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<p class="MsoNormal"><span style="font-size:14.0pt">Inge:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">I think you are incorrect about the decedent’s loan “not remaining in place.” I replied yesterday to a different part of this thread with the following:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">If the granddaughter is a beneficiary of the Estate and if the condo could be a non-prorata distribution of her share of the estate (assuming the values work out when the appraisal is done and the PR knows
the “net” value), then she does not have to qualify for a refinance for the property to be distributed to her.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">Garn -St. Germain is a Federal Act that protects family members of the deceased, as long as they keep the mortgage current after the death of the original person who incurred the mortgage obligation.<o:p></o:p></span></p>
<h1 style="mso-margin-top-alt:2.25pt;margin-right:0in;margin-bottom:7.5pt;margin-left:0in;background:white">
<span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;font-weight:normal">Garn – St. Germain Act 1982</span><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;font-weight:normal"><o:p></o:p></span></h1>
<h1 style="mso-margin-top-alt:2.25pt;margin-right:0in;margin-bottom:7.5pt;margin-left:0in;background:white">
<span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;font-weight:normal">12 U.S. Code § 1701j–3 - Preemption of due-on-sale prohibitions</span><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;font-weight:normal"><o:p></o:p></span></h1>
<p class="MsoNormal" style="text-align:justify;background:white"><b><span style="font-size:9.5pt;color:black">(a)</span></b><span style="font-size:9.5pt;color:black">
<b>Definitions </b></span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="text-align:justify;background:white"><span style="font-size:9.5pt;color:black">For the purpose of this section—
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="a_1"></a><b><span style="font-size:9.5pt;color:black">(1)</span></b><span style="font-size:9.5pt;color:black"> the term “due-on-sale clause” means a contract provision which authorizes a lender, at its option, to declare due and payable sums secured
by the lender’s security instrument if all or any part of the property, or an interest therein, securing the real property loan is sold or transferred without the lender’s prior written consent;
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="a_2"></a><b><span style="font-size:9.5pt;color:black">(2)</span></b><span style="font-size:9.5pt;color:black"> the term “lender” means a person or government agency making a real property loan or any assignee or transferee, in whole or in part, of
such a person or agency; </span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="a_3"></a><b><span style="font-size:9.5pt;color:black">(3)</span></b><span style="font-size:9.5pt;color:black"> the term “real property loan” means a loan, mortgage, advance, or credit sale secured by a lien on real property, the stock allocated to
a dwelling unit in a cooperative housing corporation, or a residential manufactured home, whether real or personal property; and
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="a_4"></a><b><span style="font-size:9.5pt;color:black">(4)</span></b><span style="font-size:9.5pt;color:black"> the term “residential manufactured home” means a manufactured home as defined in section
<a href="http://www.law.cornell.edu/uscode/html/uscode42/usc_sec_42_00005402----000-.html">
<span style="color:navy;text-decoration:none">5402</span></a> <a href="http://www.law.cornell.edu/uscode/html/uscode42/usc_sec_42_00005402----000-.html#6">
<span style="color:navy;text-decoration:none">(6)</span></a> of title <a href="http://www.law.cornell.edu/uscode/html/uscode42/usc_sup_01_42.html">
<span style="color:navy;text-decoration:none">42</span></a> which is used as a residence; and
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="a_5"></a><b><span style="font-size:9.5pt;color:black">(5)</span></b><span style="font-size:9.5pt;color:black"> the term “State” means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam,
the Northern Mariana Islands, American Samoa, and the Trust Territory of the Pacific Islands.
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:15.0pt;background:white"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:#333333">. . . .<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:15.0pt;background:white"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:#333333"><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-align:justify;background:white"><b><span style="font-size:9.5pt;color:black">(d)</span></b><span style="font-size:9.5pt;color:black">
<b>Exemption of specified transfers or dispositions </b></span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="text-align:justify;background:white"><span style="font-size:9.5pt;color:black">With respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the
stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon—
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="text-align:justify;background:white"><span style="font-size:9.5pt"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="d_1"></a><b><span style="font-size:9.5pt;color:black">(1)</span></b><span style="font-size:9.5pt;color:black"> the creation of a lien or other encumbrance subordinate to the lender’s security instrument which does not relate to a transfer of rights
of occupancy in the property; </span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="d_2"></a><b><span style="font-size:9.5pt;color:black">(2)</span></b><span style="font-size:9.5pt;color:black"> the creation of a purchase money security interest for household appliances;
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="d_3"></a><b><span style="font-size:9.5pt;color:black">(3)</span></b><span style="font-size:9.5pt;color:black"> a transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety;
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="d_4"></a><b><span style="font-size:9.5pt;color:black">(4)</span></b><span style="font-size:9.5pt;color:black"> the granting of a leasehold interest of three years or less not containing an option to purchase;
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="d_5"></a><b><span style="font-size:9.5pt;color:black;background:yellow;mso-highlight:yellow">(5)</span></b><span style="font-size:9.5pt;color:black;background:yellow;mso-highlight:yellow"> a transfer to a relative resulting from the death of a borrower;</span><span style="font-size:9.5pt;color:black">
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="d_6"></a><b><span style="font-size:9.5pt;color:black">(6)</span></b><span style="font-size:9.5pt;color:black"> a transfer where the spouse or children of the borrower become an owner of the property;
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="d_7"></a><b><span style="font-size:9.5pt;color:black">(7)</span></b><span style="font-size:9.5pt;color:black"> a transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement,
by which the spouse of the borrower becomes an owner of the property; </span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="d_8"></a><b><span style="font-size:9.5pt;color:black">(8)</span></b><span style="font-size:9.5pt;color:black"> a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights
of occupancy in the property; or </span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify;background:white">
<a name="d_9"></a><b><span style="font-size:9.5pt;color:black">(9)</span></b><span style="font-size:9.5pt;color:black"> any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board.
</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:#333333"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Jane G. Bitz<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Of Counsel<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Wolff, Hislop & Crockett, PLLC<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt">From:</span></b><span style="font-size:11.0pt"> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Inge Fordham<br>
<b>Sent:</b> Tuesday, November 3, 2020 3:26 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Valuation of Real Property Owned by an Estate<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Thanks, Marcus. The decedent’s loan will not remain in place under any circumstances. Either the granddaughter assumes the loan (based on approval of the mortgage company, which will result in transferring
the mortgage into her name) or she gets refinanced. Assuming she cannot qualify for either, the estate will be forced to sell.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
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<b><span style="font-size:13.0pt;font-family:"Cambria",serif;color:#203864">Inge A. Fordham | Attorney</span></b><b><span style="font-size:13.0pt;font-family:"Cambria",serif;color:black"><o:p></o:p></span></b></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">Fordham Law, PLLC<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">3218 Sixth Avenue | Tacoma, WA 98406<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">Office: (253) 348-2657 | Mobile: (206) 778-3131<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="color:black">From: </span></b><span style="color:black"><</span><a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a><span style="color:black">> on behalf of Marcus Fry <</span><a href="mailto:mfry@lyon-law.com">mfry@lyon-law.com</a><span style="color:black">><br>
<b>Reply-To: </b>WSBA Probate & Trust Listserv <</span><a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a><span style="color:black">><br>
<b>Date: </b>Tuesday, November 3, 2020 at 3:15 PM<br>
<b>To: </b>WSBA Probate & Trust Listserv <</span><a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a><span style="color:black">><br>
<b>Subject: </b>Re: [WSBAPT] Valuation of Real Property Owned by an Estate<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
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<p class="MsoNormal"><a name="_GoBack"></a><span style="font-size:11.0pt;color:#1F497D">Inge:</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">My 2 cents.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">I would get a current market analysis (or broker’s opinion of value) for the realtor (some do it for free others charge $50-$150) and then have the PR communicate with the other heirs to see
if there is any disagreement with regard to value. Saves the cost of a formal appraisal if there is no dispute based upon the CMA/Broker’s Opinion. I would use current value for the purposes of distribution rather than date of death value. No different
than $100000 sitting in the estate account at death, and then being worth $100,500 at time of distribution.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">Note: Not a big fan of the PR leaving decedent’s loan in place for decedent’s granddaughter. Make sure you send NTC to lender and make sure granddaughter provides proof of homeowner insurance
to provide as much protection to PR as possible. I would say get an indemnity, but given that granddaughter has poor credit, may not be worth anything.
</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"> </span><o:p></o:p></p>
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<p class="MsoNormal" style="text-align:justify"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">Marcus J. Fry</span><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">Lyon, Weigand & Gustafson, P.S.
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">
</span><a href="mailto:wsbapt-bounces@lists.wsbarppt.com"><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">wsbapt-bounces@lists.wsbarppt.com</span></a><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif"> [</span><a href="mailto:wsbapt-bounces@lists.wsbarppt.com"><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">mailto:wsbapt-bounces@lists.wsbarppt.com</span></a><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">]
<b>On Behalf Of </b>Inge Fordham<br>
<b>Sent:</b> Tuesday, November 03, 2020 2:56 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] Valuation of Real Property Owned by an Estate</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:11.0pt">That’s my thought as well. Just wanted to see what other folks do under these circumstances. For purposes of determining estate income tax, do we need an appraisal for the value at date of death and at also
at date of disposition? I’m not an accountant, but my understanding is that an increase in the value of the property in excess of $600 in a calendar year triggers estate income tax.
</span><o:p></o:p></p>
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<b><span style="font-size:13.0pt;font-family:"Cambria",serif;color:#203864">Inge A. Fordham | Attorney</span></b><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">Fordham Law, PLLC</span><o:p></o:p></p>
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<p class="MsoNormal"><b><span style="color:black">From: </span></b><span style="color:black"><</span><a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a><span style="color:black">> on behalf of Eric Nelsen <</span><a href="mailto:Eric@sayrelawoffices.com">Eric@sayrelawoffices.com</a><span style="color:black">><br>
<b>Reply-To: </b>WSBA Probate & Trust Listserv <</span><a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a><span style="color:black">><br>
<b>Date: </b>Tuesday, November 3, 2020 at 2:42 PM<br>
<b>To: </b>WSBA Probate & Trust Listserv <</span><a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a><span style="color:black">><br>
<b>Subject: </b>Re: [WSBAPT] Valuation of Real Property Owned by an Estate</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:11.0pt">For purposes of valuing a distribution to the granddaughter, where other beneficiaries could be prejudiced if it's misvalued, I would get a certified appraisal. I never used assessed value for these situations.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:11.0pt">Sincerely,</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Eric</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Eric C. Nelsen</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Sayre Law Offices, PLLC</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">1417 31st Ave South</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:11.0pt">206-625-0092</span><o:p></o:p></p>
<p class="MsoNormal"><a href="mailto:eric@sayrelawoffices.com"><span style="font-size:11.0pt">eric@sayrelawoffices.com</span></a><o:p></o:p></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt">From:</span></b><span style="font-size:11.0pt">
</span><a href="mailto:wsbapt-bounces@lists.wsbarppt.com"><span style="font-size:11.0pt">wsbapt-bounces@lists.wsbarppt.com</span></a><span style="font-size:11.0pt"> <</span><a href="mailto:wsbapt-bounces@lists.wsbarppt.com"><span style="font-size:11.0pt">wsbapt-bounces@lists.wsbarppt.com</span></a><span style="font-size:11.0pt">>
<b>On Behalf Of </b>Inge Fordham<br>
<b>Sent:</b> Tuesday, November 3, 2020 2:16 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <</span><a href="mailto:wsbapt@lists.wsbarppt.com"><span style="font-size:11.0pt">wsbapt@lists.wsbarppt.com</span></a><span style="font-size:11.0pt">><br>
<b>Subject:</b> [WSBAPT] Valuation of Real Property Owned by an Estate</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:11.0pt">Colleagues:</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">In past probate cases I have handled with real property owned by the estate, the PR or administrator has either sold real property or conveyed it to a sole beneficiary. I now find myself dealing with a situation
where the estate owns a townhome in which the granddaughter (one of several beneficiaries under the will) is living and would like to retain. It is encumbered by a mortgage and unlikely the granddaughter can get approved to refinance or assume the mortgage.
How does the PR determine the net value of the townhome - it varies widely depending on whether the value is determined by the tax assessed value or appraised value. I have seen attorneys use both. Is there a bright line rule?</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Thank you, </span><o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">Fordham Law, PLLC</span><o:p></o:p></p>
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