E310 How to Sell Cash-Poor Probate Co-ops

<p>How do you sell a probate co-op, when the estate has no other cash?</p> <p>Why does the estate need cash? To pay for all the preparations, such as movers to <a href= "https://anthonyspark.com/e284-tips-for-cleaning-out-deceaseds-home/"> clean out the property</a>, cleaners, contractors for <a href= "https://anthonyspark.com/e254-best-renovations-to-do-before-selling-probate-real-estate/"> minimum renovations</a> to make the property marketable, and more.</p> <p>For some houses, cash buyers/investors may be an option. But for other houses and the many <a href= "https://anthonyspark.com/e182-3-examples-of-how-co-ops-are-worse-an-executors-perspective/"> co-ops in NYC</a>, it’s not an option.</p> <h2>Sell personal property</h2> <p><img class="aligncenter size-medium wp-image-43551" src= "https://anthonyspark.com/wp-content/uploads/2023/02/Sell-personal-property-300x169.jpg" alt="Sell personal property" width="300" height="169" /></p> <p>When the estate has no cash or bank accounts, it’s usually because the <a href= "https://anthonyspark.com/e302-minimum-estate-size-for-a-professional-executor/"> accounts have named beneficiaries</a>. When the estate only has accounts with named beneficiaries, there’s no operating account for the estate. Beneficiary designations are one of my pet peeves; they usually mess things up rather than solving inheritance problems.</p> <p>So, the estate has a valuable piece of real estate, but no means to pay for the necessary steps to turn it into cash. Usually, the personal property in the residence is junk. I know someone may value their yard sale treasures or the dining room set that took forever to pick out, but no one else wants it. Antiques and high-end pieces can be sold easily, but generally it's not worth the cost of running an estate sale for the other personal property.</p> <p>In this situation, the executor has no choice, so maybe but maybe they can sell enough pieces, jewelry, or anything to raise funds for the estate. Again, not a great situation: you’re essentially asking y