Executor trying to sell house to one of those “quick cash for your house” companies. Is this is bad idea / even legal? (NJ)

The house is in crappy condition. The executor doesn’t want to pay money to conduct any repairs or even clear the house out. It hasn’t had many renovations, it’s roof is at the end of it’s life, the central air conditioner needs repair, and there’s an underground oil tank on the property (unknown if it’s leaking).

The executor found a real estate agent who wanted to list the house for $300k, but put it on hold until the executor removed the oil tank. Instead, the executor found a new real estate agent, who also happens to represent a cash-for-house company. He said that the first real estate agent’s valuation was totally wrong, and that the house needs a ton of work, and that it’s really only worth $250k. Then the executor noted that the least they’d sell it for is $225k, and wouldn’t ya know it the real estate agent turned around and said the cash-for-house company is offering exactly that.

To me, this all sounds very suspicious. The executor wants to go through with this because the company is no-hassles and quick. While I can sympathize with the work this all takes, the executor personally requested to be made executor so isn’t it their responsibility to get fair market value, not convenient quick value? Is it even legal to intentionally sell it for under market value for the sake of convenience?

My only concern is trying to sell the house the traditional way is the underground oil tank. Would we be able to sell it without removing/testing? Alternatively, if we try to remove it, it seems like 25-50% of underground tanks are already leaking, and doesn’t that cost tens of thousands of dollars to fix? Basically, I’m worried going down this route sounds like a high likelihood of ending up with nothing at all.

Any advice is appreciated.

submitted by /u/cognisseur
[link] [comments]

The house is in crappy condition. The executor doesn’t want to pay money to conduct any repairs or even clear the house out. It hasn’t had many renovations, it’s roof is at the end of it’s life, the central air conditioner needs repair, and there’s an underground oil tank on the property (unknown if it’s leaking). The executor found a real estate agent who wanted to list the house for $300k, but put it on hold until the executor removed the oil tank. Instead, the executor found a new real estate agent, who also happens to represent a cash-for-house company. He said that the first real estate agent’s valuation was totally wrong, and that the house needs a ton of work, and that it’s really only worth $250k. Then the executor noted that the least they’d sell it for is $225k, and wouldn’t ya know it the real estate agent turned around and said the cash-for-house company is offering exactly that. To me, this all sounds very suspicious. The executor wants to go through with this because the company is no-hassles and quick. While I can sympathize with the work this all takes, the executor personally requested to be made executor so isn’t it their responsibility to get fair market value, not convenient quick value? Is it even legal to intentionally sell it for under market value for the sake of convenience? My only concern is trying to sell the house the traditional way is the underground oil tank. Would we be able to sell it without removing/testing? Alternatively, if we try to remove it, it seems like 25-50% of underground tanks are already leaking, and doesn’t that cost tens of thousands of dollars to fix? Basically, I’m worried going down this route sounds like a high likelihood of ending up with nothing at all. Any advice is appreciated. submitted by /u/cognisseur [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!

Generated by Feedzy