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real estate inheratence (split 5 ways)

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W

whothehellisit

Guest
What is the name of your state? I Live in South Dakota. Estate being split up in PA. There ia a second home to be sold and split 5 ways. Question is- 2 siblings want to buy together, I am not interested. There was an "appraisal" by a real estate agent who drove up to the property, never entered it. He/She estiamted for $100,000. I have a very strong suspicion it is worth maybe 1.5 to 2x's that amount. How do I request a real appraisal, and should I retain an estate attorney for my interests? Thank you, time and info much appreciated. Chris.
 


Dandy Don

Senior Member
Is there a will being probated, and is this second home mentioned in the will?

The appraisal that was given does look suspicious and not professional, because a true professional would have gone inside the house to evaluate. You should be willing to pay for a professional appraisal yourself (and find the person yourself to do it) to get an honest value so that if it comes to the point that the heirs want to pay you ("buy you out") for your share of the home, at least you will be able to negotiate a fair price, but I guess they just want to be able to buy the home for "a dollar".

At this point it does not look as if you need an attorney to represent your interests. Are they being honest with you as far as keeping you informed about the other assets in the estate and who gets what?
 
W

whothehellisit

Guest
second house follow up

The will was probated, and it states that all of my mom's assets are to be split between the 5 kids. It is a second home, a small ranch used mostly for recreation. It was bought through auction 10 yrs ago from a woman who was in a wheel chair and passed away. In the last 10 yrs, the area has grown considerably (used to be considered in the middle of nowhere) It has aprox 4 acres and backs up to a lake that is 5 miles long and has a few hundred if not a thousand State Game lands which can never be built on. That is why I am suspicious about the "value". I am also suspicious to the value for the fact that my older sister favors the 2 who are interested in the house (and she is a nun, tisk-tisk). I am going to look online to see if other houses have sold in that area recently. I REALLy appreciate your help. Chris
 

nextwife

Senior Member
Did this agent provide a written Market Analysis? Establish sale prices of similar properties in the area? Is there good data backing up their price?

Try calling a local broker there, describing a property with features and size and condition like this one and ask what it might cost you to buy a place like that. See what they tell you.
 
C

co-executor

Guest
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!
 

nextwife

Senior Member
I wonder if putting property on the market with a clause allowing the family members a right to match an offer from a QUALIFIED buyer might work. That way, one can get a market driven price, and, IF thev family members can come in and buy at that price, fine, if not they can step aside and let a buyer who is willing to pay more do so?
 

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