My sister was single with no children and died unexpectedly in an accident back in 2008. I became executor of her estate, for which there is no money.
At the time of her death, she had a mortgage and credit card debt. I live in the same state that her home is in but in a different city. Her mortgage company has been hounding me for the past 5 years even though I have no ties to this property. We had originally obtained a probate attorney who notified creditors and did an inventory of the estate. We had even sent a cease and desist letter to the mortgage company.
This house has remained vacant all of this time, and the mortgage company has now sent me a letter stating they are willing to "settle" for $47,000. The house is worth around $140,000. The exact condition, having been vacant, is unknown, but I personally shut the water off shortly after her death. The house is well known to me and had been kept up prior to her death. I am also capable of doing most repairs myself. I even called the city to find out about back taxes, and it turns out that the mortgage company/escrow has been paying the taxes for the past 5 years (seriously!).
My question is: Should we purchase this property as a real estate investment, i.e. rental property or flip it, or not get involved at all and just let it go? I hate to let an opportunity of real estate slip by, but then again I don't want to open a can of worms by getting tangled up in the unsettled estate issues. I am looking at this opportunity as a big part of my retirement plan. I am currently 49 years old.
I would greatly appreciate your advise. Thank you.
1 Answer from Attorneys
Hello. This is a matter for which it is appropriate that a private attorney provide the person in need of legal assistance with detailed counsel and advice and guidance. Much to be discussed. The person seeking counsel is welcome to contact me to discuss forming arrangements for counsel and help.
Tricia Dwyer Esq
Tricia Dwyer Esq & Assoc PLLC
ESTATE PLANNING LAW
REAL ESTATE LAW
WILLS - TRUSTS LAW
LANDLORD TENANT LAW
SMALL BUSINESS LAW