[TexasLine]

Sadly, my mother passed away suddenly a few weeks ago.

None the less, and in a manner designed to remain unemotional about that fact, yet true to the housing market theme of piggington…I continue my quest for information.

Her passing turned a “revocable living trust” into an “irrevocable living trust”. I now have these two very small properties that I want to liquidate and apply to a downpayment for a San Diego single-family home.

Where do I place these funds to satisfy the terms of the trust. I literally have no idea how to transfer money from the sell of these small properties into the trust.

And I would like to transfer the “trustee” responsibilities away from the current trustee to myself. Forms, Documents, Attorneys, fees…

Any thoughts?

[TexasLine]

[quote=svelte][quote=TexasLine][quote=svelte][quote=TexasLine]
You stated ” lots of info missing”. But honestly the true question is whether or not its best to pull out equity from my mothers Living Trust properties or simply sell them for profit and use these fund for the down payment.[/quote]

Hmmm…

[quote=HLS]
However,you have NO CLUE what suggestions I have for the OP, or the type of advice that I offer and I actually don’t have any until I know a lot more details.
[/quote]

…straight from a mortgage broker.[/quote]

Well than,…who should I talk to? What do you think?[/quote]

Didn’t HLS invite you to call him?[/quote]

Yes. And I did talk with him. He had lots of good info and was very helpful.

[TexasLine]

[quote=svelte][quote=TexasLine]
You stated ” lots of info missing”. But honestly the true question is whether or not its best to pull out equity from my mothers Living Trust properties or simply sell them for profit and use these fund for the down payment.[/quote]

Hmmm…

[quote=HLS]
However,you have NO CLUE what suggestions I have for the OP, or the type of advice that I offer and I actually don’t have any until I know a lot more details.
[/quote]

…straight from a mortgage broker.[/quote]

Well than,…who should I talk to? What do you think?

[TexasLine]

I’m not interested in doing this myself…I’m smart enough to know that I’d be a fool to even try.

[TexasLine]

Ok here is the pertinent question.

What kind of qualifications do I look for in a professional who would be able to guide me on this.

I need a realtor, broker, lender, family law attorney, probate lawyer, and who knows what else right?

What one person could possibly be current on all the various angles? I’m asking too much aren’t I?

HLS ?

[TexasLine]

Wow. I guess this is more complicated than I thought.

My mother would not be able to qualify. She is handicapped and has no job. She would, in theory, move in with us and we would use her properties to leverage as down payment for the house we would all live in…so I guess she would need to take out equity and give that money to me which I would then use as a down payment? I think there are severe tax penalties for doing this, which I of course would want to avoid.

But to simplify, I still am not sure of the basic principle of whether or not one should take out equity or simply sell the property for a down payment.

Do all brokers posses the knowledge to deal with this kind of issue?

[TexasLine]

Thank you for responding.

I would be buying in the Mt. Helix/Rancho San Diego/S.E El Cajon area.

How long would I be staying in the house? …great question. I have of child in 9th grade, one in 7th grade and one in 5th grade in local schools.

I would be staying long term.

You stated ” lots of info missing”. But honestly the true question is whether or not its best to pull out equity from my mothers Living Trust properties or simply sell them for profit and use these fund for the down payment.

[TexasLine]

Long time lurker – posted a few times, but not in the last couple of years. I only check this site a few times a month now. I used to read and absorb daily.

I’ve given up, emotionally, intellectually, financially etc; resigned myself to renter status. I’m still a bit bitter at the govn’t prop-ups that occurred, but one still needs to deal with reality. I am so very grateful for all the things I have learned through this site. Thank you for that.

Truthfully, I’m at the financially low end of responsible home ownership. I decided to focus on other debt and loose the home ownership dream.

I am utilizing the Dave Ramsey approach and hoping at the other end I’ll be reward for the sacrifice. Which is not a “sacrifice” at all but rather a more prudent financial path.

…Student loans suck!…I’m 40+ years old and still dealing with that monster.

[TexasLine]

I’m just happy being me….sittin’ in the corner, on the couch, drinking a Dos Equis….watchin’ ya’ll just fuss 😉

[TexasLine]

That was funny!

I don’t contribute often but when I do….(think- the most interesting man in the world) 😉

[TexasLine]

This thread reminds me of how wars start and are waged. At the heart is covetousness, envy and then greed. Throw in the some scapegoats and then we mobilize the populace with propaganda.

Thank God no one here actually has a red button to push.

BTW the OP didn’t specify which Monday, did he? Maybe this thread will last a year! 🙂

[TexasLine]

[quote=ucodegen][quote=EconProf]The price reflects the value of the land, not the building. It will probably be scraped.[/quote]
And replaced with another ugly McMansion – edifices to conspicuous consumption.[/quote]

All the properties around that one have already been scraped, re-positioned and re-allocated to the status of McMansion-ization.

The past replaced, … with a new future.

[TexasLine]

[quote=walterwhite]I got it.[/quote]

Well then, thank you. At Last! …how’s the house?

[TexasLine]

Well I guess it was an inside joke between me, myself, and I. It cracked me up when I stumbled on this property on redfin. I was looking, just for fun, around my old surfing grounds and the area where my grandma bought a house for 30 grand in 1963.

I am realistically looking for a house 1/10th that in Mo. mortgage. So it really cracked me up when I saw the $22,000 monthly payment, in a neighborhood I was familiar with.

I know, not funny to you…but to me…yes.

And since I truly think buying a house will soon be MORE than cheaper than renting, this property gave me a chuckle.

Not to mention the Zillow bubble estimate at 1.5 million and the post bubble price of 6 million…that just added to me giggle…:)

I guess you had to be me to get the joke. 😉

[TexasLine]

oh! I don’t agree with this at all. Sorry Rich. There is nothing more important than learning from others. And in order to do that dialogue should be as open as possible,…even amongst those who disagree.

It is possible that someone who has been “ignored” might actually have something constructive to say at some point, no?

[Author]

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