Value of "Make Ready"?
This may help with my business (carpet cleaner/floor refinisher/painter) as well as sale of an estate's main asset.
My father-in-law has lived as a widower for over 15 years now. He will be 91 in a few weeks. His physical and mental condition is deteriorating rapidly. My wife's younger sister and brother are executors of the will. The brother is also a sketchy real estate agent.
In 2000 his parents wanted to sell their house and move into a ground floor apartment. His mother's health was grave. He sold the house and they purchased the house with 3 day closing! We rented a dumpster and just filled it with crap. No time to sort 30-40 year old clothes and damaged furniture left by the children and other relatives. It all went to the dump. There was supposed to be a 30 day closing, but they would not buy the condo with a mortgage. The buyers of the house had financing problems and three loans fell through. The fourth loan was from an unconventional source. I literally had 2 hours to clean the filth out of this 2nd floor condo he forced them into. They never saw it until they moved in.The place was in poor condition them. It is not livable by most standards now due to neglect.
The man doesn't have long to live, he has stage 3 prostrate cancer. It has been a struggle to even get him a nurse.
The executors say don't spend a dime, just empty it. I say it will not sell. At least clean it and replace the worn out 35+ year old vinyl kitchen floor. It was worn out 20 years ago.
The realtor said because he made so much off the buying and selling, he'd replace the kitchen floor. He never did. I've done make readies on Section 8 tenements in better shape. I said cleaning, painting (he did one wall with a sponge because paint brushes cost too much, and the place is ridiculous. I replace joint tape that got soaked 5 years ago.
The ceiling was not good. I estimated cleaning, painting and new floor in kitchen to be $2,500 family discount. They said no. I can imagine the shape being so poor, that is $15,000 coming off. They don't get it. The realtor specializes in slum rentals.
- Anonymous2 months ago
I had a similar situation. The executor was retired and lived 40 miles away. My wife being female was never considered for executor, despite holding a PhD. The son was male, barely graduated from HS. I'd describe him as a functional illiterate. Also 9 years younger than my college professor wife. Retired due to sketchy work accident. Lives a remarkably active life and tells us we are too stupid to work the system. I literally dragged his mother up and down two flights of stairs almost daily for MD or beauty parlor, socializing etc. She had a stroke and was unable to care for herself.
I own a business, I can document how I lost over $10k in my business taking care of her. We all know owning a business isn't actually the same as working.
The estate was worth about $20k. The executor took $10k and split the other $10k with his sister. He made a nice chunk of change. My wife and I were $5k in the hole and lost easily another $5k in secondary damage to the biz.
I assume you are in the hole and would like some work to dig you out. You are not family. You get screwed. Your wife is not executrix, so she will get shafted too. This is human nature.
No doubt this sounds like a future Section 8 investment. Place falls apart, you buy it cheap and rent it for top dollar. Slumlord 101. Your brother in law has a buyer already or will steal it from you. He sounds like the stereotypical slumlords scam artist. He scammed his own parents. He will scam anyone.
- Anonymous2 months ago
Since you're not the executor, walk away. I busted my hump cleaning and putting money (paint, bills, taxes etc.) into mom's condo and now by siblings are fighting over paying me back. Walk away. It sounds like it won't sell anyway.
- 2 months ago
This is your wife's father and she is the one who will inherit. It sounds to me as if the choices are to leave it as-is or offer to do the work yourself for free when the time comes. You need to ask your wife what she would like. This is not your property and never will be.