realestateinvestingIt is not uncommon to sell a house out of probate in order to pay taxes, bills or just to get the cash.  Sure, everyone would like to own another house to live in or rent it out for the extra income, but that is not always possible.  Here are a few reasons why it might be better to sell the house and get quick cash..

  1. The house is hours away.  This is a problem because you’ll need to make frequent trips in order to maintain the house and make sure it’s secure from intruders.
  2. Property Taxes.  Once you own the house, you will be on the hook for property taxes.
  3. Upkeep.  You will be required to keep the house in decent condition.  If you neglect to cut the grass, trim the shrubs or remove snow from the driveway and walkways you could be fined by the town.
  4. Lawsuits.  If someone, a child maybe, were to get hurt on your property because he slipped on some ice, you will be held liable and could get sued.

Assuming you don’t want the headaches of being a landlord, or even the many headaches that come with hiring a management company, your best bet might be to sell the place and get a few hundred thousand dollars in your pocket.  There are a couple ways you could sell, but the traditional ways can be costly and cut into your profits.  One of the quickest and most painless ways to sell an inherited or probated house is to an investor and here are 3 reasons why…

  1. Sell quickly! Often times an investor can close in as little as 2 weeks compared to, on average, 6+ months if listed with a Realtor.
  2. Get Cash! The reason an investor can close quickly is because their offers will be Cash Offers.  You will not have to worry about banks holding up the transaction because of financing issues.
  3. Investors will buy your house AS-IS. This means no clean up for you, no upgrading or getting the property in a livable condition.  Buyers a very picky in today’s market and will demand all the amenities.
  4. Pay NO Realtor Fees or Commissions!   With a traditional sale of a house, there will be, on average a 6% commission paid out to the Realtors as well as closing fees.  An investor (even if the investor is a Real Estate Sales Agent) will not charge a commission and will also pay all the closing costs if need be.

When selling to an investor, you will have to be honest with yourself about the market value of the home.  An investor will give you a fair offer.  This offer will be based on the recently sold homes in your area minus the repairs that need to be done to the house in order to get the condition of the house back on par with others in the neighborhood.

It’s never a bad idea to talk with an investor before listing your property to see what they will offer.  You can always say ‘No’. If you list with an Realtor first, you will be tied in for 180 days or more, all the while making any mortgage payments, paying taxes and utilities, maintaining the house and making the necessary improvements with out even know if the house will sell.

Hope this article helps

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Under New Jersey Probate Law, when someone dies testate (has a will),that will will appoint an executor.  The job of the executor is very important and comes with numerous responsibilities.  These obligations include probating the will, liquidating assets (selling a home or jewelery), pay all encumbrances and taxes as well as take care of all other court duties.  The executor may hire a lawyer to help make the proper decisions, but let’s face it, it’s a tough job that not every one can handle or just isn’t willing to do so.

Once the executor is declared, the court or surrogate’s office are not responsible for making sure the will is probated properly or in a timely manner.  If you are not happy with the way the executor is handling their duties because they are not following the instruction set forth by the will,you can, under New Jersey Probate Law, have an attorney file a complaint in Superior Court.  This complaint is called the Complaint for Accounting.  The complaint for accounting is filed to request the removal of the current executor and asks the court to assign a new person as an administrator of the will.

Removal is not easy in any sense of the word.  The beneficiaries must be able to prove that serious wrongdoing has occurred before the court will rule to replace the executor.  Such acts as moving to slowly, refusing to give out information or just being uncooperative are not grounds for removal. In successful removals, the beneficiaries where able to convince the court that the executor was incapable of performing his/her duties, was unsuitable for the position or has become disqualified.

Incapable: Must prove that the executor has some mental or physical illness that will prevent them from successfully acting in the role of an executor.

Disqualified:
This being the easiest to prove.  If the executor has committed a crime since being appointed and has gone to jail for the crime, then they are no longer eligible to be an executor.

Unsuitable: Because of the circumstantial evidence that must be interpreted, this is the most challenging to prove.  This involves either a conflict of interest or some form of serious misconduct.  Other misconduct, which may be grounds for removal must be fairly serious and actually damaging or threatening to damage the estate. Examples of such behavior might be:

  • Being a Drunk
  • Stealing from the estate
  • Not filing an inventory or accounting
  • Refusing to obey a court order
  • Neglecting to perform duties as executor

In conclusion you must have great cause in order to pursue a removal of an executor.  Costs are high and the risk of alienating everyone is great.  Money can easily come between family, so please exhaust all your options first before considering an executor removal.

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