Q: My children inherited a house in extremely bad condition from their father. We're not sure the sensible steps to take.
The house is in rural Belmont, NY and is on 6 acres of land with great road frontage. As far as we know, the title is unencumbered. The neighbors are interested in buying the land and recommend that we have the house condemned. They told us - the tax accessment period ends in early June - so we will have to move quickly. I am not sure if this is in the kids' best interest. Their Dad had a STAR tax exemption and the property was acessed higher than it was worth by probably double. The house does need to be condemned and torn down, but I don't want the kids to assume liability for this...we hoped to sell it very cheaply in as is condition. Can you advise about condemning a property while the estate is being settled? We live about 6 hrs. away and have to take time off work to go there.
A: Call a local realtor and see what the property is worth. It may have a negative value if you have to pay to tear down the house.
Mitchell A. Nathanson agrees with this answer
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A:
The Executor of the Estate may make the decision to sell the house in "As IS" condition with the proceeds to be distributed to the beneficiary, even while the estate is being settled. A Real Estate lawyer in the area should be contacted. Try to get the neighbor to make an offer in its current condition, or hire a Realtor.
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