Determining Acceptable Value of Inherited Real Estate?

[BigGG]

I think you're right to seek legal advice. (That advice should be funded by the estate, hopefully the other assets have not been distributed.) Your siblings will have to sign off on the sale, and you'll need to be stain-free.

Surely you're under no obligation as executor to improve the property before sale. What happens if you spend estate funds to improve it and the value doesn't increase like they anticipate? Then you may be open to charges of malfeasance.

 

[BigGG]

As executor you can do as you wish.

Final decisions will depend on what you plan for future relations with the siblings.

Well, not really. He better be prepared to defend his actions in court. He is obligated

 

[Tpondel]

Well, not really. He better be prepared to defend his actions in court. He is obligated

He has a legal appraisal vs what two realtors say the property should be worth.

and yes, an attorney is defiantly needed.

 

[hiddentacocatneddih]

We went thru this from 2021 till 2023

Get a lawyer and be ready to go to war.


Act as fast as you legally can and dump it. Save every single receipt, email, phone call, anything related to the estate.

I ended up fronting way to much money to deal with the house, lawyers, you name it

If I had to do it again, I'd let the bank have it and walk away

 

[Streetcar]

Ultrarunner good luck in your adventures.when my mom started having issues from dementia I made sure to be with her every lunch and after work. Later my sister moved in with her but I still stopped by for lunch and after work. I know you made the last years of your mom’s life more enjoyable. We let my sister buy house at below appraised value. For repayment for all she did for mom. I had to talk my brother into price, with do it for mom. The loss in money was worth it for happiness mom received from staying in house until end

 

[mikester]

Offer to sell the property to the siblings jointly for the assessed amount, then they can jointly fix it up with their own money and flip it for profit.

At the end of the day the realtor's opinions are just that and it's the professional certified assessors opinion that matters in the absence of a third party arms length buyer. Let the siblings pay for their own professional assessments if they want to compare. Or go to auction.

 

[Sigarms]

The issue comes up when I’m told the only way to determine fair market value is by selling on the open market.

I'm going to say something, and I hope I don't step on any toes because when it comes to family and money, all bets are off.

YOU took care of your mom and her house.

I'm also guessing you aren't a "free loader" and a bum in the family.

Who the frick cares about "fair market value"?

Don't get me wrong, it's not like you're going to buy the house at a family discounted price of 50% off.

I just don't get the fact of trying to maximize the sales potential when it comes to a good family member who has contributed to the family.

I believe you don't have children if I remember correctly. Who gets the house when your time on this earth is up? Can you just leave the house to your family then at that point so then they could maximize their profit?

 

[Sigarms]

Don’t want to leave any money on the table but by the same token my 403b, life insurance, etc all goes to their kids…

I punch a time clock… they don’t.

None of my business, but if their kids don't need it, look at some causes you love, and leave some there.

Correct me if I'm wrong, but at the end of the day, if you own the home, I'm guessing the home will still go to their kids?

I could be wrong, but I'm guessing the home means more to you than just being a structure to live in.

 

[workinonit]

You should have gotten your mom to change the will back when they didn't want to help take care of her. I think now you are backed in a corner. I'm thankful every day that I have the sister I do. We never crossed words over what was left and how to split it up.

 

[MattB4]

I am going to disagree with all the advice for you to hire lawyers. Lawyers add cost and often do nothing other than complicate things. From the sound of it your siblings are looking for pie in the sky inheritance and any form of reality or reason from you will not change that. I would put it in their hands only retaining your rights to your split of a property sale. If they try to cheat you out of that than it would be time for lawyers.

Forget about keeping on good terms with them. You made your offer and they rejected it. Just like they rejected caring for your Mother.