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As a realtor who specializes in Probate sales I have recently been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

 

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

 

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales. To see First Example click here

 

3rd Example:

 

Mom and Daughter 1 own a home together. Both are on title as Joint Tenants and own it equally. They need cash so Daughter 1 gives her share to Mom and Mom gets reverse morgage.

Mom does not make a will leaving 1/2 the house to Daughter 1 and 1/2 the house to each of the 4 daughters including daughter 1. She plans on doing it, but never gets around to it.

 

Mom dies unexpectantly, with no will, no trust, and only a verbal agreeement with Daughter 1.

 

Reverse mortgage company tells Daughter 1 she needs to sell the house or pay back the reverse mortgage. Daughter 1 can not sell the house or do anything without Probate Court permission because she does not own the house any more and there is no will or trust.

 

Daughter  1 calls me and give her a referral to a Probate lawyer who will get paid through the sale of the house since there is no cash in the estate.

 

Daughter one will ask the court to appoint her Admistrator of the estate then ask the other 3 sisters to give up the half of the equity that was supposed to go to Daughter 1.

 

Hopefully the Probate Court will agree to all of this. It is not guarenteed.

 

As you can see, these are complicated issue, made more complicated by actions taken by owners and family members before the owners died. 

 

The moral, just because you think you have the right to sell a house in probate, that does not mean you do. Be sure and consult a Probate Attorney and a Realtor who understand Probate Sales before you proceed.

 

If you have any questions about selling a home in Probate or need a Probate Realtor in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

Read more…


As a realtor who specializes in Probate sales I have recently been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

 

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

 

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales. To see First Example click here

 

Second Example:

 

Mom owns home in Pacifica in a trust free and clear after Dad passes. She needs money for daily living expenses so she takes out a reverse mortgage.

 

Eventually she is unable to care for herself. She takes the house out of the trust and gives half to Daughter 1 as joint tenant so daughter has right of survivorship and right to sell house to pay Mom’s assisted living expenses.

 

Mom’s health gets worse and she needs to be moved to assisted living. Mom and Daughter 1 decide to sell the house to pay for the finest assisted living they can find.

 

Mom moves to assisted living and 3 days later dies.

 

Daughter 1 wants to sell the house which has plenty of equity that was not used to take care of Mom, so she plans on splitting it with Daughter 2 and Son 1.

 

Reverse mortgage company says “Hold Your Horses.” You had no right to change title of house without our knowledge. They claim:

 

Reverse mortgages are for senior home owners only, not their children. Daughter 1 should not have been on title because she was not given permission by Reverse Mortgage Company.

 

Joint Tenancy is an equal partnership between all parties. All partied must be equally responsible for any liens/mortgages on the home. Only Mom was on the loan so she should have been the only one on title. 

 

You can see the problem here.

 

I suspect this one ends up in Probate Court with Court Confirmation needed instead of a fast, clean easy sale.

 

Tomorrow I will give you details on other issues that have come up in my Probate sales.

 

If you have any questions about selling a home in Probate or need a Probate Realtor in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

Read more…

Recently I have been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

 

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

 

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales.

 

First Example:

 

Mom owns home in Redwood City free and clear with no mortgage. She has 4 children and wants only 2 of the children to inherit the home. She signs a deed transfer her daughter, not a lawyer, drew up saying that instead of owning the house only in her name she gives 1/3 interest to one daughter and 1/3 interest to one son.

 

Mom dies. Son and daughter think they inherit the house 50/50, but that did not happeb. Deed does not say all three own as Joint Tenants. That would have provided the right of survivorship. Not only that, but daughter as executor of estate can’t sell the house. The 1/3 interest of Mom now has to go through probate and since there was no will all 4 children get to split Mom’s 1/3. Daughter has to be appointed by the Probate Court as Administrator of the Estate before she can sell the home.

 

It gets worse. They have to go through probate, hire a lawyer, and pay court costs for 1/3 interest in a house.

 

The mistake here was not spending the money up front to get advice on how to accomplish Mom’s wish that only two of her children inherit the house.

 

Tomorrow I will give you details on other issues that have come up in my Probate sales.

 

If you have any questions about selling a home in Probate in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

Read more…

Half of Homeowners Underwater on their Mortgage50% of Homes with Mortgages now Underwater


I came across the video below and was shocked to hear that nearly 50% (half) of the nations homeowners are effectively underwater. In times like these, it's important to know that there is help available. If you are a home owner that is struggling to make mortgage payments, I would first suggest that you talk with your bank. They may be able to offer you a few different options. They can sometimes lower your interest rate, offer you a forbearance, or even roll your past due amounts into the mortgage principal.

 

In the event that you need to sell your home due to your financial situation, I would be happy to discuss if a short sale might work for you. This is a process in which we work with your bank to sell your home for less than you owe on the mortgage. Does your home qualify for a short sale? Fill out our Short Sale Home Evaluation Form to find out.

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