Executor of estate-trying to sell property

[fireovid]

I'm the executor of our mom's estate--we are nearing the point where we could close out the estate, but we still haven't
been able to sell her condo (which is basically the "probate" part of her estate--everything else was POD or TOD to the heirs, which
includes myself)….just wondered what my options were.....could I deed the condo to the heirs on a temporary basis until we get it sold?
It's in a 55+ facility so not sure if that will fly...

 

[adjusterjack]

What does the will say? Does it say sell? Does it say bequeath to? Does it give you options to sell it or deed it to the heirs?

Even if you have the option of deeding it to the heirs, it's likely to be an incredibly bad idea because then you have to get all of the "owners" involved in the sale. You are likely to end up with arguments about price and other considerations and you'll have no control over what happens. Best to continue efforts to sell it out of the estate while it's still under your control, even if you have to delay closing the estate until it is sold.

As for the 55+ thing, if you do decide to deed it to the heirs, first read the condo CC&Rs as they apply to the property of a deceased owner.

 

[PayrollHRGuy]

What state and how long have you had it on the market?

 

[fireovid]

What state and how long have you had it on the market?

Nebraska

100 days....

 

[adjusterjack]

Anything on the market for 100 days is overpriced no matter where it is. You would be wise to drop the price far enough to get it sold quickly.

 

[PayrollHRGuy]

AdjusterJack hit the nail on the head. That is why I asked the question.

 

[fireovid]

I agree with that....we have come down on price, and absolutely will go lower if need be...should add I am in the city where
the condo is at, while all the other beneficiaries are 1500+ miles away.....I don't think any of us are too hung up on final
selling price....I'm just not sure how patient the probate court will be if we get to the goal line, and then sit on the ball until
the condo sells, in terms of closing out her estate....we have paid the state inheritance taxes, which would have been due at the end of June....
I do appreciate the input.....only family member left in town so it's been a bit of a challenge...

 

[xylene]

Disappointing beneficiaries is part of the executor's job.

I think you have a family dynamics issue and not really a legal one.

Stop worrying about pleasing people and get the condo sold before the market tanks again.

 

[PayrollHRGuy]

Disappointing beneficiaries is part of the executor's job.

I think you have a family dynamics issue and not really a legal one.

Stop worrying about pleasing people and get the condo sold before the market tanks again.

Nothing in the OP's post implies that is an issue at all. In fact, the opposite seems to be the case.

 

[adjusterjack]

I'm just not sure how patient the probate court will be if we get to the goal line, and then sit on the ball until
the condo sells, in terms of closing out her estate....

I doubt that anybody at the probate court is holding a stopwatch.

You take the time you need and then close it out. Some estates take years.

 

[t74]

Get a different realtor. You need a serious pro and not a friend or friend of a friend who will give a critical assessmet of what needs to be done for it to sell. (Lesson learned the hard way!)