We definitely can help you sell your mom's condo for the best price possible. Zillow is a good benchmark, but you need a realtor to do a in depth analysis about the value of the condo. Should the situation turn out to be true that you owe more than the value of the condo than we have a short sale specialist on our team to help you through the process. There is no charge for the service.
If this sounds right for you, please contact me at (305)799-4011 or e-mail me at RealtorOliver@aol.com .
Looking forward hearing from you.
This is going to be a bit complicated,and you are going to need an attorney to help. You have two separate issues to deal with: the first is that because the property is part of an estate, it probably has to go through probate. It may be that because of the situation, the ESTATE can sell the property to dispose of it, since there is not going to be any proceeds to deal with. If that is the case, then the probate court can direct that the property be sold. The second issue is the fact that you are on the mortgage. Again, this is more complex because of the estate, but it is likely that you may accrue some of the fallout from the short sale. What you need to consider is this: if she was current on her mortgage at the time of death, it may be a better strategy to continue to pay the mortgage, while at the same time, pursuing the short sale. Since this is an estate, and since (hopefully) the judge would direct it to be sold, the bank is going to be less likely to be "nasty" about it than if it were her that was in default. And, if the mortgage is current, they may also be willing to forgive you the default amount.
The other problem is potentially the IRS. When the home sold at short sale is the primary residence, the IRS forgives a substantial amount of the default. In this case, because it is an estate, and because you are on the mortgage, you need to find out where you stand in that regard.
Sorry about your lost.
About this question it is a legal matter and you need a Lawyer on this one preferably one with more experience in probates than anything else, as you know they usually says yes we do everything but make sure their expertise is in probates.
I wish you good look.
Sorry for your loss. I have over 15 years experience helping buyers and sellers meet their Real Estate needs. In this case, the fact that your mother left a will greatly simplifies matters as you do not have to deal with going through Probate court nor with conflicting demands on the property. This would have increased your disposition costs due to the legal expenses you would have incurred. However, you do mention that the property appears to be worth $62000 and approximately $77000 is owed on the mortgage. I undersatnd that you are a co-signor on the mortgage so you may possibly want to take this liability off your credit file. The fact that she is deceased does not change the process when dealing with the disposition of the property if it is a short sale. You, as a co-signer, are now fully responsible for the debt and any short sale decision (if the property is actually worth $62000) would depend on your financial situation. Call me or email me when you can and I will gladly discuss the process in detail with you. We need to determine the property value as well as analyze your financial condition to see under what conditions the lender may authorize the short sale. I look forward to hearing from you.
Jose I. Gonzalez PA 305-992-8624
If you were on the mortgage you should of been on the title.
If the balance on the mortgage is 77k and you do not think that you can get at least this amount for the unit then you will need to short sale the property. But, you will also have to contact the bank/lender and see if they are willing to allow the short sale. If you are not on title you should not have a problem since your mother is deceased and the deficiency can not be paid.
If your mother left the unit to you and your brothers was it left in a "trust" if so you can sell it as long as all 3 of you agree and are listed in the listing agreement.
Let me know if you have any other questions.
Keller Williams Realty