Wednesday, October 03, 2018

My parents just died. Beware of these Pitfalls!

A WILL is not enough to avoid probate.
Get a TRUST also.

Don't let any neighbor "friend" be your REALTOR.
Shop around.
Compare.
This one wanted both sides,legal in Cal but so impractical! How can you rep both the seller and the buyer!? " I just lower the seller's asking price."
No! So much $ here and coming from China and Europe, due to very limited supply, lack of building highrises for decades!
Don't let your family home be listed and too quickly sold in 2 weeks with only 2 bidders!
List for at least a month, if you can, to spread the word and allow interest to build.
Our home was sold to remodelers; Maybe they will sell again soon instead of living in it for decades as we did.

Be careful with who is the EXECUTOR, usually a family member.
This is a very difficult and stressful job being the boss when one child goes selfish hostile rogue!
It takes months.

Be very careful who you hire!!
My older sibling hired an APPRAISER  for the furniture "Estate Sale" that gave zero paper accounting and banned all family from the sale!
If asked to "sign a contract" write in that you want a "full and complete listing and accounting of every item sold, appraisal price And asking price And actual sale price for every single item." Also write in "at least one family member is allowed to watch the Estate Sale".
Some unlicensed or licensed Appraisers expect 20-35% of Everything sold!!
Negociate down to a fairer 10%.

3 months before the realtor listing we had a YARD SALE.
Beware of all the Creeps that show up!!
Some tried to sneak into the house!, so lock the front door!
And garage door!
To prevent theft have as many family or helpers as possible ,at least 2 or 4.
We had only 2 and we're Swamped with online price searching!
Demanding impatient buyers.
Big crowds!
One rich guy in a big MB just wanted "any jewelry or gold coins". No, so he left.
One rich woman in another big MB wanted our complete 50s board games for only "$1 each". No thanks, she left and we got much more.
My rich sis didn't care about price, just sell it, but 4 children's interests were involved, not just her's!
Some people kicked dropped and broke antiques to get a lower price!
"This is junk."
Beware!!
Post a sign, "Anyone breaking or trying to damage sale items Must Leave the Private Property immediately! And stay Off the Front Lawn! Just walk only on the driveway, Please."

Dad had a few shotguns and rifles so be careful finding a GUN SELLER AGENT!
There are 4 online auction websites.
Most FFLs only give you 10% of current market value; Same for most gun stores.
The one my sis hired was incompetent, not aware that "immediate family can sell to each other without a FFL agent" in Silicon Valley and California.

Be patient.
Be a family not enemies.
Hire competent people.
There are too many quick profit jokers swarming after a parent dies!