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I would get a certified appraisal & sell it based upon that. If the neighbors do not want buy it for that price, list it. If the location is excellent, it will sell for the appraisal or more!
Fiscal, fiduciary, no other family member has a financial interest in the house, since OP is the recipient of the cousin's will. OP has fiduciary dutyto the cousin as her POA.
Fiscal, fiduciary, no other family member has a financial interest in the house, since OP is the recipient of the cousin's will. OP has fiduciary dutyto the cousin as her POA.
I'm not sure, but I don't think it makes any difference that I'm the recipient of her will. To me, that would only matter if she dies, but she is alive and probably will live many more years. She does have a daughter somewhere--a drug dealer whom she despises. Grandchildren too, somewhere--probably not good people because of being raised by a drug dealer. She broke with all of them some years ago. She wrote in her will that under no circumstances should any of them inherit anything. I tried to talk her into at least leaving something to her grandchildren but I don't know if she ever changed her will. Probably not.
historyfan I would get a certified appraisal & sell it based upon that. If the neighbors do not want buy it for that price, list it. If the location is excellent, it will sell for the appraisal or more!
Is that the same as having the realtor go through the house next week and tell me what he would get for it? (He's the one the social worker recommended because he knows how to deal with the assisted living places.)
He told me on the phone that he will sell it to a contractor--so probably selling on the basis of being a great location. The social worker wants this taken care of asap--the money is needed by the assisted living place. This guy would work out a bridge loan so the assisted living place could get paid right away.
I think it would sell fast if I listed it to the general public with another realtor. Problem is, doing a clean out (she is a hoarder), making repairs and fixing it up, staging it, and then getting offers from potential buyers. I am out of state, not close by, and that makes it difficult. I'd really rather get this over with and the social worker agrees.
It'll be about $4000 lost in commission with either type of realtor. Maybe that's not that much, even combined with how much she will lose in the capital gains tax and legal fees.
I'm really starting to think more about contacting an elder lawyer in her area. I have the phone numbers of a few. I don't want to get into trouble for making a mistake on selling her house.
1) I was responding to a poster who seemed concerned about family who might have a financial interest in the house/whatever money she has.
2) It does make it sticky that you are the recipient of the will and serving as POA, in terms of making sure that nothing is done to your benefit rather than hers, which I haven't mentioned before because you are definitely all about doing right by the cousin, not seeking to enrich yourself at all.
3) If you are not positive about the will, I think you need to be, or else if someone does have a financial interest in whatever your cousin might leave as inheritance, they absolutely could come and question your decisions.
I realize that her having anything to leave at all after paying ALF seems very slim, but it isn't -0- chance.
I'm not sure, but I don't think it makes any difference that I'm the recipient of her will. To me, that would only matter if she dies, but she is alive and probably will live many more years. She does have a daughter somewhere--a drug dealer whom she despises. Grandchildren too, somewhere--probably not good people because of being raised by a drug dealer. She broke with all of them some years ago. She wrote in her will that under no circumstances should any of them inherit anything. I tried to talk her into at least leaving something to her grandchildren but I don't know if she ever changed her will. Probably not.
historyfan I would get a certified appraisal & sell it based upon that. If the neighbors do not want buy it for that price, list it. If the location is excellent, it will sell for the appraisal or more!
Is that the same as having the realtor go through the house next week and tell me what he would get for it? (He's the one the social worker recommended because he knows how to deal with the assisted living places.)
No, realtors look at comps and then asses the condition of the house and take that into account, but that is by no means an appraisal, which the buyer normally pays for. Appraisals are primarily for the mortgage company.
No, realtors look at comps and then asses the condition of the house and take that into account, but that is by no means an appraisal, which the buyer normally pays for. Appraisals are primarily for the mortgage company.
Then I think the realtor who the social worker wants and says he will go through the house next week would probably be good enough. He will tell me what he could hope to sell it for. To a contractor. There is no one to answer such questions as--does the fireplace work? Have you had any issues/problems with the house lately? Have you done any recent improvements? Cousin can't remember and I don't know. So I don't see how I could get a true appraisal. And it's just one more thing to deal with.
I have looked at comps online and with clean up and repairs, that little house could fetch $450,000 probably.
But subtract the cost of clean up and repairs and is it worth it!
I am going in circles. Maybe when I get the realtor's estimate next week, it will trigger me into action one way or another. Thanks again.
Then I think the realtor who the social worker wants and says he will go through the house next week would probably be good enough. He will tell me what he could hope to sell it for. To a contractor. There is no one to answer such questions as--does the fireplace work? Have you had any issues/problems with the house lately? Have you done any recent improvements? Cousin can't remember and I don't know. So I don't see how I could get a true appraisal. And it's just one more thing to deal with.
I have looked at comps online and with clean up and repairs, that little house could fetch $450,000 probably.
But subtract the cost of clean up and repairs and is it worth it!
I am going in circles. Maybe when I get the realtor's estimate next week, it will trigger me into action one way or another. Thanks again.
An inspection will say whether the fireplace works and things like that. Maybe hop into the RE section? I've seen some very knowledgeable posters. My tiny bit comes from listening to my realtor friend describing her days, and the one and only home purchase of my own. To my memory, inspection came first. In my case the inspection caused the price negotiation to go in my favor, due to issues it uncovered. But the cost of the inspection was on me. Then came the appraisal to see if the bank agreed to loan the amount we agreed on.
An inspection will say whether the fireplace works and things like that. Maybe hop into the RE section? I've seen some very knowledgeable posters. My tiny bit comes from listening to my realtor friend describing her days, and the one and only home purchase of my own. To my memory, inspection came first. In my case the inspection caused the price negotiation to go in my favor, due to issues it uncovered. But the cost of the inspection was on me. Then came the appraisal to see if the bank agreed to loan the amount we agreed on.
Yeh, I've been thinking of asking in the real estate section. When I bought a house, I think I had a purchase and sale agreement and then I paid for an inspection. The agreement was contingent upon the inspection.
The appraisal would be necessary if the house is ever shown to the public and the buyer needed to take out a loan. I think contractors have ready cash and wouldn't need an appraisal. They are buying it As Is and plan to renovate or even tear the house down.
Yeh, I've been thinking of asking in the real estate section. When I bought a house, I think I had a purchase and sale agreement and then I paid for an inspection. The agreement was contingent upon the inspection.
The appraisal would be necessary if the house is ever shown to the public and the buyer needed to take out a loan. I think contractors have ready cash and wouldn't need an appraisal. They are buying it As Is and plan to renovate or even tear the house down.
OK, I didn't realize you were considering those flippers who give the lowest values. I thought you had decided against that.
I don't think you have to from what you have described. I think that would only be needed in a bad market added to the fact you are far away and want to make it easy on yourself.
I think the RE section is a good idea. Your case is a bit different because even though you are needing it to be easy, it's not a bad market. Those flippers are not the only people who would buy it 'as is'. It may not be a a shortage like we are having here, causing literally anything to go on the market to instantly sell regardless, but your cousin's location is highly desirable.
Those flippers would take advantage, imo, and give you far less than you could have, and 50K or 100K makes a big difference to your cousin's maintenance.
I think from what you have said you can get the market value, and the cost of someone to clear it out and all that will be but a small fraction of the gain.
Fiscal, fiduciary, no other family member has a financial interest in the house, since OP is the recipient of the cousin's will. OP has fiduciary dutyto the cousin as her POA.
The will doesn't take effect till after the cousin's death. Meanwhile, the daughter is the next of kin apparently and then after her probably the brother. He or she could choose to challenge the actions of the person holding the POA.
And yes, the OP has a fiduciary duty to the cousin and whatever she does could be contested by the next of kin. Not likely but anyone with a POA needs to be aware that their actions using that POA could conceivably be challenged.
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