regardless of price. With reserve means the seller has the right to accept or reject any and all bids not reaching their pre-established minimum. Any reserve should be set at the lowest possible price at which the item will sell. A typical reserve item in the auction would be the real estate, a vehicle or other item of significant value.
When are the auction proceeds turned over to the estate?
We can turn the net proceeds from the personal property over to you the day of the auction or we can place them in our escrow account for payment in approximately 15 business days. We provide you with a settlement statement listing all expenses (advertising, labor, commission, etc.), copies of bills, computerized list of registered bidders and a listing of each item sold with the corresponding sales price. Real estate deposits are placed in our escrow account until closing when the real estate commission is deducted and the balance of the proceeds are paid to the closing attorney or seller. Closing on residential property typically takes from 30 to 45 days after the auction.
What will Hostetter Auctioneers provide?
Complete auction services. We provide a fully self-contained 18 foot mobile office with three computerized registration/cashier stations, auction specific software, auction truck, topper and portable wireless PA system. Hostetter Auctioneers will also provide real estate sales agreements and all auction paperwork including registration, bid cards, receipts, etc. Our friendly professional staff and set up crew will coordinate everything needed to ensure a successful auction including ad layout and placement, auction set up, arranging items, tagging, cataloging, hauling, arranging for a foodstand, monitoring removal, copies of bills, settlement statement and, if necessary, tents and portable restrooms, etc.
Can I give part or all of my estate to a charity?
Yes! We can conduct a public auction in your honor stating the name of the charitable organization receiving the proceeds. By having Hostetter Auctioneers conduct the auction, you are leaving a substantial contribution to the organization of your choice without increasing their workload.
Why do I need an Attorney?
A professional estate attorney will explain the legal procedures involved in settling an estate. Their guidance and work is indispensable to the timely filing of court documents, calculating the inheritance tax and proper settlement of the estate.
Why do I need an Accountant?
If a professional accountant was used by the decedent, the accountant can provide you with past records, tax returns and information on the assets in the estate, including the financial status of any investments. They can coordinate and condense all of the financial information for you.
“Only by auction can you sell the real estate, vehicles, household, antiques, collectibles, furniture, appliances, tools, equipment and every other estate asset in one day for top dollar!”