What Is a Real Estate Special Commissioner?
R.O.I. is frequently appointed as a Real Estate Special Commissioner in Arizona, a licensed real estate broker appointed by the court to initiate and complete the sale of co-owned residential and commercial properties. A Real Estate Special Master is utilized most often in family court cases, but can also be employed effectively in probate/contested estate matters, whether stipulated by parties or selected by a judicial officer.
What Does a Real Estate Special Commissioner Do?
As a neutral third party in divorce or partition cases involving the sale of real property, the goal is to secure, value, manage, rehabilitate (if necessary), and sell the property—or facilitate an alternative settlement. Acting as a Special Commissioner/Special Master in divorce, partition, or other co-owner disputes, R.O.I. Properties will:
- Provide an accurate market valuation. Depending on the circumstances, R.O.I. will research, compile, and analyze data and provide an accurate Broker Price Opinion (BPO) for residential assets or Broker Opinion of Value (BOV) for commercial assets.
- Create a customized marketing plan for each asset. In order to attract maximum interest, R.O.I. customizes a sale and marketing campaign based on the property type and metrics. The marketing strategy is designed to secure high-probability buyers—whether investors, owner-occupants or specialized buyers—at the best possible pricing and terms.
- Manage the details. Because of the nature of Special Master/Real Estate Special Commissioner appointments in divorce, partition, or other co-owner disputes, the order governing the appointment might include customized provisions regarding access, showing times, reporting intervals, short sales/foreclosures, and other details, depending upon the facts and circumstances. R.O.I. can address these issues, and draft specific provisions for unique circumstances.
- Handle contract negotiation. In addition to achieving highest and best pricing and other contract terms that maximize value, R.O.I. negotiates the deal with a focus on minimizing or limiting the liability associated with the property. In some instances, there may be physical or financial hurdles, which should be addressed pre-marketing or in conjunction with contract negotiations.
- Manage court administration, involvement, and approval. Throughout the process, the Special Master in divorce, partition, or other co-owner disputes, manages all the day-to-day details required by the court. As needed, R.O.I. appears in court, in conjunction with sales and/or other matters, ready for judicial inquiry, and a review of all relevant information and history regarding the valuation, marketing, management, and contract negotiation process.
Want to learn more about Appointing a Special Real Estate Commissioner in Arizona? Read our latest guide: Appointing a Special Real Estate Commissioner or contact us today!
