Sorry for your families loss. The market in 2013 showed another year of rising home prices. I have lived in SLO North County for 42 yr and work for a local Brokerage in Atascadero. Atascadero is unique in that it is not your typical layout of a town. It is limited in space to grow. In the North County the home prices are 2nd highest only to Templeton. Your decision to sell is best based on your families needs and wants. I would suggest a conversation with an estate planner to see if what your tax liability will be and if you would like to sell in Atascadero. and move the funds to another investment closer to you. Please feel free to call or email with any questions you may have. I am happy to be of service.
Katherine "Kat" Breig
YORK Real Estate Inc.
Fax: (805) 466-3256
What is .. http://.www.iloveslocounty.com
Was wondering what you decided to do with your fathers property? I have a couple buyers I'm currently working with, looking for a home on a good sized lot. Please contact me if you've decided you may like to sell? I would be happy to provide you with comparable sales in the area, so you and your siblings can make an informed decision as to what the home should be sold for.
It is currently a sellers market so it's a good time to sell. Although, you need to consider the tax implications and other things that could impact the proceeds of the sale. Also if rented you will need to consider the repairs needed in order to make the home safe and habitable.
If you have additional questions feel free to check out my website. Thank you for your inquiry.
The market should do well for a few more years.
But do the Sisters want to hold on to the property or have it sold ?
Are you thinking of buying out your sister-in-laws.
It all comes down an Issue on "needs", who needs the money.
As many agents from the Local Area have responded, get in touch with them
and get a reality check.
Figure out your Tax Implications, presently you have exclusions of Taxes upto $5M,
once it become a rental, there are taxes involved, which can be very costly.
I would recommend that you first consult a probate attorney and your CPA regarding an potential tax issues that might arise.
Second I would suggest that you have your CPA and a Realtor prepare a set of possible options with dollars attached.
If a property is vacant there may be an insurance problem, so you need to make sure that you have liability and fire insurance in force. Normally vacant properties are not insured after 30 days. Ask you insurance carrier regarding options.
I also recommend that you have the options passed among the three heirs. There might be one that needs cash now. If so, how would that be handled.
You will want the Realtor to perform an Estimate of Fair Market Value. Less formal than an appraisal, it will tell the approximate range of value for the property now. Then, projecting forward, you can make predictions and estimates.
It is possible that one heir might want to sell their stake to you. How about the on-site property management? The Realtor might be able to recommend a company.
If you opt to rent, what repairs would need to be done. If rental income creates in income property, what are the tax implications? Could the rental income offset the repair costs?
Lots to think about. Come up with a plan that all the heirs agree, put it in writing, know the tax implications when you sell, know what will happen if.....something else happens.
Is is best for us to sell now? That is the 64 million dollar question. I tell my sellers this .... "It's not the BEST time to sell, but it may be the best time for YOU to sell". There are so many variables involved.
Is it vacant? Is someone watching it for you? Do you worry about it? Have you considered renting it out. My company is a full service real estate company and we also do property management. I'd be happy to discuss this with you also. We could do a short term rental until you make up your mind about it. I will be in San Diego the week of Aug 25th visiting my brother and his family in Spring Valley if you need me to bring
anything down for you or if you'd like to meet in person to review comps or meet me in person.
Or I'd be happy to run some comps and email them to you right away. I'd be happy to list your home if that is what you decide to do. You may want to talk to your tax person and your other siblings. Like I said, some
children want to just be "done" with this kind of situation and others want to hold on as an investment. I am
here for you, if you decide to sell. Check out my company website at http://www.SignatureProperties1.com..
Again my condolences.
Connie Winstead, Realtor
I live in Atascadero and know that market well. I would be happy to assist you. I can be reached at 805.596.4479. Please feel free to contact me with any questions or concerns. I would be happy to provide you with that comparative market analysis as well as give you more information about other homes which would be comparable to yours.