[WSBAPT] Immediate Sale of House

Thu Aug 24 11:22:08 PDT 2023

I agree with Heather.  I often advise clients that they may sell real property for the fair market value and advise that they retain all net proceeds in the estate bank account until the end of the probate, after the creditor claim period has ended and all claims have been paid in full.  I am, however, suspicious of the realtor.  Why is (s)he pushing so hard?  What does (s)he get out of it?  Just commission?  Why can’t (s)he wait and sell the property in a few months?  Folks acting in their own self-interest frequently prey on vulnerable families.  It’s a real shame.

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> on behalf of Heather de Vrieze <heatherd at westseattlelaw.com>
Date: Thursday, August 24, 2023 at 11:17 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Immediate Sale of House
Why is the agent pushing for this sale if it is not going to be listed on the open market? Who are the proposed buyer(s)? I would push back on this. I don’t know why a court would support this request either, without more background.

Often it is possible to get an estimate from DSHS of the anticipated lien amount. A DSHS lien won’t itself make the estate insolvent, but if there is any question that their lien will not be paid in full, they would have a thought about the sale price, if it isn’t sold on the open market.

Having said that, I frequently advise clients that it is perfectly reasonable to liquidate assets within the creditor claim period, but only if being done properly and for fair market value. It often helps to have a smaller estate ready to distribute shortly after the claim period is up, especially when markets are uncertain and values may decline during administration and/or the best time/season to sell is shortly after death.

Heather

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Brent Williams-Ruth
Sent: Thursday, August 24, 2023 10:49 AM
To: WSBA Probate & Trust Listserv <WSBAPT at lists.wsbarppt.com>
Subject: [WSBAPT] Immediate Sale of House

Greetings -

I have a client where there is question about overall solvency as they do not know what any total medicaid lien would be and whether there is room for negotiation (keep in mind, we haven't even presented a petition yet).

There is real property - house - with a reverse mortgage and a real estate agent who is pushing them (and subsequently me) to obtain an order from the court granting the right to sell the house for the appraisal value done by the agent as being the "market value" immediately upon opening of probate with the idea that it will save the estate money in additional interest. '

This is a first for me - I have never had a real estate agent pushing my clients to sell immediately. There is a reasonable belief there are no unknown creditors but generally, I advise clients to wait until after the notice to creditor period before selling off assets - especially since the sale is not going to be public. It will never be actually listed on the MLS so whether someone may come and offer more than the list price is unknown.

This makes me uneasy - but at the same time I have covered my own self and will acquiesce to the clients instruction as to I don't believe it to be 1) unethical or 2) illegal.

Would love to hear from the group.

Thank you!
Brent

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