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/u/B_dazzle
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My dad passed away unexpectedly (i.e. no will/estate planning) in 2024, and the state that we are from (Texas) has a probate court process to assign an administrator of the estate in cases where there is no will. This just got finalized at the end of December, and now we can actually legally do things, like sell his house etc.
The house is not full of good memories for my family, and we would like to sell it as soon as possible. The house is not market ready and would need some substantial repairs and updates including foundation work, deep cleaning some of the living spaces, and fixing up some electrical damage and plumbing. These repairs are not within my budget or time to do right now (I live in another state, working full time but only 2 years into my career so income is tight).
I understand we will have to settle for a below market value offer for the home in its current state. That being said, how do I navigate this process and make sure we are getting what value we can from this asset? I am new to this and don't want to be taken advantage of but also don't want to settle without knowing our full options.
A side note is that there is a neighbor who is very interested in the home, is a real estate agent, and has been very vocal about his interest in flipping/fixing up the property - he has not made a specific offer but now that I am the estate administrator he knows that I could choose to sell to him - again, I think he means well and wants to helpful, but I also want to make sure I am not rushing into something.
Edit: Ok, I removed the line about "good bones" - I just meant to say the house does not need to be torn down nor is it complete trash - my dad was sick towards the end and didn't keep up with some maintenance tasks, unfortunately including the foundation.
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Navigating the sale of my deceased father's home
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The house is not full of good memories for my family, and we would like to sell it as soon as possible. The house is not market ready and would need some substantial repairs and updates including foundation work, deep cleaning some of the living spaces, and fixing up some electrical damage and plumbing. These repairs are not within my budget or time to do right now (I live in another state, working full time but only 2 years into my career so income is tight).
I understand we will have to settle for a below market value offer for the home in its current state. That being said, how do I navigate this process and make sure we are getting what value we can from this asset? I am new to this and don't want to be taken advantage of but also don't want to settle without knowing our full options.
A side note is that there is a neighbor who is very interested in the home, is a real estate agent, and has been very vocal about his interest in flipping/fixing up the property - he has not made a specific offer but now that I am the estate administrator he knows that I could choose to sell to him - again, I think he means well and wants to helpful, but I also want to make sure I am not rushing into something.
Edit: Ok, I removed the line about "good bones" - I just meant to say the house does not need to be torn down nor is it complete trash - my dad was sick towards the end and didn't keep up with some maintenance tasks, unfortunately including the foundation.
submitted by /u/B_dazzle
[link] [comments]
Navigating the sale of my deceased father's home
Continue reading...