Posted by Bud Branstetter on December 08, 1998 at 16:57:35:
As executrix you will have to have the probate court’s approval to sell. One alternative is to borrow the money to pay the other heir off. If conventional financing is not available a note can be created and sold to provide the cash the heir wants. It becomes a win-win if the other heir values the cash more and you value the property more with its new payments.
Estate sale as Executrix - Posted by Joy
Posted by Joy on December 08, 1998 at 15:03:55:
Please Help! I am new. Property free & clear in another state. One other heir. RE agent listed at $79,500. Now off the market. Indpend. app. at $ 62. After improvements $ 69. Other heir wants half of org.list. Repair man has been let go.Work began 6/98.Kit.cab’s not up, fixturers,carpet,ect… All purchased in June for 2 week completion. Now the problem, tight on cash. How can I cash out the other heir,complete the repairs and still turn a bit of a profit. Other party wants cash. As Executrix I can sell property for any price& terms before probate is up,but time is running out. Price must be agreed upon by both parties after Probate. Any suggestions from the Pro’s on how to make this a Win/Win? Thanks in advance for your help.
Re: Estate sale as Executrix - Posted by Irwin
Posted by Irwin on December 08, 1998 at 22:22:00:
As the executrix, you might be prohibited from buying property from the estate. As a co-heir, you could distribute the property to yourself and the other heir jointly. Then take out a mortgage to buy out her half at a fair price and perhaps pay for the rest of the repairs. The estate’s attorney should be able to figure out how to get this done.