XIII Options: Pro and Con with Probate Property
What is in the best interest of the Estate!
1st and most important is the goal of the estate and you as the PR!
Heirs, beneficiaries, family and friends will give you great information weather you want it or not, with their emotions and memories telling you want you want to do. Some are legal, some are not.
Doing the best and obtaining the best value for the heirs and yourself, you have to take emotion out of your decisions.
Use professionals, some cost money, some don’t, but a Professional advice from Attorneys, CPA/Accountants, Financial Advisers, Realtors, and Contractors will give you a financial picture and most of the time save money down the road.
Documents to the Home –see VI PR
Title policy, Survey, HOA Documents, Mortgage info, Insurance info, Tax info, Services used, Work performed on home w/paid receipts, Permits, Lease agreement, Home warranties, Deed,
- Keep
Live in for you or an Heir/Beneficiary
2nd Home – vacation home
Investment – Rental: Annually or Seasonally.
Manage rent collection, repairs, tenant screening
Maintain the home, Property Preservation, utilities, taxes, insurance, repairs
- Sell
Liquidate to disperse funds to Pay Expenses, Creditors, Heirs, and Beneficiaries
Quick cash within 20-30 days (usually at .60 -.70 cents on the dollar)
Full Market to Maximize Return to the Estate and Heirs
Sell As Is
Make Repairs
Sell as a short sale (Owe more on the home than the value of it)
- Give back to the Lender
via (Deed in Lieu) with Lender Approval.
One of the last choices the Lender wants is to get the property back. But it’s better than the alternative of the cost and time for a judicial Foreclosure to obtain Title.
You don’t want to take the time or cost to sell the home. It maybe uninhabitable, Abandoned, Pre-Foreclosure, Foreclosure or a Bankruptcy was involved.
Maybe the mortgage owed is greater than the value of the property
Behind on payments and unable or willing to catch up
- Donate/Gift
Most charities are grateful, but unfortunately don’t like accepting property. The time, out of pocket expense and repairs needed to maintain the property, negotiating offers and closings, is more than they want to handle (charities operate mostly with part time volunteers).
With that said, if you handle the selling of the property through a Realtor and donate part or all the proceeds after expenses, most charities are extremely grateful.
