Missed payments, Executor duties


Dear David,

We would really like to move up to a larger home. Five years ago, I was sick for a while and we missed a few payments. Do you think we could still be approved for financing? – BRIGHTER DAYS AHEAD

DEAR BRIGHTER DAYS: Yes, it is possible for you to be approved and this is where a good mortgage specialist comes in. Even though you’ve had some hiccups in the past, your advisor can work with the mortgage underwriter and explain your situation. If the rest of your application checks out, there’s a good chance you could still get your financing.

While I don’t know what your credit score looks like today, I do know that sitting down with a qualified professional who does this on a daily basis can improve your chance of success. If you are looking for some direction, we work with mobile mortgage specialists from all of the major banks, any of whom would be happy to meet with you at your convenience.

PRO TIP: Get started today. Even if there are a few marks on your credit report, a specialist can show you how to get back on track. The changes you make now will pay off down the road, so you can get moving into a larger home.

Dear David,

We are executors of a house that needs a lot of repairs. One of my siblings wants to do a flip-type renovation, but I think that’s a little over the top. Any thoughts? –  READY TO SELL

DEAR READY: As executors, you and your siblings have many important things to do without the added pressure of a full-scale renovation. While every house is different and there’s no one right answer, a project like this is way beyond what your role requires.

I’m often asked to sell homes that don’t show at their best, for a variety of reasons. In these cases, I’ll walk through the home as I would with any other, looking for critical tasks to complete before listing. Typically, these include decluttering, clearing out debris and often, hiring a professional cleaner. Any non-functional item that keeps the home from being habitable (i.e. a furnace), should be addressed. If unkept gardens are hurting your curb appeal, a small investment in landscaping is also money well spent.

Next to these small projects, a full-scale renovation can take months of your time, significant investment, and may not bring the return that your sibling is expecting. This happened to a client of mine a few years ago, when a desire to update the entire property caused them to miss the peak in the market.

PRO TIP: The role of an executor is pretty clear and it’s not about flipping houses. Given the pre-existing challenges of probate and grief, I recommend taking the straightforward approach when selling an estate property. #AskDavid #Advice