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selling a home within the family

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R

robbyg

Guest
both my in-laws passed away 2 1/2 years ago and their
house was to be inherited by their 3 children. One sister
has always lived in the house(2 family) and my wife decided
to give her her third of the house as a gift while the third child,her brother,was to be given his share in cash
from a mortgage which the live-in sister has applied
for and will be given upon sign-off from the brother.
The amount to be given to the brother was determined
by an appraiser a year and a half ago and there have been
numerous delays in the mortgage process as the live-in
sister had to settle a divorce. The brother does not get along with the sister and things are getting bitter. The
sister wants to give him his money but he has to okay the
sale ASAP in order for HER to get the mortgage. He feels
the house is worth more money today than it was 2 1/2 years
ago and wants more.I'm sorry for the long story but it's
very sad what's going on.
QUESTION---IS THERE A POINT AT WHICH THE FAIR VALUE OF THE
HOUSE HAD BEEN DETERMINED IN THE PAST AND A FUTURE INCREASE IN REAL ESTATE VALUE DOES NOT APPLY.MY SISTER-IN-LAW
WANTS TO BE REASONABLE BUT AT WHAT POINT DO YOU DRAW THE LINE.
 



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