No. Even though the court has granted the personal representative the authority to administer the estate under the IAEA, the representative is not required to sell the property in this manner. The determining factor of whether a representative exercises the authority to sell the property under the IAEA is what is best for the estate, taking into consideration many factors including:
- The process of sale under the IAEA is usually quicker than a court supervised sale;
- There is no requirement of overbidding or court confirmation of the sale under IAEA;
- The personal representative can agree to any terms and contingencies deemed necessary to close the sale;
- The general economic and market forces; and that
- Overbidding in court often times increases the purchase price of the property and the proceeds to the estate;
- Which manner of sale likely produces maximum estate assets.