Expert: Dick Dennis - 7/1/2006

Question

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Followup To

Question -
Hello Dick, my name is John. Earlier this year my father passed away and the family home in San Diego was sold per his living trust. It sold earlier this month to a broker. Me and my brothers and sisters are to inherit proceeds from the sale; each will receive a percentage. Question- Do you know how long something like this takes? I have never dealt with something like this. Its hard to think of the money because I miss my dad. I am on disibility and finances are tight. Thank you for your time, John-

Answer -
Who represented your interests? That is the person that should know the answer to your question. If the buyer is applying for a loan, ordinarily if everything goes smoothly, then it should take anywhere from 30-45 days.

With a broker buying the property, I am concerned that the broker may be re-selling (flipping) the property to another buyer giving himself a nice profit, a profit that apparently is more than what he would make if merely represented you and earned a commission. There is nothing wrong with this as long as you were advised about what his intentions were, unless he intends to use it as his residence. But, if he is reselling the property, it could take longer than what I indicated.

I do wish you well.

Dick Dennis          dixiedee13@aol.com

www.OldProblemSolver.com          Hello Dick, thank you for your response. I was told the broker is going to remodel the house and use it as a rental property. The house is old, small and needs a lot of work and none of my brothers and sisters had the money to invest to repair it. It needs major work. I know the average escrow is 45 days, I was just wondering how long it would take for funds to be mailed per my fathers living trust. Thank you for your time, John-

Answer
I am not sure I understand your question. When the escrow closes, 30-45 days, that is when you should get paid. Otherwise, talk to the person who is handling your father's living trust, most likely the succeeding trustee or an attorney.

Take care.

Dick Dennis