First time poster
Hi, I usually only read these posts. But I had to comment because I'm in a similar situation and my experience may be helpfull. I am co-exec to an estate where the will directs the real estate be sold and divided equally among the family. Our probate lawyer explained that we needed to have the property valued by a licensed apraiser. This figure was then submitted on the list of assets for probate. In our state, the list had to be submitted within 6 months of being appointed as executors, (when will was submitted). In your case, even if the will does not specify that an appraisal is required, the state law may require it for the list of assetts. Is there is an estate lawyer who is advising the executors?
In my situation I thought about buying the family house, (sentimental attachement). But, I could not figure out how to buy the house at a price that is both fair to my siblings and fair to me. The house is in a location where there is a strong sellers market, (very desireable place to live and a shortage of available properties). This coupled with the low interest rates has created a situation where properties are often selling for well over appraisal values. So, even if I paid appraisal value I would never know if my siblings would resent me for getting the house for less than what the market might have brought. So, we have placed it with a realtor to see what offers come in. I don't think it makes any sense to buy it for more than what an appraiser says it's worth, so basically I'm out of it now. It's very hard to let go of this house, but it's a bad situation for family strife, and just not worth my sentimentality. If I were in your position I would try finding out what the law requires of the executors in the state where the will is probated. There must be a fair method of valuation. I would first check on-line. And then, if the executor is unapproachable I would consider hiring a probate lawyer. The one important lesson I have learned is that an executor assumes a lot of personal liability and is obligated by law to act in the best interest of the heirs. At the same time, everyone has an important responsibility in keeping the peace and should communicate tactfully, as well as give the executor the benefit of doubt. Good luck!