Need advice; not car related

[Dave Rifkin]

My mother-in-law passed away last year and she left a duplex (built in 1920) to her four daughters as an inheritence. The house needs work and also has an abandoned heating oil tank under the concrete patio. None of the daughters have the money to fix the place up so they want to sell it but, in order to sell it, they would have to sink a fair amount of money back into the place in order to bring it up to the standards to get a proper CO. They also would rather not have to deal with any possible problems involving the buried oil tank.

They're thinking that it would be best to find a builder who would want the house for the land; someone who would tear it down and build a nice new home in it's place. That or sell it "as is" to someone who is willing to invest the money into the building to make it really nice.

Any suggestions how we should proceed? If the house is sold as is are the girls responsible for anything? I have read where, as long as any known issues are disclosed prior to the sale, the seller is not responsible to make any repairs and the new owner assumes that responsibility.

Would we be better off trying to find a builder and market it as a tear down? I know that would seriously reduce the sale price but, if we list it as a home that should be remodeled we fear that we'll have to remove the oil tank and make other repairs which will ultimately cut into the profit.

We want to sell the home quickly but, we don't want to rush into something that is going to cause problems down the road; any advice would be greatly appreciated.

BTW: my sister-in-law has been working with a lawyer and he's been helping her find potential buyers and offering advice. The one odd thing is that he says he will not join us at the settlement table if we get a real estate broker involved. Any idea why that would be?

[WILMASBOYL78]

If your lawyer won't represent you in a business negotiation...get a new lawyer! [img]<<GRAEMLIN_URL>>/bs.gif[/img]

Your house issue is not really that far from being car related...just think about how many guys were faced with a similar decision about selling an old car. Do I fix it up first so it will be more attractive to a buyer?? do I part it out??? do I try to find someone who will buy it 'as is' and then do the work?? It's really the same thing.

As far as selling the house with known issues eg; the oil tank...there may be local statutes or regs that impact that..so a good lawyer would know the rules [img]<<GRAEMLIN_URL>>/hmmm.gif[/img]

Regarding the CO...I'm not sure that would be an issue, unless the current one expires due to the transfer of ownership??? again, a competent real estate attorney familiar with laws in your state or city would be able to help.

Best advice...get a good attorney or real estate professional who knows the rules and have them come up with a plan to meet your goals. Talk to someone at the local chamber or business alliance for the names of reputable people to help.

Keep in mind, that potential buyers may not be able to secure conventional financing if there are environmental or structural problems that need to be addressed. A cash purchase will most likely eliminate that road block.

Good luck, Wilma

??where do I mail the bill?? [img]<<GRAEMLIN_URL>>/rolleyes.gif[/img]

[Bill Pritchard]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: WILMASBOYL78</div><div class="ubbcode-body">If your lawyer won't represent you in a business negotiation...get a new lawyer! [img]<<GRAEMLIN_URL>>/bs.gif[/img]

Best advice...get a good attorney or real estate professional who knows the rules and have them come up with a plan to meet your goals. </div></div>

What Wilma said [img]<<GRAEMLIN_URL>>/headbang.gif[/img]

Also, don't overlook those &quot;I buy houses for cash, quick close&quot; guys that are most everywhere. You're not going to get absolute top dollar, but you also will have no potential repercussions.

[jl8z28]

Auction it off sometimes you get a good price and it is sold as is you could also sell with a reserve

[x77-69z28]

Check with local restrictions, but in New York you can still abate an in ground tank. They drain the oil and fill with an expanding foam that absorbs any oil left and encapsulates it. Depending on the size of the tank should be less than $1,000.
Buddy