[WSBAPT] WSBAPT Immediate Sale of House (Inge Fordham)

Thu Aug 24 12:51:58 PDT 2023

I agree it's such a sad thing when people are serving their own interests
in context of a grieving family.

Realtors pushing like this against common practice are often just looking
for their commission. Not that this makes them bad people, we all need to
put food on the table - but clearly putting her interests over those of the
client. (And sometimes people are just of that nature, have to get
everything done RIGHT NOW).

What stood out to me is this idea that she wants to use the appraisal "she"
(the realtor) obtains as fair market value, as she does have some
self-interest in this and I suppose that just makes me itchy. I would get
an independent appraisal, all the better to support neutrality later.

I see nothing wrong with selling earlier - after all, the property is sold
one way or the other. With today's market, it's anyone's guess whether
prices go up or go down - but I do think it's fair to say you know it's a
strong market now, so want to take advantage while that's true, in case of
a crash/adjustment in the market. There is so much national financial
insecurity and fluctuation, together with still quite high prices despite
the increasing interest rates, that is always a risk. So a totally
justifiable decision to sell and hold the money pending resolution of the
estate.

Just do it on your terms, not hers.

Carmen Rowe

Phone: (360) 669-3576 (direct cell)
Email:  Carmen at GryphonLawGroup.com

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On Thu, Aug 24, 2023 at 11:45 AM <wsbapt-request at lists.wsbarppt.com> wrote:

>
> Message: 1
> Date: Thu, 24 Aug 2023 18:22:08 +0000
> From: Inge Fordham <inge at fordhamlegal.com>
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: Re: [WSBAPT] Immediate Sale of House
> Message-ID:
>         <
> CY4PR2201MB1062612BE49470D87CA841A6A81DA at CY4PR2201MB1062.namprd22.prod.outlook.com
> >
>
> Content-Type: text/plain; charset="windows-1252"
>
> 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.
>
>
> [uc%3fexport=download&id=1W3rEcChy0_E0cCfV5up02mkhwnL6eWIs&revid=0B4P5JoIHdbFaR29EbHlRWHFseFV5STZpSUVGeUNPWldkVDFVPQ]
> Inge A. Fordham | Attorney
> Fordham Law, PLLC
> 3218 Sixth Avenue | Tacoma, WA 98406
> Office: (253) 348-2657 | Mobile: (206) 778-3131
> www.fordhamlegal.com<http://www.fordhamlegal.com>
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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
>
> Heather S. de Vrieze
> Attorney-at-Law
> [cid:image001.jpg at 01D9D67B.B5DB4D30]
> 3909 California Avenue SW
> Seattle, WA 98116-3705
> (206)938-5500
> heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>
> www.westseattlelaw.com<http://www.westseattlelaw.com/>
> Click here to connect with de Vrieze | Carney on Facebook:   [FB Logo] <
> https://www.facebook.com/DeVriezeCarney>
>
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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
>
> Brent Williams-Ruth (pronouns: he/him)
> Attorney-At-Law
>
> Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC
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