So, you all have been very helpful when it came to the Life Insurance question. Good news! I found a policy! Bad news! It's so small that it barely covers the cremation expenses, of which I paid out of pocket. I've now tallied up his assets and his debts, and the debts far outweigh the assets. Like, there'll be enough to recoup my costs for the cremation, but really not a lot else. Now, I know that I'm not liable for his debts, but how do I communicate to the creditors that the Estate is Insolvent, and consequently they're not getting paid? [more inside]
So I've read a lot of horror stories about timeshares, and it just doesn't make sense that our legal system lets anything that insane exist, seemingly without any restrictions. Can someone with some legal knowledge (or personal experience) explain them to me? I'm not looking for legal advice (thankfully don't need it), I'm just curious. [more inside]
I own an apartment in New York City, which I need to rent out. I found tenants who seem to be lovely people, but I'm struggling to decide whether or not to be concerned about their finances. [more inside]
The treatment I get from estate agents in the UK is almost as though they are not looking for business. I have been trying to buy a house for over a year and find estate agents to be surly, often not returning calls. How do I make clear my interest and what should I do to make sure I am treated well and fairly by estate agents in the UK?
Does anyone have experience using college loans for buying property to live in while attending school? I'm looking at buying a 2-5 acres for about $25,000 to $40,000, putting up a DIY cabin shed in lieu of throwing all my money at rent over the next 3 years. [more inside]
My father passed away in 2014 (in TX, if it matters). I am the only heir and my mother pre-deceased him. My father's estate includes the house he lived in. It was fully paid off. There was a court ruling (Dec '14) affirming that I am to inherit his property and that I am the executor of the estate. Do I now own the house? Or is it technically owned by the estate until the (non-mortgage) debts are all finalized? [more inside]
My neighborhood is in a crazed real-estate frenzy. Every other house is for sale. Every other house is being torn down and rebuilt. It is like a nonstop construction zone around here. Would it be illegal for me to put up a phony "For Sale" sign to tease the manic speculators? [more inside]
Do you have to involve a real estate agent in a deal if you didn't sign a contract with them, but they showed you the house? [more inside]
My wife and I will (hopefully) be buying our first home in the near future. We've identified a great place, however the sellers want to do away with real estate agents to save on the 6% commission, since they've already identified a willing and able buyer (us). Complication: I've never bought a house before and am nervous about not having someone to hold my hand. Advice? More details below. [more inside]
My husband and I are saving for a down payment for an apartment. We (as many people in our income bracket) are feeling the heat of just not having enough to compete in the market. Hoping to cut through the rabble and get some feedback on recent buying experiences from people who have been successful in going through the process. We have some specific issues that we are hoping to get feedback on, contained within... [more inside]
I'm finally ready to put my Memphis house on the market again, so have to find an ethical, skilled professional realtor there (I live 3 hours away). Ideally this would be someone who learned the business, and performance standards, in at least one other major American city. [more inside]
I have been going to a number of estate sales lately, and they always vary so much. I have a number of questions about structure and what-not, and I am hoping that people who either have run them, have worked for companies that have run them, or have used companies to run them, might be able to help me. [more inside]
Last year, little baby iminurmefi was born, and while I know that there's a grace period where you can say "I just had a baby!" to excuse temporarily dropping the ball on all sorts of life stuff, it's about year past when my husband and I should have gotten our crap together and done that legal... stuff (that's the technical term)... that you're supposed to do when you have a kid and a house and assets and newly-complicated taxes. Estate planning, I guess? I know AskMe can't do this for me, but I am a bit lost as to what sort of professional(s) I need to hire here. [more inside]
I'm considering buying residential property to rent out, either in Portland, ME or Orlando, FL. Quite different scenarios, so the decision isn't really apples-to-apples. [more inside]
I got a call from a client today who saw an apt with another broker. This broker has the same listing as me but is in another office (the owner of the property is using both of our offices - neither of us have exclusivity agreements). [more inside]
I am saving up for the down payment on a co-op apartment here in NYC. I'll estimate the sum of said payment to be in the $30-$50K range, based on current co-op prices and a down payment requirement of 20%. [more inside]
I'd like to know which real estate agents have actually completed/closed on houses/property in a particular county, say in the past 12 months or calendar year. [more inside]
We are considering a move to Seattle from the Bay Area. Last year we took ourselves out of the house-hunting game down here due to the crazy market here. What can we expect from Seattle? [more inside]
The house values quoted to us are all over the place! [more inside]
My mother passed away earlier this year and left behind a large camel collection. Very large. (We're talking 10000+ objects.) After keeping a few to remember her by, what do I do with it? [more inside]
My father has asked me to help him set up an eBay store for some estate sale type items and I'm looking for current advice on all things eBay. [more inside]
I'm writing my will, and I'm planning to donate pretty much my entire estate. Places on my radar are: ACLU, Planned Parenthood, and Lambda Legal. I know there are tons of other great organizations out there, but I don't know who they are, so please tell me about them. I am interested in anything progressive/social justice-y.
It's okay with the estate, but now I need to deal with the car company. How do I make sure that I can take over the car loan of a dead relative in order to keep the (sentimental) car, keeping in mind bad credit and not enough money to pay it off entirely? [more inside]
Greetings! My LLs are about 85 and seem to be over being LLs. There are 11 units in my building, 3 of which were rented for the year, we had a 4th tenant but she moved out the 4th month. I secured all of these tenants. My LLs obviously could have made a lot more money if they rented all the units. I can easily get tenants and have no problem doing so, the only obstacle is the LLs, they do not get back to emails and lose many of the renters I get (I show them the unit and it takes the LL 2 weeks to email back). [more inside]
This question is following up on one I posted almost a year ago, trying to arrange sale of house to tenants who could not qualify for a bank loan (a resounding NO to self-financing and promissory note). If at all viable, I will follow up with an attorney; otherwise I will let it go. Here's the idea: They can now qualify for a $130K loan. The house is zestimated at $170K. What about selling them a right of first refusal for $40K to buy the house at $130K? They would pay me up front for the right and for my promise to make the house available within x time for them to exercise that right. They would of course still have to come up with a down payment for the bank/mortgagor, but I think it's more their credit than their cash flow that has been a problem in the past. Even as I type this I'm imagining Murphy's Law kicking in, but seems riskier for them (buyers) than for me.
Hi, hubby and I are looking to sell our house. We have a traditional agent that we've used in the past, but we don't want to use her again. We aren't ruling out using another local agent, but since we're both tech savvy and used sites such as Redfin extensively during the browsing stage, we are thinking about using a Redfin agent. Other than lower commission, the other perks like free professional photos is certainly nice to have. But other than agent's reviews on Redfin's own site, I can't seem to find stories of other people's experience using Redfin agents to sell properties. Stories of people using Redfin agents from the buy side seem to be more common. So I'm posting here to see if any MeFites who have used/know someone who have listed properties with Redfin, both pros and cons of going this way. Thanks!
YANL, YANML. I presently am on the deed to a house with a family member. We are joint tenants with full rights of survivorship. My family member holds the mortgage note entirely in his name. Other members of my family are becoming increasingly more aggressive in regards to me moving the mortgage into my name (which may not financially/credit wise be feasible). My question is that I'm planning to get married later next month. Is there any benefit to me - to protect my interests in the property - to get married sooner? [more inside]
My husband and I are thinking about having a home built -- a production home -- in one of the many subdivisions in our growing area. We have purchased a home before (and sold it later; not in our current area) but it was older and had been flipped. What do we need to know about the production home process? [more inside]
Does anyone know the skinny on CU Community, a credit union lender based in Springfield, MO? [more inside]
There is an 4-story commercial office building that we'd like to sell. The building's tenants are professional businesses. We'd like to sell the building as soon as possible. Teach us how? [more inside]
OH HAY it's another prenatal question. Pursuant to getyourshittogether.org, I am trying to put those pesky ducks in a row before August. What kinds of documents, topics, etc. should we include in an estate plan et. al.? And what should we add (e.g. life insurance) to solidify things a bit more in case of Bad Things Happening? [more inside]
Looking for an estate attorney so good it’ll make us forget how our last estate attorney shamelessly ripped us off. [more inside]
My partner's father, a professional artist, passed away last year. We are now responsible for his work, including many large paintings (over 7 ft high), along with smaller paintings and works on paper. His father wasn't selling many paintings in recent years, so we don't think there's much of a market for them. He was an art professor for many years and had some nice residencies and reviews throughout his career, but as far as we know, he wasn't working with a gallery or dealer in the last few years. [more inside]
My mother bought a townhouse before the housing bubble. She lost her job two years ago and is having trouble paying the mortgage. What's the process for selling the house and what do we have to lose? [more inside]
I've been living in Brooklyn Heights for two years. It's expensive and kind of boring, but definitely very safe. I'm moving soon and found a place I love in Clinton Hill close to Pratt. I love the beautiful architecture and artsy vibe. I was ready to sign a year's lease but then I did a bit of googling and found out that Clinton Hill and Fort Greene were found to be the 6th most dangerous neighborhood in NYC. Is Clinton Hill really that dangerous? I am a 95 pound woman in my 20s, not super street smart, but familiar with the Subway and Brooklyn in general. Is moving to Clinton Hill a bad idea? Am I doomed to moving to Park Slope instead just to be safe? Will I be okay in Clinton Hill as long as I don't walk home alone at midnight - which I do in Brooklyn Heights now? Or conversely, is it on the dangerous level of not walking alone any time after dark?
A relative passed away this Summer who was the executor of an estate that was "finalized" 20 years ago. Now there are new assets found from the estate. Is the relative's surviving spouse the new executor? [more inside]
I'm looking to rent a room in Brooklyn/Queens ASAP but I know very little about the city. I have a place to stay for a few weeks when I move down there on the 17th of this month but after that I'm pretty much on my own. How can I educate myself in the meantime so I know what to look for when I'm reading craisglist ads? Also, suggestions for good apartments based on what I'm looking for? [more inside]
I'm seeking as many opinions as I can get from people with knowledge of financial advising and/or trusts & estates and/or estate planning, about what my parents (in their 80s) ought to do with their $250,000 in liquid assets. I'm NOT looking for the kind of detailed plan we'd get from an advisor whom we hire; I'm looking for short, quite general, common sense answers (such as "These ONE OR TWO types of instruments are good/bad; all others are to be avoided/considered.") I'm also looking for as many answers as I can get. In order to get that assortment of answers, I want to disclose only a very few specific things about the folks: 1. they currently rent an apartment; they do not own a home. 2. they are in their 80s--relatively healthy and can drive, shop, take care of themselves, but I'm not sure how long that'll last. I'd like to see them in a retirement community within a couple years. 3. Their only income (which doesn't amount to much) is social security. 4. They lose about $2,100 in total expenses every month. That's just about equal to what they take in each month. 5. Their one and only significant asset is a liquid $250,000. Okay, at their age, and considering all the above, WHAT IS/ARE THE MOST PRACTICAL THING(s) THEY SHOULD DO WITH THAT LUMP OF LIQUID MONEY? THANK YOU from their worried adult child with a family of my own!
A relative of mine died a over two years ago, leaving a very small estate and a small trust. There were various delays, so the trust was in stasis for nearly a year. The delays have been resolved, but I cannot get the trustee to pay out the funds. What do I do? [more inside]
How do I tell my sister I'm selling our mother's cello? [more inside]
Someone I know has been asked to serve as a resident agent, in an estate probate case where the estate's administrator does not live in the state where the probate is venued. What could possibly go wrong? [more inside]
My mother has asked me to help her with setting up a trust for some assets. I get that I should contact a lawyer, but where should that lawyer be based? [more inside]
Death and DIY-filter! My dad, who is older but is not quite elderly or in dire straits with regards to his health, has always expressed a wish to be buried in as natural a way as possible. Think '1920s home burial with family dug grave' instead of 'put me in a biodegradable box made from reclaimed, waste wood fiber next to fifi the cat in a manicured cemetery' and you'll have the gist of what he's thinking. What are the ins and outs of making this happen? Look inside for specifics regarding our family situation/location/skillset... [more inside]
Should we consider an ARM in the current mortgage market? [more inside]
Due to a ridiculous series of events, I am in quasi-possession of some land in Huerfano County, Colorado. Due to what I understand is a Colorado-specific difficult process of inheritance, the land (in my late wife's name) is more expensive to transfer to me than it is worth and since it is in her name, I can't even gift it. It costs me $100 or more annually to hold onto this acreage, and I am considering abandoning it. [more inside]
I am getting ready to buy a property in toronto-- it's a renovated condo. The condo is under the York Condo Corporation and Pro-House management. I am new to this market, and the internet is filled with things these companies say about themselves. So I am looking to the hive mind: do you know anything about these companies? their reputation, your experience, stories you've heard...anything. PM is welcomed too, if you feel inclined. thanks!
The decedent was a resident of Maryland and died in Maryland. All of his assets were held jointly with his wife, or else named her as sole beneficiary, and therefore pass by operation of law. He had no real estate, no car, and no personal property of any significant value. He had no liabilities (no credit card balances, mortgages, medical bills). He left a will, naming his wife as sole legatee. I see that filing a will with the Maryland Register of Wills is required. What's the downside to not doing so? [more inside]
What are the pros and cons of self-financing the sale of my house to the tenants? They are excellent tenants and love the house, would buy it except that their credit is wrecked from husband not paying taxes. As I understand it, if they pay me a down payment, I would transfer title to them in exchange for a promissory note for the balance of my mortgage, and they would continue to pay me monthly, payments which I continue to turn over to the mortgagor bank. [more inside]
Husband and I are seeking a rental home. We found a nice house and the landlord has invited us to apply. Last time we applied for rental the property manager had us do a credit/background check via an online service. This new landlord gave us a paper form asking for SSN, DOB, our checking and savings account numbers, employment history, and other info. The landlord is an older person with a couple investment properties. I'm sure this is not a scam, but I am reluctant to hand all my ID and bank numbers to a stranger. Advice? Anyone know a simple, reputable online background checking service that I can suggest to this landlord? We would pay the fee. My goal is to make the landlord comfortable so we can lease the house. The Seattle rental market is very tight. This landlord has his pick of many worthy applicants. We have excellent credit, references, etc.
Yes, I know everyone will tell me to get a lawyer. Anyway, has anyone ever broken a joint tenancy on a piece of property? [more inside]