Home prices in Palo Alto have skyrocketed over the last 30-40 years. There are many homeowners who bought in Palo Alto in the 50's and 60's for $15,000-$35,000, paid off their mortgages, and stay in their homes until they die. In the 50's and 60's if you worked for the city you were required to live here, and many teachers, police officers, firefighters, and other city employees bought modest homes, often in south Palo Alto. Sometimes these homeowners have very little to leave their heirs other than a home worth a million dollars or more.
If you inherit one of these homes you may be faced with the prospect of inheriting a large sum of money, but do not have the ready cash on hand to pay for the expenses needed to settle the estate. There may be bills to pay for utilities, lawyers, gardeners, haulers, appraisers, and fix up costs. There may even be a mortgage that is needed to be paid. If this happens you may be able to borrow money from a local bank until the estate is settled. You may have to have a listing agreement in place before you can get the loan but this can vary with the bank in question.
Fortunately, the market in Palo Alto and surrounding areas is very strong, so a home that is properly priced and marketed in the Silicon Valley and Peninsula should sell quickly and not use up a lot of interest that would otherwise go to the heirs.
If you have any questions about selling a home in Probate or Trust please feel free to contact me. If I can not answer your question I will find the appropriate professional who can.
Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales
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