I have been named the administrator of my aunt's estate. I have to sell her modular home which is on a quarter of an acre. Here is the assessor's web page on it:
and photos of the interior are here:
I've talked to three realtors and one building contractor. The first realtor wouldn't even take it to sell. He said it just had too many "issues" (smelly living room, mold in cellar, illegal fireplace, derelict swimming pool in the back yard). The second agent said she'd put it up for sale, but I would have to "clean it up". The third thought it was absolutely "charming" and wanted to put it on the market just as soon as I empty it out. The builder that came said it would cost more to tear down the house and clear the yard that the property was worth and said he wouldn't pay more than about $10,000 for it. Why such a variance in opinions? Who am I to believe? I also don't know the best way to go about liquidating the contents. What should I do?
I'm not sure what you are saying were you were told the land is not worth $10,000 with or without the building on it.
What did the one agent say it was worth?
Can you can remove the personal property yourself?
The first agent, the one that wouldn't take it said "If you can get $40,000 for it, take it." The there two were wafting in the 30,000 to 40,000 range. I can only surmise that the builder that offered $10,000, needed to put $20,000 in it to raze the structure and clean out the back yard. I can clean out some f the small items myself, but no way I can move furniture.
Sorry to hear of your loss, wl. BTW, couldn't see your assessor's page.
WRT the property clean out, have other family members collected their items or small mementos? Can you hold a tag/yard sale to dispose of at least some of the remaining items? That way, you might earn a few **$ to bring in an estate moving/cleaning service to both haul out and donate (if possible) the remaining items and clean up the property for sale. (Services do exist that specialize in estate situations to clean up properties.)
Thinking about the potential property sale - you may need to have a formal appraisal for estate valuation purposes, to fulfill your fiduciary duties. How long would it take to sell the property? Any problem paying the property taxes and other expenses during that period? For example, if the value's only 10K before both selling expenses and carrying costs, the property might be considered an administrative burden and the best option could be to either donate the property or abandon it.
Obviously, it's important to consult an attorney and make sure you have the legal authority to take any or all of the above actions.
Hope some of that's helpful. It's only my .02. Again, sorry to hear of your loss. Best of luck to you -This message has been edited. Last edited by: BearCat49,
Okay so we're talking about maybe a total sale of $40K.
You might be able to get someone (like a resale shop) to pick up all the furniture for free. The key being all, they would need to pick it all up not cherry pick it.
Also you can hire a junk hauler, to take it all.
I can't tell if all the clutter was gone, would some of the furniture look nice. I'm thinking a little so the house is not simply vacant.
With a little elbow grease and staging you might get a lot more than leaving it as is, also just get it sold. Have you looked online in that area to know what other places sell for.
Was Aunt Margaret an artist.
Too, too much clutter, you might be surprised how clean it looks when you remove all the clutter.
I suggested in your other thread...talk to an Auctioneer & see what they say.
They can sell the furniture and the property.
"The soil is the source of life, creativity, culture and real independence." David Ben-Gurion
weakestlink, Here is what I would do AFTER consulting with the estate attorney to make sure that I had the requisite legal authority to take these actions:
1. Remove all legal and financial documents, photographs, family history and sentimental items from the premises.
2. Hire an Auction company experienced in estate sales to auction both the personal and real property at the same time. Make sure that your contract with them includes that they will inventory, advertise, provide labor for set-up and break-down for the sale and disposal of any items remained unsold.
All of those items will be at your expense, over and above the flat-rate and commission they will charge, but they will usually off-set those expenses against the gross receipts so that you will not be required to come up with any front money and it gives the auction service the incentive to make sure that the sale is a success.
You have already posted that your aunt's funeral expenses have not been paid and that she left some 40K in medical expenses so you know that this is basically a "no-asset" estate. In most states, funeral costs and costs of administration are paid first and all other debts are on a set priority schedule. Your attorney can give you the break-down for your state.
There is no need for you to be running around trying to find moving boxes or worrying about moving furniture yourself. In fact, the more you "cherry-pick" the items of personal property (other than items of family significance), the less likely it is that you will be able to find an estate auction company willing to take on the task.
I wish you well ~ it really is not as difficult as you might think. Just clear out the items I set forth in step one and leave the rest up to the professionals; they know what needs to be done and will get it done leaving you with the satisfaction that you have honored your aunt by taking care of the matter.
Unless you are the sole heir, there are legal guidelines re reporting expenses and/or income from the proceeds of Aunt's estate that must be met in a timely manner....they vary by state.
Hire a reputable licensed appraiser. No offense to RE agents, contractors etc who may offer estimatesm but opinions & guesstimates are rarely accepted by Courts or IRS.
In addition to IR's good advice, suggest an often overlooked CYA: Keep a log of items sold or given to relatives including photo of each item, $amount or name of heir. And, log out of pocket expenses directly related to conducting your Admin duties (miles traveled, fees paid, etc).
Condolences and best wishes........
Certainly you want as much as possible.
Make sure you have permission from the court to contract the property before the probate is settled.
Pack up valuables, get pertinent papers out of the house and safe.
Have an estate sale for furniture and misc. stuff. know the values, research on net.
Talk to the third Realtor again reviewing comps.
Are you in Saratoga Springs NY.? Just curious, my fathers' side of the family is from there, and was in charge of the grounds at Saratoga Raceway.This message has been edited. Last edited by: real estate lady,
Near Saratoga - about 15 miles away.
Ah, I know the area well...especially Ballston Spa area. Beautiful.
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