Estate P.A.C.T.: A Service For Preparing Probate Property for Sale
Published On: June 4, 2008
I was having lunch with Los Angeles Real Estate genius Lou Woolf a couple of weeks ago. Lou handles probate properties in a unique fashion. Oftentimes probate properties are in grave disrepair and, as a result, are almost unmarketable. Lou Woolf has a solution for this problem: Hire tradespeople who, because of Lou’s stellar reputation earned during 30+ years in the Los Angeles Real Estate Market, are willing to repair and beautify the downtrodden home and wait to be paid until after the home is sold. In so doing, Lou is able to maximize the results for his probate clients.
In Lou Woolf’s own words:
It can be a royal pain for an estate representative to sell the decedent’s house. In many cases the house needs extensive cleaning and some repairs (often cosmetic) before it can be sold. But where does the money for these services come from? If the house is the major asset of the estate, then the representative will often wind up paying for services out of his or her pocket, and then getting reimbursement when the house is sold. That’s not always a good idea (and if your representative doesn’t have a bunch of cash sitting around, it may not even be possible).
A Los Angeles-based Realtor at Coldwell Banker, Lou Woolf, has a new service (called Estate P.A.C.T.) that could help in this area. If you hire Mr. Woolf to sell your probate property, you gain access to a group of tradespeople who will (a) perform the necessary work on the house and (b) defer their fees until the house is sold. (The fees are payable at the closing.) Here is the press release and his web site site is www.EstatePact.com Mr. Woolf has indicated that His Estate Pact program will be made available to the general public (non-probate properties) on a limited, and case by case basis.
Probate issues are tough enough without having to then go through the emotion and expense of rehabbing your deceased parents’ home in order to sell it. I’ve known Lou Woolf for over 35 years and can vouch for his dedication, passion and integrity when it comes to selling homes. Call him at (818) 728-3911 or (866) Get-Wolf or send him an e-mail Lawoolf@aol.com.
