my mom is admin of an estate for half a duplex. the other half is in another persons trust and can't afford to buy her out. what can we do to?

Asked by Ali G, Montebello, CA Sat Dec 4, 2010

sell it Also medi-cal is owed a bunch of money for the care of the person that died. We want to get rid of it because of the taxes and my mom is 85 and doesn't want to deal with it. Are there people who will buy half interest in the duplex? One side is rented the other has been vacant for awhile. Probate law says it supposed to sell for 90% of appraised value which is $175k for the one half. Any creative suggetions on how to get rid of it?

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5
Melissa Krch…, , Rancho Cucamonga, CA
Tue Dec 7, 2010
This is tough. The best suggestion is for you to sell the whole thing since it would be difficult (but not impossible) to find a buyer for just your half. Let me know if you have any questions.
0 votes
Dorene Slavi…, Agent, Torrance, CA
Mon Dec 6, 2010
Dear Ali G.

This is a complicated situation and I understand the financial difficulties, however, it would be in your best interest now to speak with an attorney on this one. Your best bet might be to sell your 1/2 interest to the other party to get out from under this burden.
0 votes
Catherine Be…, Agent, Lawndale, CA
Sat Dec 4, 2010
Ali,

While you can sell partial interest, it is much more difficult to find an interested party - as you can see why. It is best to negotiate an amiable agreement between the two parties who currently own title and sell the duplex in it's entirety.

Feel free to contact me if you need assistance.

Best Regards,
Catherine Bedrossian
Home Sales Pro
(310) 383-4212
catherineb@socalhomefinds.com
http://www.socalhomefinds.com
0 votes
Short Sale D…, , Los Angeles County, CA
Sat Dec 4, 2010
Email me the address and I’ll do a title search and ask my attorney to see how best to go about selling. Is the other owner willing to sell? Is there an association to take care of repairs to the roof and common areas? Is the other owner a relative? Are there any loans on the property?

It seems to me that the best solution is to sell the entire property to one owner....because as long as the property is split in that way, there will always be problems.

Give me a call if you would like to further discuss this. I specialize in selling properties in the Montebello area and have been a realtor for 23 years and a real estate broker for 16 years.

Aida Pinto
Real Estate Broker
Realtor since 1987
(562) 916-3237
Email: PintoRealty@yahoo.com

Websites:
http://www.ShortSaleDiva.org
http://www.ReoLicensedSpecialist.com

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Disclaimer: Disclaimer: This real estate broker is not an attorney at law and this is not legal advise The information given on this site or any other site is solely for informational purposes, please consult with an attorney for legal matters. All information contained in this Broker’s blogs and answers are current and careful attention to accuracies is taken but not guaranteed. © 2010
0 votes
Rob Shiels, , Los Angeles County, CA
Sat Dec 4, 2010
Yes. It would all depend on the way the partnership paperwork and operating agreement is written though. I would be happy to assist with the property and I specialize in multi-families. Feel free to contact me with further questions.

Thank You

Rob Shiels
Realtor
Crescent Realty
12345 Ventura Blvd. Suite M.
Studio City, CA. 91604

Mobile (310) 740-7552
Office (818) 980-5040
Fax (888) 495-6056
License# 01872799
Rob@crescentrealtyla.com
http://www.crescentrealtyla.com
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