My mother passed away last week. She was intestate and she didn't have insurance. She had a home with my brother that had rights of survivorship on the deed so thats safe. She had another home that she inherited that has been vacant for some time. It was assessed at 50k but I honestly believe we could only get 25k for it. It needs a ton of work just to make it liveable. We had our 341 on Oct 7th and I am kind of freaking out about what the trustee will do. Does anyone have any experience with this? My lawyer said to get some bids on getting the house cleaned and ready for sale. He also said an appraisal from a realtor might not hurt. He said there is a chance that the trustee could stake a claim for my share and force me to pay the expected value either in a lump sum or with payments. Either way I would rather not have to. I don't care about the getting any money for it either I just wish it would go away!
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Do as your attorney suggests. If not for you, do it for your brother as the higher the value of the property the more the trustee will take from her estate reducing his share as well.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick -
Please accept my condolences on the death of your Mother.
As to the house: What kind of work does it need to make it 'livable'? I don't mean just cleaning it. I mean are there structural issues that need to be addressed? Does anything have to be done to bring it up to current codes, etc?
Get a good reputable Home Appraiser and get his report on everything from the ground (and under if you have a basement) up. That will help you determine what you need to do to make the place salable. And if there is an overwhelming amount of work that has to be done, (and money involved) the trustee may decide to 'Abandon Interest' in it."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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The house needs the bathroom floor replaced since it is rotting out from a leak in the wall. The water is shut off now so it is not getting worse at the moment. It also has very old electric. You can't run a microwave and a can opener at the same time or the breakers pop. Sometimes it just pops the breakers for no reason too. I had the breakers installed a few years back it was still a fuse box until then. I am pretty sure that the electric is bad enough that they would not give an occupancy permit for it. The plumbing needs work too. I am not really up to snuff on the codes but I can't imagine anyone buying it in the current condition its in. Cosmetically it is a nightmare too.Comment
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It sounds like it is rife for a bulldozer. What would the vacant lot be worth?Originally posted by Kpower View Post
The new owners would have to gut that house for sake of plumbing and electrical codes. It is currently a fire hazard (no pun intended) if the electricity is energized. If there is rot showing, usually there is far more rot within the joists you cannot see but would need to be addressed. The house is probably worthless except for the land. 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.Comment
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If it is in that condition, there is a chance the trustee will abandon it. You need to document every last fault with the home, though, and thoroughly explain the interests of multiple siblings to your attorney so he/she can explain to the trustee.
The expense and time involved in probate, the repair costs, and the selling fees will likely deter the trustee. No guarantee of that, of course.
Also, if the lot itself is of substantial value, none of the above may apply.
Good luck.11-20-09-- Filed Chapter 7
12-23-09-- 341 Meeting-Early Christmas Gift?
3-9-10--DischargedComment
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