Mother died; need real estate advice

My mother (in USA) died and we are trying to piece together her financial information. If she has any assets left, they'll be mine and my brother's. She did not leave a will and was generally financially incompetent and refused to take advice.

So far we know she has
- $20k credit card debt
- $40k in stocks
- House worth about $350,000
- About $250,000 remaining on the mortgage

The house needs about $100,000 in repairs. It is in poor condition, but is large and in a nice neighbourhood. The property taxes are high.

The mortgage payments are about $2,000 per month.

I'm in way over my head, but common sense tells me I should keep paying the mortgage in order to avoid a sheriff's sale. I can afford to pay the mortgage, my brother cannot. As I'm the on taking on the risk, would it be typical that I would also take more of the profit from the eventual sale?

What factors are relevant to consider when deciding to do repairs yourself vs. selling the home in poor shape for a lower price?

And what factors should I consider more generally about the situation as a whole?

it's probably in you're best interest to get a few different professional opinions on the state of the house. even a financial planner.

1) liquidate all assets
2) buy bitcoin

your mom was hot

I am worried in the future I will be in a similar situation.
Here's what I'd do.
1- Ask banks for a loan to hire a decent attorney, he will help you with legal proceedures. The bank most certainly will borrow you its money because you can prove you'll inherent some cash. Low risk operation, guaranteed return.
2- If you are left with a house, sell it, buy a cheaper one somewhere else. Live as a NEET with the profit.

I usually am only here to shitpost.

But I'm sincerely sorry for your loss OP, I hope everything works out well for you.

Sorry for your loss

>holding stock while having cradit card debt
Literally what

>$20k credit card debt

Don't pay any of that shit. Remember that you are not legally responsible for her credit card debt. That's totally unsecured. Sometimes creditors will try and contact you to make you think you need to pay. Don't. Liquidate her other assets ASAP, get them in your piggy bank and run like hell.


>- House worth about $350,000
> About $250,000 remaining on the mortgage
>The house needs about $100,000 in repairs

Wait, so what to you mean when you say it needs $100k in repairs? Could you sell it for $350,000 with or without repairs? If you can only sell it for $350,000 after $100k in repairs, walk the fuck away from the property, as that's not going to break even after the mortgage.

>parents die
>children only care about how they can sell everything their parents owned to make money

God..I'm never having kids.

Lots of people do this. It doesn't make a lot of sense but it's not uncommon.

Defensibly, OP's mom may have racked up some bills prior to her passing that simply hadn't accrued interest yet.

Did you expect him to throw up some Aztec death ritual or something?

>$350k house
>-$250k mortgage
>-$100k repairs
>_____________
>breakeven

>$40k stocks
>-$20k credit card debt
>____________
>$20k / 2 brothers
>congrats on inheriting $10k

What else would he make a thread about on biz mate? About how much he loved his mom??

No they don't have to pay the CC debt if they take the money and run. $20k wooo, get yo self a Corolla

...

yeah so far have just arranged a meeting with a lawyer to discuss the probate proceedings, but at some point would be good to get a good estimate of the home's value, cost needed for repairs, etc.

>was generally financially incompetent
>may have been in a retirement account and couldn't touch it without big penalties, still figuring out the details

sorry, to clarify, it is worth roughly $350k now. It needs about $100k (VERY rough estimate -- new roof, new siding, maybe new floors) in repairs to be in a good livable condition compared to the homes around it.

I could post about my feely weelies but this is Veeky Forums not r/relationships

hopefully you don't pass on your beta genes faggot

Parents should care about the well being of their children, not about what happens with their stuff after they are serving as worm food.

As parents we're here to set our kids up the best for their own lives you stupid faggot

fuck off kike. not all of us have jew parents that help us with money from day 1, so we end up in situations like this

not you i meant to reply to

> Credit card debt
Don't pay it. One of the two ways to get out from credit card debt is to die.

> stocks
If they're either steadily growing in value or paying good dividends, keep. Otherwise sell and use to for the house

> the house
The house already has $100,000 equity in so that means even if you sold now, you would make 100,000. I would suggest, if you're up to it and the numbers are right, put the money from the stocks into it, fix it up, flip.

Might want to act fast before the credit card company finds out she's dead and tries to come for assets if they can do that.

Sorry for your loss op

>$100,000 in repairs
That's retarded. You can just tear it down and build a new house in its place for less money than that. And what do you mean it "needs" repairs? How was she able to live in it all these years without repairs?

Find a real estate agent and a general contractor you can trust. Ask around. Make sure they have been in the game for years and have positive reviews everywhere.

> contractor and realtor here

how much do homes around you sell for?
renovate floors, ignore roof and siding as long as it doesn't leak.
make it look fancy, sell house or rent in meantime.

She's dead you fuck. What is he gonna hug her and tell her how much he cares from beyond the grave.

I would expect my child to make the most of my assets in the event of death

>implying you will ever have children

Don't really know what to do in this situation. Just wanted to say sorry for your loss.

Liquidate the assets ASAP

Sell the stocks to pay off their debt and cover future mortgage repayments or go towards renovations,

Consider remortgaging with a view to turning house into a rental property.

Accumulate profits to either share amongst relatives or further pay off the asset.

>God..I'm never having kids.
Guaranteed

you'll have to go through probate because her assets seems too high for any estate affidavit. you can hire a lawyer to do it and it should cost you about 1~2k or you can go to your local courthouse and try to file it yourself. it'll be tons of work. but it won't compare to what's coming when you take on the mortgage situation. banks are extremely uncooperative and they will ignore requests and try to foreclose your mother's house. it will happen under the span of a year because any longer by law it means they forfeit the property. they'll ignore you, send your dead mother threatening letters about foreclosure, then finally foreclose because your dead mother failed to take action. for the mortgage you absolutely will need a lawyer. the lawyer will likely setup a short sale or deed in lieu and you will walk away with 10~30k at best.

get everything settled down first. don't tell anyone of your mother's death. you need time. lots of it.

i went through almost the same situation earlier this year (still stuck on the mortgage part) when my dad passed away. if a useless neet like myself can do it so you can you. the loss of a parent is tough and it'll feel like the entire world is on your shoulders. i didn't feel like myself until 4~5 months later.

What kind of faggot would post on an anonymous message board to cry about his dead mum? If my kid turns out to be half the fag you are, I'll come back from the tomb just to shoot myself again.

dont know wtf kind of house she was living in that needed 100k repairs but here it goes.

First get an independent party to value the property (not the house) and see if its worth your time and energy.

If it isnt:
sell and pay off the difference (though that should come out of your mom's estate), or find yourself a sturdy set of kneepads.

if it is worth it:
you, your bro and a third party need to set up a trust and place all of your mother's estate into it with you and your brother as the beneficiaries.
Pay into the trust (if you can) so that it owes you a debt, take that monthly mortgage and pay it off through the trust (trust "pays" you $2000, you write it off as debt settled and just pay that $2000 to the bank). You do all this shit to avoid tax which can really try fuck you hard and take everything your mom had away from you for nothing.
Over time the property itself may increase in value and lead to a large payout into the trust which can then be split between you and your bro or kept open which you then both use as a wealth reserve where you put 80% from that house into a wealth-preservation plan and 20% into a wealth-generation plan under either a 5 or 7 year plan.

Dont pay off the 20k debt she had. that should be covered out of her estate before you and your bro see any of it from liquidated assets or any cash available in her name.

you probably want to look for a realtor, a contractor and a financial specialist (not an advisor who divines what you should do with your money by reading star signs in semen they leave on the floor after cumming on the money they stole from you).

t. I've been through this senpai and had to figure this shit out before discovering biz. It's shit, sorry for your loss.

Mentally ill individual barely capable of caring for herself and not letting anyone help. A kitchen renovation half finished. Looks dilapidated from the outside. Dogs have pissed all over the carpets.

All that said, I am only saying $100k because an older relative who I generally respect said $100-200k. I thought it sounded high so used his lower estimate.

If house was in good condition value would be around $500k, according to Zillow (no idea if their estimates are reliable).

also ignore her cc debt. they don't know your mother is dead and by the time they do the estate distribution will be long over.

the stock you will inherit but will have to pay taxes on it.