What has to be done if an estate administrator wants to buy the decedant's house?

[debodun]

What is the name of your state (only U.S. law)? New York

My aunt passed away last year and the attorney handling her estate approached me about being the administrator. I signed papers and assume they have been sent to the Surrogate's Court, nothing's official yet. I live by myself in a large (2500 sq ft) brick Victorian house which I inherited, but is way too large for just me. My aunt lived in a ranch-style modular home (I'm not sure the sq footage), but obviously much smaller. The house will have to be put up for sale eventually and depending on the condition (I haven't been in it yet), I may want to purchase it. Does it have to go through a realtor? Who gets the money? Anything else I should know? Thanks.

 

[LdiJ]

What is the name of your state (only U.S. law)? New York

My aunt passed away last year and the attorney handling her estate approached me about being the administrator. I signed papers and assume they have been sent to the Surrogate's Court, nothing's official yet. I live by myself in a large (2500 sq ft) brick Victorian house which I inherited, but is way too large for just me. My aunt lived in a ranch-style modular home (I'm not sure the sq footage), but obviously much smaller. The house will have to be put up for sale eventually and depending on the condition (I haven't been in it yet), I may want to purchase it. Does it have to go through a realtor? Who gets the money? Anything else I should know? Thanks.

You can certainly purchase it for fair market value. The money would go to the estate and then be distributed to the heirs after the expenses of the estate are paid.

 

[debodun]

That makes sense. Thank you.

 

[nextwife]

Has it been put on the market? Why is it sitting so long (a year?) after death accruing tax, maintenance and utility costs? Has an estate inventory been filed yet?

Are there any mortgages, judgments or liens that the estate needs to pay?

 

[OHRoadwarrior]

The estate attorney should be able to handle the sale on behalf of the estate, to you. I would get 3 market appraisals and pay appraisal, less sales commission, plus attorney fees.

 

[latigo]

What is the name of your state (only U.S. law)? New York

My aunt passed away last year and the attorney handling her estate approached me about being the administrator. I signed papers and assume they have been sent to the Surrogate's Court, nothing's official yet. I live by myself in a large (2500 sq ft) brick Victorian house which I inherited, but is way too large for just me. My aunt lived in a ranch-style modular home (I'm not sure the sq footage), but obviously much smaller. The house will have to be put up for sale eventually and depending on the condition (I haven't been in it yet), I may want to purchase it. Does it have to go through a realtor? Who gets the money? Anything else I should know? Thanks.

With all due respect some of the responses to the above seem to overlook or disregard the solemn nature of your fiduciary responsibilities!

As the administrator of the descendant’s estate you cannot deal at arms length with the assets entrusted to you because you are in control of all of the arms!

For you to purchase that real property without prior notice and full disclosure to all interested parties AND COURT APPROVAL would be flirting with misfeasance of office.

Nor can it be solely justified by first securing any number of “real estate appraisals”.

If you should purchase solely on the strength of such appraisals and end up defending a lawsuit at the behest of one or more of the heirs claiming misuse of your office, those appraisals will make nice doilies for you water glass.

 

[debodun]

Has it been put on the market? Why is it sitting so long (a year?) after death accruing tax, maintenance and utility costs? Has an estate inventory been filed yet?

Are there any mortgages, judgments or liens that the estate needs to pay?

The house is not currently on the market. It's been sitting because there were issues with other heirs. My aunt had a brother and sister who are still living (I am a child of the oldest brother who is deceased). The living siblings are in either no mental or physical condition to handle the administrative duties of the estate, but also would not sign releases. These were just recently obtained, so that is why the attorney asked if I would be willing to administer the estate. I know very little of what the current status of assets or liabilities of my aunts situation. The attorney said I would be informed of these if and when the approval for my becoming the estate administrator is approved by the Surrogate Court.

 

[tranquility]

I agree with latigo. At the very least, I'd look at Sections 1901-1913 of the New York code.

 

[anteater]

The living siblings are in either no mental or physical condition to handle the administrative duties of the estate, but also would not sign releases.

Which may explain why it is taking so long to get your letters.

https://forum.freeadvice.com/probate-personal-representatives-114/how-long-does-take-appointed-estate-administrator-581914.html