Bids on property with some water damage and mold

[Ann K.]

If a property has water damage and mold and has not been renewed by insurance for that reason, would developers offer less for property? 

Property is in Grove area of Los Angeles, a prime area  where many developers are building. 

This is an inherited property and taking an inordinate amount of time to deal with. 

When sold it could go to developer or to end user. Due to mold issue, I think it's another reason, it may go to developer. 

Question is whether to take the time and energy (and insurance claim money) to fix the property, or to just do the probate and sell as is.

There are different factors to consider in decision, but I am asking about one related to selling price. Do you think there will be much of a difference in price if property is not fixed and therefore not insurable currently?

 Do you think developers will compete anyway for land value, or do you think if it is remediated, and new floors and some painting done, even developers will pay a higher price? Wonder what the difference may be....

Thanks much for any input.

[Rick H.]

I'm with Derek. What are you asking for? 

Sounds like you are just talking out loud but writing it in a post. Suggest learning to ask better questions and frame your concerns better to get the best responses from others.

If the property is in a hot, hot, hot area, developers will see highest and best use for property and see value as land minus demo cost. Fiduciary is seller, not the individual. 

If that's the case, and you are the person in charge (I.e., executor or administrator) just list the property with someone who knows the area well AND can demonstrate a proven track record selling probate property.

The fact that it's a probate sale should not have a negative impact on sale price.