Several years ago we met a lovely woman from Canada. She told us her uncle had always assured her that she was his beneficiary and a living trust was in place. Unfortunately, after her
uncle passed, she learned that there was no trust or will and the estate had to be probated. As she lived in Canada the travel expenses to Pasadena were just one more burden.
This placed an enormous financial burden on her. In probate, it often takes more than three months to open the estate’s bank account and have the ability to pay bills. The niece had limited funds and her Uncle’s accounts were nearly depleted. Over the years her uncle had spent much of the home’s equity and bills were piling up and she was overwhelmed.
The home had not been properly maintained and there was much deferred maintenance. There was nearly $10,000 in dry rot damage. Due to the condition of the home we weren’t confident that a lender would finance. This home was truly a diamond in the rough. We believed an investor would purchase the home either to repair or due to the prestigious location, tear it down. We geared our marketing toward an investor. In addition to professional photography, we hired a measurer to develop a floorplan sketch (would come in handy for a remodel).
Property taxes were delinquent and overwhelmed by bills, the niece needed to sell as quickly as possible. We took over the gardening and utility bills. Our preferred vendors cleaned up the
landscape and had the home professionally cleaned (Harb & Co. was reimbursed at closing through the escrow proceeds). We closed in 35 days for $16,000 over the asking price.