Expert: Karyn Foley - 5/12/2006

Question
I inherited my father's home and property when he passed away.  I want to sell the house and land and have received a cash offer.  I know that there are liens (from unpaid medical bills and property taxes) on the estate.  My finances are extremely limited, what do I have to do to make the sell as simply and easily as possible?  I don't have cash to put up front.  I haven't done a title search or anything, yet.  I just need to sell and settle the estate without there being any out-of-pocket expenses.

Answer
Dear Mary:  There are always out of pocket expenses when purchasing or selling.  However, you can usually take care of these by having then paid through and by the proceeds that you receive.  This is done via escrow, in states where an escrow is used as a neutral clearing house.  In other states, attorneys are used, and sometimes title companies for this process.  All venues cost money, but take care of these issues for you.  There are also title searches, also a paid expense.  A real estate agent, title company, escrow company, or attorney can prepare a seller's estimate of closing costs for you. Ask a local agent, or call your state's department of real estate, to ask them the costom in your state.  You should take care of this at once, because there are probably also disclosure documents that need to be signed by all principals to the transaction.  Your intent is more than juust to sell the home and collect proceeds; your purpose is also to limit your liability by putting your transaction in the hands of professionals whose job is to protect you.Your title report will probably show most of your liens, and everything seems to come in just before closing.Please educate yourself as much as possible as quicikly as possible, to make certain you are going in the correct direction.  Let me know what else I can do for you.  Your question is a little difficult for me to respond to as I do not know what all has been done or where you are in the process.  Good luck to you!  Karyn Foley