Found Deceased TX - Michael Chambers, 70, Hunt County, 10 March 2017 #5

[flute4peace]

*scooting over to make room*

More can be shared but there is no room in the inn.

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[inmyhumbleopinion]

Is there a copy of the assets statement on this site? Or any document pertaining to the Italy property?

“Inventory, Appraisement and List of Claims”

As to the properties in Italy, you can find more information below. For all three of them, listed under “Owner” is MC only, but since they are included in his will, they now belong to BC:

http://esearch.elliscad.com/Property/View/209912?year=2017

http://esearch.elliscad.com/Property/View/209921?year=2017

http://esearch.elliscad.com/Property/View/185654?year=2017

I wonder why the third (1.34-acre) Italy property is not on the inventory list.

 

[inmyhumbleopinion]

This is interesting. Is the assets statement posted on this site somewhere?

Welcome to WS, txhousewife83!

:welcome4:

 

[ocgrad]

Is there a copy of the assets statement on this site? Or any document pertaining to the Italy property?

I looked on the Ellis County Property Search and saw the properties still listed in his name, but it's not impossible that updates are not made immediately when property changes hands.

 

[Razz]

Welcome to WS, txhousewife83!

:welcome4:

Thank you imho for the asset pages!

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[Razz]

Update on the House:

Change in Status: "Active Option Contract":

https://www.realtor.com/realestateandhomes-detail/7044-Fm-2101_Quinlan_TX_75474_M74030-86352?view=qv

"Definition of Active Option Contract
'Active Option Contract' means a seller has accepted an offer to sell a home, but the transaction is in the inspection or "option" period. During this negotiated time period, the buyer usually inspects and evaluates the property with the option of terminating the transaction. In some locations, the active option contract is referred to as a contingency period or due diligence period.

In Texas, buyers must pay an option fee, which is separate from the earnest money deposit. The option fee cannot be recovered by the buyer if they back out of the sale, even if it's for a reason covered by a contingency in the contract. If the buyer completes the purchase, the option fee will commonly be applied to the final sale price (this is a negotiable term)." (BBM)

https://www.redfin.com/definition/active-option-contract

I kind of like that. I'd love to know how much that option fee is.

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[inmyhumbleopinion]

I kind of like that. I'd love to know how much that option fee is.

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"Option fee (Texas)"

"The residential real estate industry in Texas is unique in that the real estate sales contract forms used in most transactions in the state are developed through a state agency, the Texas Real Estate Commission (TREC). TREC's Broker-Lawyer Committee develops standard contract forms and addenda which are promulgated by the Commission.

[SBM]

One distinctive feature of residential real estate contract forms promulgated by the Commission is the "termination option." The termination option paragraph of the contract gives a potential buyer, in return for paying an 'option fee' to the seller, the unrestricted right to terminate the contract by giving notice of termination to the seller within a certain number of days after the effective date of the negotiated contract. The number of days and the amount of the option fee, like sales price and earnest money, are among those features negotiated between a seller and potential buyer in the sale contract; in Texas, option fees typically range from $100 to $200, while earnest money ranges from one to several thousand dollars. Option fees are paid directly to the seller and are only refundable at closing, while earnest money in Texas is typically paid to and held in escrow by title insurance companies for the seller; earnest money is either paid to the seller or refunded to a potential buyer, depending on a number of factors.

The termination option is popular among homebuyers in Texas because it gives a potential buyer time to fully evaluate the condition of the property and perhaps renegotiate the initial offer based on inspections, needed repairs, or other considerations. During the option period, buyers may either terminate the contract or proceed to purchase the home. Sellers not only receive the benefit of the option fee payment, but also avoid jeopardizing a successful sale. In addition, during the option period, the seller can continue to negotiate and accept back-up offers from other potential buyers." (BBM)

https://en.wikipedia.org/wiki/Option_fee_(Texas)

 

[Razz]

"Option fee (Texas)"

"The residential real estate industry in Texas is unique in that the real estate sales contract forms used in most transactions in the state are developed through a state agency, the Texas Real Estate Commission (TREC). TREC's Broker-Lawyer Committee develops standard contract forms and addenda which are promulgated by the Commission.

[SBM]

One distinctive feature of residential real estate contract forms promulgated by the Commission is the "termination option." The termination option paragraph of the contract gives a potential buyer, in return for paying an 'option fee' to the seller, the unrestricted right to terminate the contract by giving notice of termination to the seller within a certain number of days after the effective date of the negotiated contract. The number of days and the amount of the option fee, like sales price and earnest money, are among those features negotiated between a seller and potential buyer in the sale contract; in Texas, option fees typically range from $100 to $200, while earnest money ranges from one to several thousand dollars. Option fees are paid directly to the seller and are only refundable at closing, while earnest money in Texas is typically paid to and held in escrow by title insurance companies for the seller; earnest money is either paid to the seller or refunded to a potential buyer, depending on a number of factors.

The termination option is popular among homebuyers in Texas because it gives a potential buyer time to fully evaluate the condition of the property and perhaps renegotiate the initial offer based on inspections, needed repairs, or other considerations. During the option period, buyers may either terminate the contract or proceed to purchase the home. Sellers not only receive the benefit of the option fee payment, but also avoid jeopardizing a successful sale. In addition, during the option period, the seller can continue to negotiate and accept back-up offers from other potential buyers." (BBM)

https://en.wikipedia.org/wiki/Option_fee_(Texas)

I just looked over the Assets pages.

In Schedule C: it shows no mortgages or notes. (Does this mean that the $184,000 was paid off?)

Schedule D: no insurance

Schedule E: No CD's.

The property in Quinlan is listed on the Assets page as far less than the current asking/selling price for the home. Maybe at that time that was an estimate of what BC thought it was worth?

And the 3rd property in Italy is not listed.

Maybe I am interpreting this all wrong
but....????



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[mpnola]

With help from the photo master, he said the photo on the conveyor belt might be prunelax or allegra, but will look later. I can't attach a photo on my phone. If anyone wants to add the pics, awesome. Prunelax in the purple box looks promising, to me. It's just a mystery piece, to me, that I will be happy to resolve and lay to rest.

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[BeesInMyBonnet]

With help from the photo master, he said the photo on the conveyor belt might be prunelax or allegra, but will look later. I can't attach a photo on my phone. If anyone wants to add the pics, awesome. Prunelax in the purple box looks promising, to me. It's just a mystery piece, to me, that I will be happy to resolve and lay to rest.

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I’m with the photo master. [emoji851] I suggested Prunelax last July.

https://r.tapatalk.com/shareLink?sh...m/forums/showpost.php?p=13519886&share_type=t


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[Ngaio]

It could be

The Allegra, I'm not sure.
I'll take a look later.

 

[Ngaio]

i’m with the photo master. [emoji851] i suggested prunelax last july.

https://r.tapatalk.com/sharelink?sh...m/forums/showpost.php?p=13519886&share_type=t


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gmta.

 

[kidetect22]

I just looked over the Assets pages.

In Schedule C: it shows no mortgages or notes. (Does this mean that the $184,000 was paid off?)

Schedule D: no insurance

Schedule E: No CD's.

The property in Quinlan is listed on the Assets page as far less than the current asking/selling price for the home. Maybe at that time that was an estimate of what BC thought it was worth?

And the 3rd property in Italy is not listed.

Maybe I am interpreting this all wrong
but....????



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Yeah now I’m interested- is it paid off ?!!!

 

[Razz]

The Assets page says "Inventory and Appraisments of all personal property and of all real property of the Estate of Michael Glenn Chambers".

So does that mean all the inventory
listed is in actuality 1/2 of ALL assets?
Has BC already split their joint estate in half?

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[SavetheQueen]

“Inventory, Appraisement and List of Claims”

As to the properties in Italy, you can find more information below. For all three of them, listed under “Owner” is MC only, but since they are included in his will, they now belong to BC:

http://esearch.elliscad.com/Property/View/209912?year=2017

http://esearch.elliscad.com/Property/View/209921?year=2017

http://esearch.elliscad.com/Property/View/185654?year=2017

I wonder why the third (1.34-acre) Italy property is not on the inventory list.

It’s my understanding that it was inherited, and she can’t touch it. It has to be passed on to whoever he designated it to be.


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[nannymo]

Those assets seem pretty low to me. Does anyone know if these are just MC's half of everything? Those old cars are valued very low and the house at only $119,000 but she's asking $360,000 or so?

And where is his pension listed?

 

[SavetheQueen]

Those assets seem pretty low to me. Does anyone know if these are just MC's half of everything? Those old cars are valued very low and the house at only $119,000 but she's asking $360,000 or so?

And where is his pension listed?

Extremely low.


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[mpnola]

It could be

The Allegra, I'm not sure.
I'll take a look later.

Yep! It seems like it to me. I'm sorry I missed that last year, bees. Thanks for the help ngaio!!! [emoji173]

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[inmyhumbleopinion]

I just looked over the Assets pages.

In Schedule C: it shows no mortgages or notes. (Does this mean that the $184,000 was paid off?)

Schedule D: no insurance

Schedule E: No CD's.

The property in Quinlan is listed on the Assets page as far less than the current asking/selling price for the home. Maybe at that time that was an estimate of what BC thought it was worth?

And the 3rd property in Italy is not listed.

Maybe I am interpreting this all wrong
but....????

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RBBM

It appears that the item "Mortgages and Notes" under "Schedule C" refers to "notes, or mortgages (due the Decedent) at date of death. In other words, "any mortgages and notes (as assets, not liabilities) at date of death": (BBM)

http://www.texasbarcle.com/Materials.../125564_01.pdf

 

[Razz]

RBBM

It appears that the item "Mortgages and Notes" under "Schedule C" refers to "notes, or mortgages (due the Decedent) at date of death. In other words, "any mortgages and notes (as assets, not liabilities) at date of death": (BBM)

http://www.texasbarcle.com/Materials.../125564_01.pdf

But how can you get a real value if you don't include the mortgage due? She did estimate things low but is that because the assets had already been divided 50/50 between MC and BC so you now have 2 estates.



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