Can Executrix of Estate who's also sole beneficiary borrow or refinance the property?

[Sheila Hart]

What is the name of your state? Pennsylvania

I happen to personally live in California. My grandmother left me her house in Philadelphia. Her sister was named Executrix but renounced. So now it's me as well. It's a very small estate consisting of just the property. I went through the probate procedures at City Hall and received Letter of Administration. There is no existing mortgage. I'm currently going through eviction proceedings with family member through Court of Common Pleas, but I want to borrow money against the property or refinance. Not sure what I can do. Never owned property. I'd like to fix it up and rent it out. Any suggestions?

 

[Warped]

I'm not a lawyer! I'm also not an expert in real estate!


In your position, I'd make sure that you are absolutely certain the house is in your name and that no one else in your family will contest the will. I would then search out a property management or realty firm in Philly and start making phone calls.

Once you find a property management company or realty company in Philly, pay them to have the house and property appraised, surveyed and inspected. Also do a title search to make sure the title is clear.

Base what you will do with the house on the results of the appraisal, inspection, title search and survey. If the house is falling down you obviously won't want to sink a whole lot of money into it. If the house is in good shape then consider having the management company or realtor manage the rental of it for you. I believe that most of them do that for a percentage of the rental cost.

You could also consider selling the house. Owning rental property can either be a good source of income or a pain in the behind of epic proportions. Most seem to fall into the latter category.

How is the real estate market in Philly? If it's currently hot and prices are up (ie: seller's market) then you might be better off selling it. Either way you choose, I wish you the best of luck!

 

[HomeGuru]

What is the name of your state? Pennsylvania

I happen to personally live in California. My grandmother left me her house in Philadelphia. Her sister was named Executrix but renounced. So now it's me as well. It's a very small estate consisting of just the property. I went through the probate procedures at City Hall and received Letter of Administration. There is no existing mortgage. I'm currently going through eviction proceedings with family member through Court of Common Pleas, but I want to borrow money against the property or refinance. Not sure what I can do. Never owned property. I'd like to fix it up and rent it out. Any suggestions?

**A: you can't use the property for fianncing purposes untill probate is closed out and title is in your name.