Saturday, August 14, 2010

Getting the Complete Package, The Happy Ending

We all know that real estate is for the long term; have and hold for 20 years has historically returned 100% on your purchase price.

Now, we are looking at selling, downsizing, liquidating ASSETS, YES, assets and we are instantly drawn to the longshot of profit. GREED! Is it human nature? Will we always continue this way?

Here's where I am coming from, When you are selling Mom and Dad's homestead, we need to ensure and inquire about many details. So many promise the world but do they really deliver. I ask the pragmatic questions.
  • Does the property have an occupant? You may not be insured?
  • How long has it been empty?
  • Do you have someone visiting regularly and documenting their visits?
  • Is there a Power of Attorney (Assets) in place for [Mom or Dad]?
  • Is there already squabbling amongst the siblings?
  • Who is controlling the estate?
  • Which sibling is dominant?
  • While [Mom or Dad] is in the nursing home.. Is the reverse mortgage piling on debt?
  • Who is cutting the grass and sparkling the windows?
  • Who will empty and sort the contents?
  • Have you asked about important papers, keepsakes and memorabilia?
  • Have you recently searched title?
  • Do you, Have you included or engaged a Lawyer?
  • Other than genuine concern do you have the legal authority to hire an agent and list the house?
  • Does every agent do do the same job?

While I am asking all these questions, It is meant to help me, help you, understand the process and considerations you must make for people and your legal obligations in handling [Mom or Dad's] estate.

I take solace in the fact that Mats Sundin, [bobblehead] Toronto Maple Leafs has promised we will the Stanley Cup yet again. The oracle of humour did not say what year or if indeed in this decade but.. they did promise a win. The happy ending in real estate is when professional people provide articulate, timely and correct advice, softly from the sidelines. The Hail Mary ending's that save the day are for TV's shows and dreams of Hockey supremacy.

If you would like real estate advice and council, I would be pleased to interview with you.

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