Determining Acceptable Value of Inherited Real Estate?

[Sigarms]

I’m back in my house… but stop by moms home everyday on the way home getting the mail, watering her plants, etc.

I should be mowing and Spring clean up and some of the trim could use a fresh coat of paint… but keep putting it off.

It’s been 10 years since I last painted the inside and out and it’s ready again…

Ok, now I get it.

Charge your siblings to be in charge of the house, or just let them handle it and take your share that is due to you after they "maximize" their profit.

You've always struck me as a honerable and fair man, never quick to judgement, whose posts have been "even keeled" and not judging others.

Either you ran the greatest snow job on me after all these years on the internet, or for some reason, your siblings have their heads up where the sun don't shine.

When if comes to families, sometimes lack of money or too much money can kind of make them bat ***** crazy IMO.

That said, knowing you, I'm certain you'll do what you feel is right.

 

[2manyrocks]

Part of the problem might be two siblings who may be acting like they already own the property to do with as they wish by majority vote to maximize the sales price without taking into account the legal ownership of the home. If legal ownership passes to three owners who each own an undivided 1/3 interest, no owner owns any more rights than any other and the two cannot dictate terms to the one.

If the estate is known to be solvent, one option is to deed the home to the three owners and let the cage match commence outside of probate.

 

[Sigarms]

If you were my brother, I'd be thanking you for taking good care of Mom and helping her to stay home. I sure as **** wouldn't be asking you to fix up the house to sell it to someone else for more $$ when I know you want the house.

 

[MattB4]

I’m back in my house… but stop by moms home everyday on the way home getting the mail, watering her plants, etc.

I should be mowing and Spring clean up and some of the trim could use a fresh coat of paint… but keep putting it off.

It’s been 10 years since I last painted the inside and out and it’s ready again…

At this point it would be wise to realize it is no longer your Mom's home. It is yours and your siblings house. Tell them that any maintenance of it by you is not free. That the other 2 owe 2/3rd of the cost of doing it.

Being a nice guy has its own rewards but being a doormat gets you walked on. Do not be a doormat.

 

[buckeyefarmer]

At this point it would be wise to realize it is no longer your Mom's home. It is yours and your siblings house. Tell them that any maintenance of it by you is not free. That the other 2 owe 2/3rd of the cost of doing it.

Being a nice guy has its own rewards but being a doormat gets you walked on. Do not be a doormat.

it's the estates's house until the estate gets settled.

 

[MattB4]

it's the estates's house until the estate gets settled.

If it is still in probate than yes. Even more reason to stop thinking of it as his Mom's home.

Depending on the probate laws of California there may be no option for what the siblings are wanting to do. The one thing the OP has not mentioned is who is the court approved Executor for the Estate.

 

[Sigarms]

The one thing the OP has not mentioned is who is the court approved Executor for the Estate.

I believe the OP mentioned he is the executor.

 

[riptides]

I believe the OP mentioned he is the executor.

The executer has responsibility to the estate. Not the benefactors.
In one scenario all the OPs deeds can be ignored or discounted by simple words of "your choice" from other beneficiaries. Meaning past support and deeds have no bearing on the estate as of the now.

 

[ultrarunner]

I just can't get my head around that type of behavior. I know there are 3 sides to every story and I try to take that into account. I'm just not wired like your siblings nor is my sister thank goodness. I can't help but detect a bit of selfishness and greed in what you say about them.

Maybe just entitled combined with Real Estate is their field?

 

[paulsharvey]

Maybe just entitled combined with Real Estate is their field?

I dont even know that entitled is relevant. Based on my understanding, everyone got equal shares, so let's not act like the OP should be getting a bigger part of the equal share, regardless of the care. I do understand the perspective that a 10% investment into the home, could yield a 25% increase in value too. I just think it's better to move on quickly, get everything liquidated, and call it a day.

I do think there needs to a a quick discussion, and understanding, that you want no part of project management, and won't be handling that, and also discuss the fact there is a risk associated with the improvement costs.

I dont expect the siblings to really care about your future tax situation if you eventually purchase the property. Right now it's just the estates asset, that's it.

I'm not against you; but let's not pretend the other heirs owe you something beyond your 1/3rd share, and any legal executors fees. It all kinda sucks, but I get both sides.