Options for Executor of an Estate

Options for Executor of an Estate

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Have you been named the Executor of an Estate?  Or have you been named in a Will as the new owner of the deceased’s real estate? What is an Executor of an Estate to do when it comes to the sale of the deceased’s property or assets? Well, most of that response will have to be answered by an attorney, because that I am not, but I do know how you can resolve the issue of unwanted real estate.

So, you are now the legal owner of a piece of property that you don’t necessarily need or want. And worse, it may be in poor condition and in need of updating and/or repair to be sellable in today’s market. Banks do not lend on distressed homes. So now what do you do?

RESEARCH! Do not act abruptly and make rash decisions. You have options you may not know about that could help you to save thousands of dollars and months of time! Don’t get stuck with a property sitting on the market for months and months, costing you thousands in holding fees.

ball_n_chain_house_1600_clr-500x328You do NOT have to pay all of those attorney and realtor fees, or even holding costs to sell your loved one’s property. Those fees can be a dauntingly expensive hit to the Estate and completely unnecessary! I want you to know that there are literally hundreds, maybe even thousands of quality professional investors in the marketplace that will pay you CASH for the property and all of those ‘fees’ will go into YOUR pocket, not some random attorney or realtor. So what is the immediate solution?

Well, you’ve seen the WE BUY HOUSES signs on the street and thought, “well that looks sketchy” … but they are FOR REAL! And many of them, like us, are professionals that want to help you resolve your real estate problems and save you money! We want you as the Executor of an Estate to know that you have another option that can help you save thousands of dollars and months of time!

You now have options!

  1. Get a full consultation with suggestions on where to begin to get the property ready for re-sale. If the home is in a distressed state, you will want to consider restaging or renovating for resale value. We can provide you with a detailed list of items that would need to be addressed with an estimate of renovation fees so you can “do it yourself”. We will give you all of the important detailed information regarding what will sell your house in today’s retail market.
  2. Or, we will renovate for you. We will preview the property for opportunities to increase the value of your home for resale in today’s market. We then review these options and walk you through making the best decisions for you on your budget. Now these expenses will have to come out of the estate or out-of-pocket, but every penny will be put back into the estate when all is said an done, and then some! Choosing this option of holding the mortgage during the renovation period will afford you a percentage on the dollar to increase your return upon the sale of the property.
  3. Or, we can talk about getting you out of this property, allowing you to focus on your own home without having to renovate at all. WE BUY HOUSES – FAST CASH … as is … in any condition … in any location … in just days! No Realtor needed, so no commissions, no fees, no closing costs. And we will help to make your transition as painless and effortless as possible.
  4. Additionally, I am also a licensed real estate agent so I can help you to sell your house as it is in the marketplace. This could be more time consuming, depending upon the condition of the home, and is likely the most expensive option due to holding costs, closing costs, commissions, attorney fees, bank fees, etc.
  5.  Another option is assisting the estate to work with the bank to agree on a short sale, which means the bank would agree to take a lesser amount for the property than is owed.
  6. Stage your home to make it looks its best for resale. Maybe your property just needs some ‘jazzing’ up to make it looks its best before putting on the market. Staged homes often sell faster and for more money than unstaged homes, as they have in increased perceived value.

So like I said, you have options! Check out all of your avenues before choosing one. Or better yet, call me and I will walk you through each option and help you to make the right decision for you and your family. I will share how each option will affect you and/or the estate. And I will do my best to get you the best possible result to resolve your real estate issues and get as much $$ as possible for the property with the least amount of work, time and stress throughout the transaction. Don’t just keep paying holding costs while your distressed property sits on the market.

cash man for house

You need to know that holding on to a distressed property through the lengthy market process could cause you to pay thousands in fees and expenses while trying to get the house sold. There are heating costs for those cold winters so the pipes don’t burst, utility bills to keep the power on for ‘showings’, upkeep expenses so the house doesn’t continue to deteriorate, time to keep up the property, out-of-pocket expenses like property taxes, school taxes, attorney fees, realtor commissions, bank fees, closing costs and more! Plus, the process could take months … even years! And the stress of the process often causes people to walk away from a property, then causing them to default on the existing mortgage leading to foreclosure, accumulate tax liens as well as create severe credit issues.

Don’t walk away! We can help!

Let me share a story about a family who chose to hire a realtor and an attorney and go through the lengthy legal process to sell their loved ones’ Estate:

“I had the Executor of an Estate call me from a probate letter. She showed me the house and I wrote an offer. However, the Estate Attorney insisted that everything had to go through her, even though the Executor wanted to sell to me. So the Executor had to hire an appraiser, get a Realtor involved and after 2 months, I was countered on my original offer by $2,000. I accepted their counter contingent on inspection. After an additional month, my offer was accepted. I was not allowed back in the house during this 3 month period that the attorney held everything up. Finally, we had an opportunity to go back through after 3 months. During this time, the roof had a hole in it. The day we were allowed back in, it was raining cats and dogs. While we were there, it was raining in the house and the ceiling in one of the bedrooms came down. Also, since we have had a very rainy summer, the house was now full of mold. We walked away and the Realtor put it on the market for 25% less than what we originally offered.” Anonymous Investor

SoldAn attorney is simply doing what they know from a legal standpoint. They are ‘programmed’, so to speak, to take numerous steps with a number of other professionals in any transaction. The problem is that attorneys, banks, realtors, they are all very busy and to try to schedule with them individually is daunting and time consuming, let alone trying to schedule them to all be in the same room together at once for a closing! And know that they also are running a business and are looking to be compensated, so of course they will push you to hire them … but they are NOT REQUIRED … nor are they necessary.

The problem is that sometimes, in the end, time delays may do nothing to fulfill their fiduciary responsibility to the Estate. In the story above, the heirs lost the deal and made no money because they did not secure the house from further damage and the ‘professionals’ delayed the sale for months. And I don’t know for sure, but it is likely the house remains on the market unsold to this day because of the damages and the family continues to pay expenses.  Or they may have since walked away from the ordeal!

You have a choice!

So if you are the Executor of an Estate and are looking to get out from under a beautiful home that you don’t need or an outdated, virtually unsellable property, give us a call right now at 518-491-1383. We may be able to help!

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