All Forum Posts by: Gregory Robinson

A real person who solely owns residential real estate can file a transfer deed into another person's name as either a sale or family transfer @Account Closed the person receiving the property does not sign anything. 

You get a tax bill. Whose name is on the bill? That should line up with Erie County assessor here https://egov.erie.pa.us/eGovPl...

Mom had an expert transfer the title to you I guess as a family transfer to avoid paying transfer taxes and you are family. She did this because she was worried about future MEDICAID benefits. Medicaid applicant's home equity interest limit is $636,000 or less. Sounds like the value is nowhere near that high buy maybe she owned other property? She did this to keep the medicaid insurance. It's pretty normal.

The house has value but it is not good to leave it vacant. People can break in, weather can cause damage, things go wrong and no one will know for a period of time. The house needs to be inhabitable to rent it. Needs solid roof, working bathroom, working kitchen, heat and be safe. I assume it is older. May have lead paint and asbestos, unknown. Fix the leaks that caused the mold- find the source. What do the ceilings look like? Stains, sagging paint, exposed anything indicates the roof has a problem. Does the electric and plumbing operate well? If no they need to be repaired to rent the house and so forth.

Remove all the valuables and sentimental items ASAP.  Sell anything in decent shape at Glenwood flea market. Secure the house up good. Inform the post office to forward all mail, do an opt out to stop all the junk mail so it doesn't look vacant. number 1-888-5-OPT-OUT (1-888-567-8688). Motion light from hardware store is a good investment or at least keep curtains closed with timer light set inside. Scrub and clean up the house best you can. 

Call a local realtor who advertises big to give you a verbal estimate over the phone. This number gives you an idea what it's worth. 

Do you want to manage a rental and learn how to make some side money? This is not easy work. 

Or do you want to just get the cash from the sale? 

People online cannot make the decision for you but don't wait around as you have ongoing expenses to pay and work to keep the house going. 

You will need to know what mom paid for the house originally and a guess as to how much cash she paid fixing it over the years. I can recommend a CPA who can tell you on the phone if you or mom will owe income taxes on the sale. 

I've missed something very important.

Your Comment: "this process was done without me signing anything"

I'm not familiar with this technique. Have you checked at the county records or run a title report to see if your name is actually on title?  You can't sell what you don't own.

In 100% of the cases I've been involved in with title, you are either on title, not on title or are an heir in probate or in a legal dispute where title is being determined. Now, you said she moved out so I guess she is still alive. 

There is no way a living person can transfer title to you without your signature that I'm aware of. She may have put it in a will but a will isn't effective until her death and depending on the state, after probate is completed.

I'm fascinated.

How did she transfer legal ownership to you against your will and without your signature?

EDIT: After thinking about it, I suppose she could produce, sign and record a Warranty Deed, but usually if that happens it's title theft and is litigated when discovered. This seems to be voluntary on her part. I don't operate in that space so I've never encountered it. Interesting.

You still need to run a title report to understand the legal status of the property though.

Are you on title?  I'd sell it especially if you don't have the money to fix it up.  I'm also assuming your mom has moved out of the home.

The only reason to keep it would be if you can live in it for 2 years - then you can sell with $250k exception.

Hey @Gregory Robinson - I agree that selling is likely the way to go. It could also be less of a rehab than you think (which could turn into your first cosmetic flip). If you happen to be in the Augusta, GA area, I'd be happy to swing by and take a look at the property. If you're somewhere else, I'm happy to hop on the phone with you and chat through some options. :)

@Gregory Robinson where are you located? What's the address of the property? Is it vacant? We will be able to help you if you provide this, or can at least point you in the right direction.

 My recommendation is to sell the house. I never recommend to someone with their first real estate property to get involved in a rental that needs a lot of work to get it rent ready. The stress it will add to your life does not have a dollar figure to it, but it can really wear you out. 

Get a real estate agent to get you a price it could sell for and look to sell it. IF you want to invest in real estate, then go buy a property that does not need a lot of repairs. 

IS there any debt on the property?  IF not, there's no way the sale of the property can't be more than any costs associated with it.