After Daddy's death, we had to talk about what to do with the condo. We talked with Barbara and, in light of the current low interest rates, she was interested in considering purchasing the condo, although she had never considered such a thing possible.
Meanwhile, we contacted a real estate lawyer. His quick check into John Kolenburg's holdings revealed that the garage was a separate parcel and was not included in the transfer upon death affidavit. Why had the first lawyer not checked and seen this? When contacted they only said they must have made a mistake and that we would have to get a lawyer and take care of it on our own. So, the real estate lawyer started working on the transfer of the condo and the probate transfer of the garage.
Meanwhile, Barbara found that it would be possible for her to buy the condo and was approved for financing. We drew up a contract and the house was appraised. Unfortunately, the appraisal showed that we would have to sell it for about $7,000 less and that a buyer could only get an APR loan with 20% down. This was not a possibility for Barbara.
We looked into other options and contacted Barbara again. She really did want to buy the condo and was disappointed that it wouldn't work out. We decided to work on a buyer-financed mortgage for the sale. The pro is that we are no longer owners of a condo; the con is that we are now lenders received a regular check every month for the next 30 years.
This afternoon we will sign the final papers and I'm praying that I won't cry. As happy as I am to close this chapter in my life, I realize that it is another finality that my parents are gone and I am now the "matriarch" of the family. It's just happened so fast - with so many ups and downs - and it will soon be over. So, it's time to get on with life and move ahead.
Thank you, God, for your gracious provision to us.
No comments:
Post a Comment