Do I have to sell my property?

[rd2511]

New York. My uncle died and left me 50% my mom 30% his girlfriend 20% of the house my mom currently lives in and some industrial property. I was told by the estate lawyers (who are also real estate brokers) that they can sell the property at anytime to payoff my uncles debts which to my knowledge is about $15,000.00 The house is already under my moms name and we can go to any bank and pay 20% of what the estate is worth to my uncles girlfriend. The house and property have no mortgages and were in my family since 1936. Are we going to have to sell the property at what the estate lawyer says is fair market value? We are wating for letters of testimentary which are due in a week or two and the lawyers for the estate are trying to sway me to sell. Any help??

 

[BelizeBreeze]

You do not have to sell the property. you can make an in-kind offer to the girlfriend for her share of the estate.

Who hired these idiots?

 

[rd2511]

OK, I was told by the estate's lawyers not to contact her. So you are saying I should contact her, work it out without them knowing. Then when the letters of testimentary come what do I do. ( I should go and get a fair market value of the whole estate correct?)

 

[BelizeBreeze]

OK, I was told by the estate's lawyers not to contact her. So you are saying I should contact her, work it out without them knowing. Then when the letters of testimentary come what do I do. ( I should go and get a fair market value of the whole estate correct?)

No, I am not saying you should contact her without them knowing.

And without more details that's all I can tell you. Obviously probate is at the opening stages so there is still time.

So, I would suggest you write the estate attorney a registered (RRR) letter asking him/her to explain their position that the property must be sold.

I would also suggest you and mom consult your OWN probate attorney for clarity.

 

[rd2511]

My mom and I have an appointment with a lawyer Wednesday, The executor of my uncle's will is a real estate broker and the lawyer for the estate is his nephew, the estate is a house and industrial property, the house is in my mothers name and the property is under my uncles name, the estate lawyer says that they can sell the property for fair market value, to pay my uncle's debts. There is no mortgages on the house or property, the only debts are his funeral 10K and the lawyers fee in which I was told the executor gets 3%. My worry is if I get a lawyer to protect my mom and myself (we own 80% of the estate) what is going to stop the estate lawyers from running up lawyers fees and other bulls**t expenses. These guys want to give me peanuts and then turn around flip the property to a builder and line their pockets. Also, I heard that the letters of testimentary are due any day but the lawyer for the estate is saying this could take another 6 months. I don't have 6 months I can get income from the property when this is over but cannot now because of this, the house needs work, alot of work, I can't believe this! I went to two banks last month and I was told by both banks I can walk out of anyone of them with enough to pay my the 20% to my uncles girlfriend and have enough to fix the house so I can rent the two empty floors and the industrial land. Makes me sick!!

 

[pojo2]

was going to reply until I read this

c**t girlfriend