E236 Executor as House Flipper

<p>Sometimes, as professional executor, I must be a (reluctant) house flipper.</p> <p>Why reluctant? It looks so fun and glamorous on TV shows! Renovating means time, money, and risk for the estate. That is not great for an executor. An executor’s job is to preserve value, pay creditors, and get whatever is left over into the hand of the heirs as soon as possible. I prefer to sell as quickly as possible, but sometimes we have no choice.</p> <h2>Low budget home renovation</h2> <p><img class="aligncenter size-medium wp-image-10901" src= "https://anthonyspark.com/wp-content/uploads/2021/09/Low-budget-home-renovation-300x169.jpg" alt="Low budget home renovation" width="300" height="169" /></p> <p>When an executor is the house-flipper, it is almost always low-budget. Any misspent/overspent dollar is money out of heirs’ pockets. I have to make decisions that don’t cost the heirs their inheritance. Knowing that, I do the bare MINIMUM amount of renovation necessary to sell the house. Am I going to get a presentable countertop or the granite one? Am I going to knock down walls to make an open floor plan? No!</p> <p>Am I going to scrub the mold out of the bathroom? Of course; almost no one will buy a house like that. Will I exterminate for pests? Yes, we have to! I do what I need to do to get it sold. I don’t spend more to get top dollar; I spend the minimum amount to get a reasonable buyer.</p> <h2>Oversee home renovation</h2> <p><img class="aligncenter size-medium wp-image-10902" src= "https://anthonyspark.com/wp-content/uploads/2021/09/Oversee-home-renovation-300x169.jpg" alt="Oversee home renovation" width="300" height="169" /></p> <p>As a professional executor, I must oversee the contractors, plumbers, movers, etc. I oversee who comes in and out of the home and make sure the workers are bonded and insured. That kind of project management can be challenging. Just imagine getting contractors inside to work on a co-op in the city. They have to come at scheduled times, and someone has to be there to let them in. And the h