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Have to sell aunt's derelict house

Posted by debodun (My Page) on
Fri, Sep 28, 12 at 10:31

I am the administrator of my aunt's estate. Her modular home is a mess. It's been vacant for almost 2 years, she had pets that made a mess of the carpeting, water got in the basement and now there's a mold problem and the furnace fuel is kerosene. There are no assets in the estate except this home and whatever is in it, which is just the usual household items along with the paintings she did and the art supplies and books on art and artists. I don't feel I should have to pay out-of-pocket to fix up the home, but no realtor will take it to sell with these "issues". There are so many debts that the value of the home doesn't even come close to paying them off, if I can even sell it. Any ideas what to do?

Follow-Up Postings:

RE: Have to sell aunt's derelict house

I suggest posting this on the "Buying and Selling Homes" board. You will get excellent advice there.

RE: Have to sell aunt's derelict house

Might be worth the lot alone.

Sell it as a demo.

RE: Have to sell aunt's derelict house

I think, for starters, you'd better sit down with your lawyer, since you say the debts are higher than the value of her stuff. His advice would be the best to follow in this situation, I'd think. Wouldn't hurt to run the situation past your accountant, as well--mine's been very helpful when I was settling my mom's and aunt's estates.

You really need professional advice on this one, so you don't put yourself in a bad position.

RE: Have to sell aunt's derelict house

You should not pay out of pocket. You are the administrator. The estate should pay its own expenses.

Perhaps you could call an auctioneer who does real estate and household goods.

Unless your aunt is an undiscovered master, her work is probably not worth much.

There are used book sellers who may be interested in the art books depending on how specialized they are (the more specialized the better). If they are water/pet damaged, the value will be reduced.

I'm sorry this is a hard and frustrating thing for you to go through.

You should take on absolutely no personal responsibility for this, however.

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