C
cmerk
Guest
Listing of inventory - Help Please!
North Carolina. Mother passed away in March. Owned 2 trailers - 1 double wide free and clear, and 1 single wide that Sister lives in and pays for (they bought a house and will close 7/27). She paid approx 35K for her doublewide. The Bluebook value is approx 19K. Both trailers are in a trailer park. Management wants us (sister and I are Co-Execs) to sign a new 1 yr lease beginning in August. We need to sell Mom's trailer quickly. There is a glut of repos and other trailers for sale in the area. Had a Mobile Home company come out to look at and they said they can buy outright for 7500 and sign the lease or we can be guaranteed 15K and we sign lease and let them try to sell. Sister is going to turn her trailer back to the mortgage co. Owes more than worth.Not worth trying to sell.
Question is: we want to be ethical - due to the circumstances with the lease, is it ok to take the 7500 and be done with it? Either way we do it, the monies won't cover her debts (approx 37K)
Also had a yard sale to sell property and only netted $100. How do we list the inventory since we basically had to donate the bulk of her 'stuff'.
She also has a car that was paid for that we want to let my sister have (for the loss of equity in her home). The blue book value is 1500 but really is only worth 700 or so. Whatever we sell for wont make much of a dent in Mom's outstanding debts. Can we let Sis have the car for a token $1?
We have to list the inventory early August and don't know what to do.
Please help!
Thank you
[Edited by cmerk on 07-13-2001 at 10:57 AM]
North Carolina. Mother passed away in March. Owned 2 trailers - 1 double wide free and clear, and 1 single wide that Sister lives in and pays for (they bought a house and will close 7/27). She paid approx 35K for her doublewide. The Bluebook value is approx 19K. Both trailers are in a trailer park. Management wants us (sister and I are Co-Execs) to sign a new 1 yr lease beginning in August. We need to sell Mom's trailer quickly. There is a glut of repos and other trailers for sale in the area. Had a Mobile Home company come out to look at and they said they can buy outright for 7500 and sign the lease or we can be guaranteed 15K and we sign lease and let them try to sell. Sister is going to turn her trailer back to the mortgage co. Owes more than worth.Not worth trying to sell.
Question is: we want to be ethical - due to the circumstances with the lease, is it ok to take the 7500 and be done with it? Either way we do it, the monies won't cover her debts (approx 37K)
Also had a yard sale to sell property and only netted $100. How do we list the inventory since we basically had to donate the bulk of her 'stuff'.
She also has a car that was paid for that we want to let my sister have (for the loss of equity in her home). The blue book value is 1500 but really is only worth 700 or so. Whatever we sell for wont make much of a dent in Mom's outstanding debts. Can we let Sis have the car for a token $1?
We have to list the inventory early August and don't know what to do.
Please help!
Thank you
[Edited by cmerk on 07-13-2001 at 10:57 AM]