Real Estate 411

Before we start, I suggest you get something to write with just in case.  

Also, if you'd like to read this information, please logon to: http://realestate411.webs.com/  

However, when you do begin probate of the estate, I believe that the information I'm sharing here will help you as an heir or a personal representative in charge of settling the estate.   

Secondly, I want you to know that you're not alone, as there are usually hundreds to thousands of probate cases being handled at any given time in this county. The bad news is that some probate cases can take years to settle. It's not usually disputes among heirs that cause delays. Instead, it can be lack of direction and knowing how to take charge of turning the assets into cash, paying off debt, and then distributing the money and remaining items, as stated in the will, or as the court dictates. 

In many cases, the largest valuable item, or asset class, a person has is the real estate they own.  Whether it's a single home, multiple plots of land or residential properties, this is where most of the value of the estate is found. In most cases, the real estate must be sold to free up the required cash to pay off the estate's debt and leave something for the heirs.  

The personal representative, or what is also referred to as the executor, is the one who must oversee the sale of the real estate. If that is your current role, I do not envy this responsibility before you: but do not worry, the information here will be very helpful. If you are an heir, you may want to have the personal representative listen to this message, or ask them to contact me directly at the number which you called for this message. 

• The current state of the local real estate market, as supply and demand will always play a large roll in real estate sales.  

• The condition of the property is also a large factor. Sometimes properties in probate range from needing only minor cleaning all the way to major renovations - or even a complete teardown. 

This can be troubling for the heirs, especially if the property is out of state.  

The approach the personal representative of the estate takes toward pricing the property is a major concern, as he or she should take the above factors into account.

Additionally, it is usually not feasible to undertake repairs or renovation of a property in probate, though you would think you'd make more money. 

The reason is, there are many variables, plus the costs to do these renovations and repairs must be paid when they're completed.  If it takes months to more than a year to sell it after that, this only adds more cost to the estate.  

Never has it been more true that "time is money" than in the estate probate process. While a home is being held in probate, there are a number of ongoing costs:  

1. Utilities must be kept current in most cases, as turning them off creates difficulties in showing the home. Also, sometimes disconnecting a utility will be expensive to reconnect, especially if code inspections are required.

2. Insurance must be paid, and sometimes the rate goes up in order to keep it insured when vacant. Some policies will cancel if they find the property is no longer occupied.  

3. Vandalism can result in more damage and lower property value the longer the property remains vacant. 

4. And, taxes never stop.  

5. There are frequently periodic court and legal costs the longer the property remains in probate.  

So, it's always important to sell the real estate quickly once the decision is made to do so.  This is where I can help.