Real Estate

I have been looking at Realestate ads online and some of them list SSDL under comments, what does this mean?

There is no "standard" in the real estate business for that per say, however there is that abbreviation when you are looking for aparments or homes to rent – the owners or landlords require a social security and drivers license to rent or view (SSDL).

My uncle is the executor of my grandparents estate and the Will states the the assest are to be devided equally between my father and him (a strait 50/50). My uncle has refused to communicate with my dad and has sent letters to the realestate agent and title company demanding that they write one check for the propertiy being sold to him; moreover, he tells them that they cannot give him (my father) the name of the estate attorny(who drafted the Will), nor the title company or any information whatsoever regarding the sale of this property, or the other property that is listed.
What he is planning to do is keep a 100% of the proceeds so he can buy a house cash as he has been living with my grandparents, and feels that although my father has a mortgage he should not. Then when and if the cabin sells ( the second property) split that with my dad to even things up, whenever that happens.
This is in Minnesota

In what state is probate occurring?

EDITED BASED ON ADDITIONAL INFORMATION:

By the way, the entire probate code can be found here:
http://www.revisor.leg.state.mn.us/revisor/pages/statute/statute_chapter_toc.php?chapter=524
Under Minnesota Probate code(s) you have the right to demand the executor submit a Performance Bond as per the following:

524.3-605 DEMAND FOR BOND BY INTERESTED PERSON.
Any person apparently having an interest in the estate worth in excess of $1,000, or any creditor having a claim in excess of $1,000, may make a written demand that a personal representative give bond.

The demand must be filed with the court and a copy mailed to the personal representative, if appointment and qualification have occurred. Thereupon, the court may require or excuse the requirement of a bond. After having received notice and until the filing of the bond or until the requirement of bond is excused, the personal representative shall refrain from exercising any powers of office except as necessary to preserve the estate.

Failure of the personal representative to meet a requirement of bond by giving suitable bond within 30 days after receipt of notice is cause for removal and appointment of a successor personal representative. An interested person who initially waived bond may demand bond under this section.
History: 1974 c 442 art 3 s 524.3-605; 1975 c 347 s 49; 1986 c 444

You also have recourse under the following:
524.3-713 SALE, ENCUMBRANCE OR TRANSACTION INVOLVING CONFLICT OF INTEREST; VOIDABLE; EXCEPTIONS.
Any sale or encumbrance to the personal representative, the personal representative’s spouse, agent or attorney, or any corporation or trust in which the personal representative has a substantial beneficial interest, or any transaction which is affected by a substantial conflict of interest on the part of the personal representative, is voidable by any person interested in the estate except one who has consented after fair disclosure, unless

(1) the will or a contract entered into by the decedent expressly authorized the transaction; or

(2) the transaction is approved by the court after notice to interested persons.
History: 1974 c 442 art 3 s 524.3-713; 1986 c 444

And FINALLY, it seems that the representative may be in violation of the following:

524.3-715 TRANSACTIONS AUTHORIZED FOR PERSONAL REPRESENTATIVES;
EXCEPTIONS.
Except as restricted or otherwise provided by the will or by an order in a formal proceeding and subject to the priorities stated in section 524.3-902, a personal representative, acting reasonably for the benefit of the interested persons, may properly:

(1) retain assets owned by the decedent pending distribution or liquidation including those in which the representative is personally interested or which are otherwise improper for trust investment;

(2) receive assets from fiduciaries, or other sources;

(3) perform, compromise or refuse performance of the decedent’s contracts that continue as obligations of the estate, as the personal representative may determine under the circumstances. In performing enforceable contracts by the decedent to convey or lease land, the personal representative, among other possible courses of action, may:
(i) execute and deliver a deed of conveyance for cash payment of all sums remaining due or the purchaser’s note for the sum remaining due secured by a mortgage or deed of trust on the land; or
(ii) deliver a deed in escrow with directions that the proceeds, when paid in accordance with the escrow agreement, be paid to the successors of the decedent, as designated in the escrow agreement;

(4) satisfy written charitable pledges of the decedent irrespective of whether the pledges constituted binding obligations of the decedent or were properly presented as claims, if in the judgment of the personal representative the decedent would have wanted the pledges completed
under the circumstances;

(5) if funds are not needed to meet debts and expenses currently payable and are not immediately distributable, deposit or invest liquid assets of the estate, including moneys received from the sale of other assets, in federally insured interest-bearing accounts, readily marketable
secured loan arrangements or other prudent investments which would be reasonable for use by trustees generally;

(6) acquire or dispose of an asset, including land in this or another state, for cash or on credit, at public or private sale; and manage, develop, improve, exchange, partition, change
the character of, or abandon an estate asset;

(7) make ordinary or extraordinary repairs or alterations in buildings or other structures, demolish any improvements, raze existing or erect new party walls or buildings;

(8) subdivide, develop or dedicate land to public use; make or obtain the vacation of plats and adjust boundaries; or adjust differences in valuation on exchange or partition by giving or receiving considerations; or dedicate easements to public use without consideration;

(9) enter for any purpose into a lease as lessor or lessee, with or without option to purchase or renew, for a term within or extending beyond the period of administration;

(10) enter into a lease or arrangement for exploration and removal of minerals or other natural resources or enter into a pooling or unitization agreement;

(11) abandon property when, in the opinion of the personal representative, it is valueless, or is so encumbered, or is in condition that it is of no benefit to the estate;

(12) vote stocks or other securities in person or by general or limited proxy;

(13) pay calls, assessments, and other sums chargeable or accruing against or on account of securities, unless barred by the provisions relating to claims;

(14) hold a security in the name of a nominee or in other form without disclosure of the interest of the estate but the personal representative is liable for any act of the nominee in
connection with the security so held;
(15) insure the assets of the estate against damage, loss and liability and the personal representative against liability as to third persons;

(16) borrow money with or without security to be repaid from the estate assets or otherwise; and advance money for the protection of the estate;

(17) effect a fair and reasonable compromise with any debtor or obligor, or extend, renew or in any manner modify the terms of any obligation owing to the estate. The personal representative on holding a mortgage, pledge or other lien upon property of another person may, in lieu of foreclosure, accept a conveyance or transfer of encumbered assets from the owner thereof in satisfaction of the indebtedness secured by lien;

(18) pay in compliance with section 524.3-805, but without the presentation of a claim, the reasonable and necessary last illness expenses of the decedent (except as provided in section 524.3-806 (a)), reasonable funeral expenses, debts and taxes with preference under federal or state law, and other taxes, assessments, compensation of the personal representative and the personal representative’s attorney, and all other costs and expenses of administration although the same may be otherwise barred under section 524.3-803;

(19) sell or exercise stock subscription or conversion rights; consent, directly or through a committee or other agent, to the reorganization, consolidation, merger, dissolution, or liquidation of a corporation or other business enterprise;

(20) allocate items of income or expense to either estate income or principal, as permitted or provided by law;

(21) employ persons, including attorneys, auditors, investment advisors, or agents, even if they are associated with the personal representative, to advise or assist the personal representative in the performance of administrative duties; act without independent investigation upon their
recommendations; and instead of acting personally, employ one or more agents to perform any act of administration, whether or not discretionary;

(22) prosecute or defend claims, or proceedings in any jurisdiction for the protection of the estate and of the personal representative in the performance of duties;

(23) sell, mortgage, or lease any real or personal property of the estate or any interest therein, including the homestead, exempt or otherwise, for cash, credit, or for part cash and part credit, with or without security for unpaid balances, and without the consent of any devisee or heir unless the property has been specifically devised to a devisee or heir by decedent’s will, except that the homestead of a decedent when the spouse takes any interest therein shall not be sold, mortgaged or leased unless the written consent of the spouse has been obtained;

(24) continue any unincorporated business or venture in which the decedent was engaged at the time of death (i) in the same business form for a period of not more than four months from the date of appointment of a general personal representative if continuation is a reasonable means of preserving the value of the business including good will, (ii) in the same business form for any additional period of time that may be approved by order of the court in a formal
proceeding to which the persons interested in the estate are parties; or (iii) throughout the period of administration if the business is incorporated by the personal representative and if none of the probable distributees of the business who are competent adults object to its incorporation and retention in the estate;

(25) incorporate any business or venture in which the decedent was engaged at the time of death;

(26) provide for exoneration of the personal representative from personal liability in any contract entered into on behalf of the estate;

(27) satisfy and settle claims and distribute the estate as provided in this chapter;

(28) foreclose a mortgage, lien, or pledge or collect the debts secured thereby, or complete any such proceeding commenced by the decedent;

(29) exercise all powers granted to guardians and conservators by sections 524.5-101 to 524.5-502.
History: 1974 c 442 art 3 s 524.3-715; 1975 c 347 s 55; 1986 c 444; 2004 c 146 art 3 s 42; 2006 c 221 s 21

That is all I can give you for now. I would need more exact information. I would suggest however that you contact the real Estate agent’s broker (or have your attorney do so) and inform them that the sale of the home MUST comply with the above statute otherwise, they are notified that any further proceeding without establishment of an escrow in favor of all parties with standing to inherit under the will, will be in clear violation of the Probate code and will serve to include the Broker in the eventual lawsuit.

my brother is repairing one an he dosnt know wehat hes doing the other one my other brother is gona buy taxes an ins an utilitys are being payed out of the estate an neither house was listed yet. there was enough money from the stocks an ins that was cashed in an put in a bank acct to hire the repairs i get no imfo on any of the bill shouldnt i have been notifyed about all repairs an shouldnt these houses been listed in realestate by now what can i do the money is being wasted because its not being handled properly.

If your brother was appointed as (and has been certified by a probate court as) the official executor for your mother’s estate then there will have to be a final accounting to the probate court in order to make a final judgement as to the distribution of assets in the estate. That does not mean that your brother has to get your permission or even inform you of every penny he spends in order to, say, prepare property for sale by the estate in order to convert the property into a cash asset of the estate. Different states do have some exceptions regarding claims of bad faith expenditure claims against an executor(s). The best thing to do is to consult with an attorney who is experienced in probate matters. If you challenge your brother’s handling of your mother’s estate, then you *must* make sure that there is no clause in her will regarding challenges by anyone named as a receipient of property from her estate. Some people will add such a clause to the effect that will eliminate your rights to any of her estate if you file a challenge. Best to consult with an experienced attorney.

I know they dont require the basement area.The area given in real estate listing is very different if you calculate on your own with the mathmatical formula= lenth * breath. If you can also tell me how realestate people calculate area of the house. They just give you the range and no body knows what is the exact area and what it covers.

Well, there’s such a thing as a "Boeck residential square foot estimator".

What you do, is measure the outside of the house, ground floor. If it’s 2 full stories, you double it – that’s the square footage. You’re right, you don’t count the basement – there’s ANOTHER place where you factor in the basement, if it’s finished, if there’s a garage there, whatever.

Your agent can SHOW you exactly how the replacement value was calculated.

REAL ESTATE listings tend to measure the INSIDE of the rooms. They don’t include bathrooms, hallways, foyers, closets, etc, just the inside measure of each room (not the two square feet BETWEEN the two rooms), and add them together. However, that’s USABLE SPACE. Insurance companies don’t REPLACE usable space, they replace WALLS. So you measure the outside of the walls.

My wife and I moved to a new city 3 yrs ago for my new job. I am now able to work completely remote and we would like to move back to our home town, but the realestate market here is very poor. We really can’t think about a new home untill we feel confident ours will sell.

Any one have any alternates to listing and selling the home? Its been on the market for almost 4 months now.

Bridge loans do not look like that good of an idea, but any opinions on these?

Thanks in advance.

You have the wrong real estate agent. How long did you sign your listing for 180 days? You should have signed a 60 day lease with a 30 day roll period if you were pleased the agent was doing all in his power to sell the property. Never give more than 60 days.

Now in answer to your question about an alternative plan for your house that you want to do something with. Are you relying on this house’s equity to purchase another house in your home town?

If not then I would lease it with an option to purchase (buy) Advertise this in the local paper. This way you will be able to get a small down with a known term that you can rely on. A down payment is normally between 3-5% Non-refundable even if they do not take their option.

If they refuse or can’t exercise their option, you can offer them another new option with another down payment or get others on a new lease, doing the same thing over again.

If you feel comfortable leasing it for 2-3 years do so, make sure that your contract with the person leasing the property has a clause that all landscape is the responsibility of the person leasing the property. Also all repairs under $100.000 are the responsibility of the person leasing the property. Other damages will be negotiated at the time of the occurrence.

This will keep the maintenance calls down to a minimum, so you can have peace on weekends.

You can designate that a certain amount of the rent will be held toward the down payment of the property if and when they decide to exercise their option.

You can find lease agreements at Staples or Office Depot or any other stationary store. You may add or take away what you want to say or not say in the lease agreement. Specify the number of people that will be living there if you will allow pets and how long guest are allowed to stay (Normally 30 days) If you are going to leave any appliances there make sure they understand they will not be replaced at your expense.

There is nothing secret or so impeling about a lease that you would need any help in doing so. A person with good common sense can accomplish it without problems.

In your search for someone to lease your place you must interview them, find out about their ability to pay(Look at paystubs and 2 yrs of W-2 from each adult on the lease), length of time they have been on their job Telephone #, call Human Relations. to verify that they issued the W-2 as pay stubs. Ask for a couple of month of bank statements this will prove that they have enough for the down payment you ar asking for so that they may exercise their lease.

After you have found someone to lease the place, both you and them ahve signed the lease, give them a move in date, a set of keys and turn off all utilities.

I hope this has been of some use to you, good luck

"FIGHT ON"

Please separate list by city, new home builder, real estate and mortgage company. Ideally, would like name, address, phone number and website. But, I would be satisfied with just names. thx

List of builders:
http://www.americanhomeguides.com/buildersearch/Ohio/

Local lenders:
http://mortgages.interest.com/content/lenders/index.asp

Real estate agencies: (keep in mind these are advertised site, so you might need to check out a few to get a more completed list)
http://realestateagencies.net/search/
http://www.relo-experts.com/
http://www.realestateagent.com/directory/

I have a home worth 550,000. I owe 187,000. I only need to borrow around 20,000 to hold me over until I sell my house. I just listed it with a realestate agent. Everone I talked to wants to refinece the whole loan.

Home equity lines of credit require higher scores, and that is probably why everyone is recommending that you refinance the entire loan. I say probably, because they will most likely also make more money by refinancing your entire loan. Have you completed an application and pulled credit? … you have so much equity I would think there’s a chance.
regards

I would like to find a home listed as a foreclosure home without going through some scam on the computer. Does one just go to the bank or a realestate agent and ask for a listing of these types of homes?

There is typically a local newspaper that runs all the legal notices of the homes that are foreclosing and will be sold at public auction on the courthouse steps. Talk to someone at the courthouse prior to the sale to see what they require, and see if they have done any records search to determine if the property has any other liens besides the defaulted mortgage.

You can also contact a Realtor to get a listing of foreclosed or REO (real estate owned – bank owned properties that did not sell on the courthouse steps) properties that are available for sale in your area. This might be a better option if you are not familiar with contracts and negotiating with banks.

Good luck!

My friend has a house which is partly renovated. Half a new kitchen, air conditioning, new window frames, large shed but no working hot water system or cooking facilities, leaking roof and generally dirty and untidy and inhabited by mice. She has no money to complete it. Does the realestate agent have to list it and how does he work out its worth?

To base a listing price several things are appraised.
1. Location, school district, is it by noisy streets, highways
2. Curb appeal, does it look nice and neat and inviting when you drive up, making you picture yourself living there?
3. Has it been updated, appliances, flooring, roof, a/c bathrooms.
4. Is there sufficient storage and closet space.
5. You can talk with an appriaser and they will let you know what to look for.
Also, you might tell your friend she may qualify for a low low interest loan from HUD to help get her house finished and make it liveable. She does not have to have a real estate agent to sell it, but she would do good to get one to keep her from getting raked over the coals.
I would check into the HUD thing though, you can go online and see all the programs they have.

Find The Best Builders List only on www.2letservice.com