Mom Passed away, what to do with the house. Please help

[Anonymous]

My Mom recently passed away, and the family is at odds with what to do with the house. The house a two family house and is paid for. My brother is living in one of the apartments. Obviously the market to sell is not good. It breaks down like this: 1)put the house on the market immediately AS-IS, leaving my brother in a state of limbo (his financial status is not the best). OR 2) Try to rent one of the apartments,while my brother lives in the other and use the rent to "carry" the expenses of the house (Oil, electric, taxes etc) This would buy him more time to save and figure things out, but I am not certain if we could get enough rent to actually do this. Has anyone else been through this, or just have general advice about selling or renting a home after the owner has died. We are all at odds and I know that my Mom would never have wanted that. TIA

[Anonymous]

I am so sorry for your loss. I can't tell you exactly what to do in this situation, but I would advise against making any major decisions while you're still in the grieving process. Now is not the time to rush into a hasty decision that you might later regret - take your time and make sure you're truly comfortable with the final decision.

Best of luck.

[Anonymous]

To whom did your mother leave the house in her will?

[Anonymous]

Very sorry for your loss.

following my mother's death, we immediately sold her house. It was a mistake and something we regret.

Hold onto the house for now and get a renter for the other half

[Anonymous]

Has your brother been paying rent? Can he?

[Anonymous]

OP - I am so sorry for the loss of your mother.

I recently lost my mother and her half-paid off house was left to my brother and I, as I am guessing was your mother's house left to both you and your brother.
I want to echo PP's post about waiting before making big decisions. I would ask yourself these questions:
- is there any way you or your brother would want to keep the house long-term? what is your current living situation (rent, own) and would this house be a viable alternative for you?
- you mention your concern over too little rent to cover expenses. However, if the house is paid off, I can't imagine the monthly expenses are more than a rent would bring in - what are the other monthly costs? Are any of those transferable or can be eliminated?

If you can manage to get by financially for a few months, maybe just make an agreement with your brother that he can live in the house for 3 or 6 months until you re-open the discussion. (Write something legally binding, if need be.) From my experience, you will want some time to go through your mother's papers, belongings, etc. and shouldn't feel rushed to just throw everything away.

I am in your shoes - I have neither rented or sold my mother's house and it has been vacant for months. But there is no amount of money worth the time I have spent packing boxes, reliving memories, crying and mourning, and I would hate for you to have to rush the decision to sell the house.

Good luck and keep us posted.

[Anonymous]

What does your brother think? I would imagine that he should have a say in all of this.

[Anonymous]

Who is the executor? I believe that if an agreement among the heirs to the house can;t be reached, the executor has the authority to decide to sell on her own, and split the proceeds.

[Anonymous]

Anonymous wrote:My Mom recently passed away, and the family is at odds with what to do with the house. The house a two family house and is paid for. My brother is living in one of the apartments. Obviously the market to sell is not good. It breaks down like this: 1)put the house on the market immediately AS-IS, leaving my brother in a state of limbo (his financial status is not the best). OR 2) Try to rent one of the apartments,while my brother lives in the other and use the rent to "carry" the expenses of the house (Oil, electric, taxes etc) This would buy him more time to save and figure things out, but I am not certain if we could get enough rent to actually do this. Has anyone else been through this, or just have general advice about selling or renting a home after the owner has died. We are all at odds and I know that my Mom would never have wanted that. TIA

Where is the geographical location of the house? As I was once advised: when you don't know what to do, do nothing.

[Anonymous]

13:18 Not necessarily. OP should speak to an estate attorney.

How much would you both get, you and your brother, if you sold the house?

[Anonymous]

OP here. Thank you all for your responses. The house is in Westchester County, NY. My sister is the exectutor of the will and the house was left to both of us. My Brother is not in a financial state to really contibute to the expenses. My sister is in a hurry to sell I think because she does not want to be bothered with all of this, and possibly for financial reasons. She has already expressed how SHE would be doing all the "work" since I live here and she is local. My brother has lived in that haouse for the last three years. Looked in on and spent time with my mother on a daily basis until she was hospitalized. I feel like we owe it to him to give him some stability. I am thinking a year. My sister would like to list the house in March. As many of the PP's have said my mind is still clouded by grief. I don't really feel the need to rush to action, but I cannot bankroll the house alone either.

[Anonymous]

Is your brother in a position to be the caretaker of the house? In lieu of rent, could he live there and maintain the property and act as landlord to the tenant?

[Anonymous]

Anonymous wrote:OP here. Thank you all for your responses. The house is in Westchester County, NY. My sister is the exectutor of the will and the house was left to both of us. My Brother is not in a financial state to really contibute to the expenses. My sister is in a hurry to sell I think because she does not want to be bothered with all of this, and possibly for financial reasons. She has already expressed how SHE would be doing all the "work" since I live here and she is local. My brother has lived in that haouse for the last three years. Looked in on and spent time with my mother on a daily basis until she was hospitalized. I feel like we owe it to him to give him some stability. I am thinking a year. My sister would like to list the house in March. As many of the PP's have said my mind is still clouded by grief. I don't really feel the need to rush to action, but I cannot bankroll the house alone either.

The taxes in upstate NY are very high - be sure you figure who will be paying the property tax. Your brother who is residing there rent-free, your sister who is doing all the "work", or you who the house was left to. Just something to think about...

Would you consider selling the house to your brother? Maybe below the market price since he is family? That would be a win-win situation. Your brother has a house, your sister and you don't have to worry about fixing/marketing it.

[Anonymous]

Quick question for OP- was the house deeded in the name of your mother's trust? I'm not certain of the laws in NY but make sure that the house does not need to go through probate before you can put it on the market. My mother had a well-planned trust but the house was sold to my Mom and not her trust. Because her name appeared on the deed and not the name of her trust, we were not permitted to sell the house before it was cleared through the probate court.

[Anonymous]

The executor of the estate has a fiduciary duty to maximize the value of the estate, meaning that if your brother does stay in the property, he has to pay rent at fair market value and the executor also has to make all reasonable efforts to rent the other unit, also at fair market value. Those are your choices, or sell.