I'll try to make this short. My parents passed within a few months of each other, both after a brief stay in a nursing home. I had to put their house up for sale to get them on Medicaid after their insurance ran out, so they have a lien on it for about $8000 total. Mortgage is around $20k. House value on the county books is $55k. If it was cleaned up, updated, painted, etc. it could get $70-$75k based on comps.

We've just recently began to aggressively show it. First offer--- $50k cash and take occupancy within 14 days.

I can't give them a clear title until the liens are paid. My realtor says take it. My lawyer wants a few days to do a little research.

There is no will and I haven't opened the estate yet......so I have no legal authority to sell at the moment.....working on that. Also, I'm in one state, the house is in MS.

Opinions?
Comments?
Advice?

I don't believe that you can sell the house until the estate is settled, and you become the legal heir, unfortunately.
I would take the offer and be done, but ask your atty. he should be able to provide info as to the laws in the state that your parents lived. Good Luck.

This message has been edited. Last edited by: rker321,

Have you contacted the probate court in the county in which the house is located? That's what we had to do when our mother died and left no will. My siblings decided I was the one who could best handle all the affairs and signed documents to set everything in motion. We put her house on the market immediately and got a full asking price offer. I had to go before the probate judge to get the sale approved, but there was no problem. However, the probate office employees could not answer many of my questions throughout the nine month probate period and I had to do a great deal of my own research just to complete what should have been a straightforward process. And yes, we did hire an attorney, although he just handled the legal parts of the house sale and none of the rest of the estate settling issues. I took care of all that. If I were in your shoes, I'd listen to the attorney, but also contact the probate office.

You really need a lawyer in the state where the property is located. Are you the sole heir? If the house is the only significant asset, you may be able to handle settling the estate without much help, but at least get some guidance. Not to worry about the liens...they will be paid out of the escrow/settlement on the sale and the liens released thereafter. I don't know if MS is a title company or attorney closing state; if it's attorney closing, you may only need that attorney. If it's escrow/title company closing, you may need to consult an attorney as well.

It doesn't sound like you're sure about accepting this offer...how much time, effort and money will you have to put into the place to get the higher sale price? That's a 50% increase if your numbers are correct, so it might be well worth it...or not.

This message has been edited. Last edited by: LovesDesign,

This is not your typical sale.

This person wants to hand me $50k and take occupancy immediately. No title search, no inspection, nothing!

I'm not trying to hold out for higher.

However this is my first offer.

I know I will eventually have to get the probate judge to appoint me administrator. And I understand all the estate and probate stuff.

Was just wanting an opinion on this particular offer in this situation.

Do others in my shoes have the same experience when the buyers know it's an "estate sale"?

I'm their only child.

quote:

I know I will eventually have to get the probate judge to appoint me administrator. And I understand all the estate and probate stuff

I don't think that that is," an eventually thing," the sales has to be approved by probate before you can sell. get your atty to help you.

quote:

This person wants to hand me $50k and take occupancy immediately. No title search, no inspection, nothing!
I'm not trying to hold out for higher.
However this is my first offer.

Sounds like the typical buyer from Nigeria, or some wingnut.

quote:

Originally posted by Stormy Blue:
This is not your typical sale.

This person wants to hand me $50k and take occupancy immediately. No title search, no inspection, nothing!

I'm not trying to hold out for higher.

However this is my first offer.

I know I will eventually have to get the probate judge to appoint me administrator. And I understand all the estate and probate stuff.

Was just wanting an opinion on this particular offer in this situation.

Do others in my shoes have the same experience when the buyers know it's an "estate sale"?

I'm their only child.

Have your attorney talk w/them about the offer. Then, see what your attorney has to say and go from there. Protect yourself and your inheritance.......first.

Clean it up and try to get more... hire an attorney for probate and the sale of the home. Once the property is cleaned up - painted... call a Realtor and list it.

Do not do anything without an attorney regarding probate and sale of the home.

Obviously as you know the legalities of the estate have to be tied up first.

Then, as someone in a VERY similar position, I'd suggest you evaluate the following:

How much time, cost and effort are you able/willing to expend on the house given that you have to travel to get there?

If you did decide to fix it up, who will perform and oversee the work?

If you do the work and the house doesn't sell quickly, is there someone to keep an eye on the house for you?

Truthfully I don't think the offer you've received is a horrible offer. Certainly not the best timed and probably not the best offer you're likely to get. The biggest issue to me is how much of your life you can put into getting a better offer.

"StormyBlue," First my condolences on the loss of both of your parents. Very sincere as I have recently lost both of mine and it's a hard time.

Now, I have to ask WHY you have "recently been marketing this property agressively" when you have not gone through appropriate procedures to have the authority to sell it?

Taking you at your word that neither of your parents left a Will and you are the only heir, all you need to do is iniate a probate and get Letters of Authority for Personal Representive.

Once you have the Letters you will need to pay off all debts if there are funds to do so before sale of real estate; otherwise, you can provide that debts will be paid off at closing.

Seems to me that you have the cart before the horse trying to sell the place before getting authority to do so. As for whether or not it is a good offer, no way to tell until you are in a position to sell; then you can decide if you want to spend money/time to fix-up. Good luck!

PS. To answer your question directly, this 50K offer "as is," with no inspection or title insurance does seem a bit strange; think there is more going on with that potential buyer than you might know or realize. Do it by the book!

This message has been edited. Last edited by: Idaho Resident,

I'm thinking that Stormy Blue must have some authority to sell this property because otherwise her Realtor would not have agreed to list it. The Realtor would have done some degree of due diligence on the status of the house.

Edited to add: wait the few days to hear back from your lawyer. That's why you hired him.

This message has been edited. Last edited by: Traveler,

I would not list it unless her mother had given her a notorized power of attorney at some point before her death, and all listing contractual documents would include contingent upon the settlement of the estate. If she has no power of attorney or specific power of attorney, it would be a risk for the Realtor to list the property, as if a sale and closing happens and there are siblings who come forward, the Realtor could be liable.

I also stay in close contact with the attorney to follow process of probate...until settled.
No closing will take place before then.


This is truly a buyer beware situation.

This message has been edited. Last edited by: real estate lady,

REL, All Powers of Attorney expire upon death regardless of type; OP needs Letters from the appropriate probate court before proceeding.

PS. Hope all is well in your part of the world!

I said I would list it if she had a power of attorney, not close it, and I said there would be a contingency of settlement of probate/estate, etc. in the listing(all documents as well).

This message has been edited. Last edited by: real estate lady,

Medicaid made me put the house on the market, I had POA at the time. Dad was in a nursing home and his insurance ran out so when I applied for Medicaid in his behalf, one requirement was to sell the house. so I gave it to a realtor as proof that the house was for sale.

There was no sign out in front but it was listed on the realtor's website. Now that Dad has passed, I am in a hurry to sell, I don't need the burden.

As far as the legal estate implications, I wasn't asking about that, just about the offer.

come to find out, in this circumstance, it's probably a good offer.

Thanks for posting.

Still, as I said, please make any contract contingent upon your attorneys' review and settlement of probate/estate. Stay on the safe side.

This message has been edited. Last edited by: real estate lady,