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Then it sounds good. Idk what state she's in, but in NY, we don't pay buyer's closing costs. But I have seen it done in other states. Granddaughter did save on agent fees. Judge has to approve the sale I assume? Do you think your friend could've received more had it been listed with an agent?
Look at it this way...had it been appraised for $505k, and they put it on the market, a buyer could have made a lower offer AND could have asked for further reduction in price for repairs after they had an inspection done on the home. Plus 4-6% agent fees, which is another $20k-$30k off the sum. So it seems your friend made out well.
What is the problem then? If it was a licensed appraiser then the number is near the legit expected selling price. By not using an RE agent, they maximized the amount of cash proceeds for the estate.
So the granddaughter gets half a million dollars that she didn't do a thing for (other than be born) ... and you are thinking maybe she could have gotten $10k more if the deal with the executor hadn't gone through (not taking into account all the fees she would have had to pay). You seriously think that getting half a million dollars for doing absolutely nothing means that the granddaughter, your "friend," somehow got screwed over?
I am here asking a question that is important to me. If you can't answer, why do post?
I had answered your primary question. I questioned your interest in the situation because those factors matter. Finally, I simply couldn't decipher your last question.
Quote:
Originally Posted by sunshine809
Ok..the long version:
A friend of mine's grandmother passed away and left her the house that is paid in full which the executor of the will was to sell and give her the money.
The executor of the will never lists the home on the market but sells the home to her daughter for the exact appraisal of the home which is 495,000 with seller closing costs credit but no realtor fees.
Is this a fair sale or are they taking advantage of their position as executor of the will? The granddaughter is very young and it seems like they are taking advantage of her.
Thank you. That is a better explanation.
As long as it was a valid appraisal, this sounds like a creative and very fair way to handle the estate. Was the executor a relative of the grandmother? If so, selling the house to her daughter was most appropriate. If not, it would be somewhat questionable but, again, it would hinge mostly on the appraisal.
Overall, though, it doesn't sound like your friend deserves a half-million dollars from the estate of her grandmother. Her grandmother would have done all a favor by giving the money to a reputable charity (she could have endowed a scholarship program, etc., etc.). That would have yielded a much more positive result.
So the granddaughter gets half a million dollars that she didn't do a thing for (other than be born) ... and you are thinking maybe she could have gotten $10k more if the deal with the executor hadn't gone through (not taking into account all the fees she would have had to pay). You seriously think that getting half a million dollars for doing absolutely nothing means that the granddaughter, your "friend," somehow got screwed over?
I had answered your primary question. I questioned your interest in the situation because those factors matter. Finally, I simply couldn't decipher your last question.
Thank you. That is a better explanation.
As long as it was a valid appraisal, this sounds like a creative and very fair way to handle the estate. Was the executor a relative of the grandmother? If so, selling the house to her daughter was most appropriate. If not, it would be somewhat questionable but, again, it would hinge mostly on the appraisal.
Overall, though, it doesn't sound like your friend deserves a half-million dollars from the estate of her grandmother. Her grandmother would have done all a favor by giving the money to a reputable charity (she could have endowed a scholarship program, etc., etc.). That would have yielded a much more positive result.
Lol...Why doesn't the granddaughter deserve it? Because you don't like the original post?
A friend of mine's grandmother passed away and left her the house that is paid in full which the executor of the will was to sell and give her the money.
The executor of the will never lists the home on the market but sells the home to her daughter for the exact appraisal of the home which is 495,000 with seller closing costs credit but no realtor fees.
Is this a fair sale or are they taking advantage of their position as executor of the will? The granddaughter is very young and it seems like they are taking advantage of her.
It depends on how much of a closing cost credit is being given. Are the closing costs equal to or less than the amount a realtor would charge? If so, it sounds fair, and the granddaughter is actually coming out better financially.
The other question, as previously mentioned, is who appraised the house and who chose the appraiser?
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