Jackson MS borrower died of Covid What to do next?

[Sandy Uhlmann]

I just found out that the borrower on one of the properties that I financed in Jackson MS just died of Covid last week. I don't think that the family wants the house even though I know that their dad would have wanted them to profit from rental income it could generate.  It is a small (just under 900 sq ft) 2/1 in a lower value neighborhood. The borrower was in the process of fixing it up to rent so I believe that it is currently vacant.  The family would like to deed it back to me but I would like to see them try to sell it themselves so they can possibly profit from it.  I do not live in MS and need to get my ducks in a row in case this property comes back to me.  Can anyone recommend a good rental/management company, a reasonably priced handyman, a Realtor that is good?  I also may be interested in owner financing it to an investor or owner occupant if the right person comes along.

Thanks,

Sandra Uhlmann

[Scott M.]

The cause of death is not important.  And while you may have good intentions of wanting the family to profit from the sale you are better served to take possession back, sell it yourself and then if you want to give the family money, you can do that. 

The family is grieving and has told you what is best for them, to give it back to you.

You own a property and the caregivers have told you they don't want it.  If you don't take it back, this could turn into a giant mess for you as the asset sits vacant and rots away.

NARPM.org is a good place to find good property managers. Tons of places to find good realtors.  I can't recommend anyone to you but I do suggest you take back possession as step one.  Then you can figure out what to do with it, step 2.