Financing in Brooklyn>Question Details

F. Hutch, Home Owner in 92694

Executor's Loan? Has anyone heard of this and how do I find info

Asked by F. Hutch, 92694 Fri Apr 13, 2012

Hello Everyone,

I NEED ADVICE PLEASE! Please forgive me for this being long.
I have inherited a 3 fam brick in Brooklyn.
A little history on the house before my question:
1. There was only one tenant that took over the house (after my mother passed), and started illegally renting to other tenants and collected rent(s).
2. The squatters of course have not paid any of the utilities, therefore, there is outstanding debt of about 30K in liens
3. It has taken me a year and a half to finally evict all eight (8) tenants...house is vacant.
4. The squatters have completely torn the house up (put up walls, took down walls)....it needs work, mostly cosmetic.
5. The house has been on the market for 6 months with 5 offers from investors looking for a deal.
6. The house has equity
Now for the question....

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Answers

2
Anna M Brocco’s answer
Begin by consulting with an attorney who specializes in real estate, and with any licensed loan officer. Unclear is your property listed with an agent, and if so, have you reviewed comps--recently sold similar properties in the immediate area; one needs to review such data before accepting any offers, or consider a hiring a professional appraiser. If you don't have an agent, consider the idea, he/she will best guide you....
0 votes Thank Flag Link Sat Apr 14, 2012
Dear Dazed and Confused:

If you Google the term "executors loan" you will get a bunch of information on that. You also should speak to an attorney here in Brooklyn to help guide you because real estate law varies from state to state.

With regard to whether you should sell now, it all depends on what type of offers you are getting and what type of property this is (lot size, building size, legal use and condition). If you want I can put together a comparative market analysis for you which will give you an idea as to how much the property is worth on today's market.

Feel free to contact me if you want to discuss this further. I would love the opportunity to help you. Good luck!




Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Fri Apr 13, 2012
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