Fix it up or sell as is?

[inveresk]

Depending on the lot value, at only 1000 sq.ft. any buyer might well tear the house down even if it's fixed up. As others have advised, I'd consult a local realtor (maybe more than one) to advise on the land value and also the value of the whole property with house as is - and fixed up - so you can make a judgment. At $45k book value, it doesn't sound as if there's much fat in the property for making too many of the kind of major repairs to sagging roofs and the like that you mention.

 

[jinman]

Bill, you've been given great advice and I don't have much to add. Remember that your power-of-attorney is only in effect as long as your cousin is alive. When she becomes deceased, all authority goes to the executor of the estate. If you are that person, then things are fairly simple. If not, you need to make sure you have the proper arrangements prior to your cousin's death. Also, if you can get all debt paid off while she is alive, in Texas her estate can pass as a muniment of title which is easier than probating the will. A good estate lawyer can help you with both those issues.

I'm still trying to finish refurbising a house I own in Grand Prairie, it's going to be close by Eddie Walker's formula, but I think I can walk away with at least $20k if I'm careful. /forums/images/graemlins/smirk.gif

 

[BB_TX]

Thanks to all who replied. I knew I could count on great advice and support from the TBN family. Some things in life are very difficult and it is good to know that you can count on someone for good advice, information, moral support. I have never been in this position before. When we did the durable power of attorney, we also did a medical power of attorney, and another (I forgot what it was called) in which she acknowledged that she did not want extreme measures used to keep her alive when death was imminent. So that is one less thing to worry about.
My cousin is in pretty good physical health except for bad knees that greatly affect her mobility. Her/our family has a history of longevity so she could surviive for quite some time. Her mother lived to 90. My mother/her aunt is 91 and still going strong. Her mental health is generally good with occasional short spells when she is not sure where she is. At this point she has been diagnosed with mild dementia, not alzheimer's. I am the executor of her estate when that comes to pass. Although her estate is so small as to be fairly inconsequential.
I will speak with a real estate agent(s) and see how to best proceed but I am leaning toward just getting rid of it for what I can and put that toward her care.
Thanks again to all. It is greatly appreciated. /forums/images/graemlins/smile.gif