Grandma left you everything!? Find an NAA auction pro

By Curtis Kitchen

As the baby boomer generation continues to age, an increasing number of children and grandchildren of those boomers are finding themselves the inheritors of homes and estates.

“It has been estimated by family financial planners that in the next 20 years this country will experience the greatest transfer of wealth in history,” says National Auctioneers Association Past President Tom Saturley, CAI. “As our parents and grandparents pass, the process by which we settle their financial affairs varies according to the needs of the surviving family.”

While this type of inheritance may be a dream scenario for some, it can mean worry and stress for others who may not be interested in handling or be able to handle the sudden responsibility that comes with such an inheritance. That’s where NAA comes in.

“The inheritance of a home or other real estate is, for some, a daunting experience,” Saturley said. “Rarely, when dealing with the emotional stress of the loss of a family member are we prepared to make the necessary decisions without the assistance of a knowledgeable team.

“Generally, that team should include competent estate counsel, financial advisors and, in many circumstances, an NAA auction professional specifically trained in the nuances of estate planning and disposition.”

Auction is EFFICIENT

The auction method of marketing is the most efficient, most fair and most transparent means for the sale of an asset, and an NAA auction professional is best prepared to a sale where time is of the essence for inheritors.

“In those circumstances where family members are responsible for the disposition of the deceased assets, they are often challenged with a variety of issues which may include the need to raise funds quickly to satisfy monetary obligations such as debts, taxes or other remaining liabilities,” Saturley said. “The engagement of a NAA auction professional can bring a transparent process that will minimize potential criticism while ensuring maximum value in minimum time.”

Aside from any monetary relief an efficient sale by auction can provide, there are other benefits to utilizing an NAA professional in these instances as well.

“Often, the heirs either live a considerable distance from or have no need for the real estate or remaining personal assets of the deceased,” Saturley said. “With few exceptions, the home, camp or commercial real estate need care and preservation.

“Whether it be from vandalism, deterioration, insurance, taxes or general upkeep virtually all properties require attention and financial support. For those heirs that are either not present or not proficient in real estate management, this can be an overwhelming situation.”

Find an NAA auction professional

Locating and using an NAA auction professional – especially someone who carries the Accredited Auctioneer Real Estate (AARE) or Certified Estate Specialist (CES) designations, and/or works in a real estate environment, for these specific instances – can reduce the process’ overwhelming nature.