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Handling Probate Issues Is NEVER Easy!
Whether you are a newly appointed executor or personal representative or an attorney that has been retained by the estate or appointed by the court, it’s an absolute certainty that there will be difficult moments ahead.
First, there are usually the obvious emotional aspects of the situation. Often, the person chosen as the executor or personal representative to deal with the deceased person’s probate issues is also someone who is still grieving over the loss of that loved one or friend. Then, that same person is faced with the added challenge of having to make many decisions in areas in which they have no previous experience.
These decisions must also be made with the added pressure of knowing that whatever the results of these decisions are, they will likely be very closely scrutinized and (all too frequently) second-guessed by family and/or friends. Couple this with the legitimate concern that everything must be handled “legally and properly” as well as all the horror stories about probates that have gone badly and the pressure and stress really begins to multiply.
Even if there is no real estate in the matters to be disposed of by the personal representative or executor, this is a big undertaking and when Real Estate is involved, the load is compounded.
Here’s where we really shine. First, we will help you determine specifically what the most critical objective or objectives are in regard to the real estate that’s involved in the probate.
Do you need to dispose of the property as quickly as possible?
If so, we can provide immediate cash buyers from our list of qualified investors. Often, this is vital to allow a surviving spouse to move into a more suitable location, handle medical or other bills or simply get asset funds into the hands of the heirs quickly. Our investors can often make offers within 24 hours on almost any property and can close really quickly. Sometimes, funds can even be advanced prior to closing. Of course, timelines are frequently subject to the courts and filing timelines which are beyond our control, but our efforts minimize these delays whenever possible.
Do you need to maximize the selling price to provide the greatest cash benefit to the heirs / stakeholders?
When maximum revenue is the focus, we’ll make certain the property is not only listed properly but marketed aggressively and intelligently to assure maximum exposure. We’ll make sure you know exactly what the property is worth if you are willing to wait for the right buyer and we’ll help you determine any possible repairs (if any) that might add more to the final selling price than their cost – in other words, the greatest bang for the buck. Be aware that all too often, ill-informed sellers spend far too much on repairs that do not even cover their cost in the final sale price. This is where our experience, preparation, and savvy marketing skills come into play.
Dealing with Divorce and Your Real Estate Assets
Your home may be the greatest single asset of your marriage, but it may become a point of contention in your divorce given its financial and emotional value. You should understand both your legal rights and economic realities before making any decisions. Also, if you have children, their needs are yet another factor.
The house is an asset and therefore subject to division according to your state’s property division law. You will want to know what percentage of the house belongs to you and also whether the court would order the house conveyed to you or to your spouse. Since every state is different, we strongly encourage you to research the applicable law. Practical considerations, not the law, often dictate 1) who gets the house, 2) the terms of the buyout, and 3) if the house is sold to a third party.
If you want to keep the house, you will have to “buy out” your spouse, usually through a new mortgage. However, you might not be able to afford a new, larger mortgage. If you are unsure of your post-divorce income (alimony, child support, etc.) check your state resource page for reference. If you can’t afford a new mortgage, the house will most likely be sold and you would be entitled to your share of the equity.
We suggest that you work constructively with your spouse to make the most advantageous decision.
Divorces are rarely easy, and very few end with zero disputes over major assets. For most relationships, the biggest shared assets are related to real estate. Whether the marital home or investment property, those going through divorce often want to know, “what happens to real estate in a divorce?”. For more information visit www.reddinghomes.com/divorce-info.
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We can serve all of your real estate needs in and around the Baltimore-Washington Corridor. As real estate specialists, we are experts in representing both home sellers and home buyers.