Rivers of Gold Newletter

Notes From Ken
Interview with Travis

A good friend of both Diana and mine just lost his father due to a sudden heart attack at his house in Florida. Since he has been active in Probate both as an investor and a Real Estate broker for a good many years here in California, I thought this would be a good time to get his perspective from the other side of the process as a representative of his father’s estate. His name is Len Travis, but in the world of Real Estate, he goes by one word, Travis:
Ken: Well, Travis, thanks for taking the time to talk with me on what has to be hard for you, losing your Dad.
Travis: It is a difficult time, but talking about my father isn’t. He served in WWII as a fighter pilot, and served his country with great pride. He was a good father and more than that, he was a good man.
Ken: I was just thinking about all the Probates that we’ve been involved in over the years and I believe that after I fixed up my first Probate, you found a buyer for it.
Travis: The house with three units in the rear on Clarington, I remember it well, even if it has been over thirty years ago. I also remember you made some good money on that deal.
Ken: I did indeed, and now you are on the other end of the Probate process, as a seller of a property.
Travis: It is turning out to be a new experience. I knew what to expect but, still, until you’re on the selling side, it makes one realize how much responsibility and work there is to be done from the Estate’s point-of-view.
Ken: What are some of the things that you can impart to our readers?
Travis: Having taken your course, I know that many students hesitate in talking to the estate, but certainly if anyone would call me from the Tampa area about my father’s property I would be very happy to speak with them; they might be able to help me.
Ken: In what way?
Travis: Well, by knowing I had a buyer lined up. That would be just one less thing I’d have do deal with. And it is not just the house; I’ve got a ton of furniture, and a 2005 Impala to sell.
Ken: So if someone was interested in making an offer on the property that included the car and personal items, you could make them a good deal?
Travis: Yes, because that would simplify my life so much. Remember, I live over two thousand miles away and just the logistics present so many problems. Getting top dollar is not what I’m after.
Ken: Did your father, as they say, “Have his affairs in order?”
Travis: Oh, he was meticulous; being a pilot he had a checklist for everything. However, he had Trusts all set up but unfortunately had not got around to signing them.
Ken: That’s too bad, but we see that a lot while working with Probates. Many don’t even have wills or have wills that need updating. Are you going to list your house with a Real Estate Broker?
Travis: If no one calls on it, I’ll probably have to but I’d rather not because frankly the house is in kind of a mess. Dad had decided to live in Florida full-time so he had all his furniture and personal items shipped down from New Jersey. He passed away the day after they arrived, so there are unpacked boxes and two sets of furniture in the house. And worst of all some of the relatives have gone through the boxes and just threw their contents around. It’s very disappointing. But getting back to your listing question, I’d rather pass that 6% on to a buyer, and not add one more person into the mix.
Ken: I think I might know the answer, but why don’t you update and fix up the house?
Travis: The obvious answer is the distance and the problems that it brings. But one thing more, I just don’t want to make changes to the upgrades that my Dad was proud of. It may sound silly, and I have no objections to any changes a buyer might make, but I just wouldn’t feel right about doing any changes myself. Once again, I’d rather pass that savings on to a new owner.
Ken: Well, Travis, thank you so much for the information. I know it is a difficult time for you, but you’ve added a great deal of insight to everyone who reads about your experience.
Travis: You’re welcome, Ken, I know you always talk about lessons that we learn with every new experience and there are a couple that come to mind. Keep updating your affairs, one never knows. Another thing is that those of you who work Probate realize the great service you provide to an Estate. Don’t be afraid of speaking with people; remember, though, to treat them and all items in an Estate with respect.