Settling a price dispute on a home owned by an estate

[flyin.potato]

My Mom passed away earlier this year. She left her home to myself and two siblings. My wife and I would like to buy-out my sibling's shares in the home. What is the most equitable way to solve this?

 

[justalayman]

Equitable? Equity has nothing to do with it. The other owners can set their price.

If you are not willing to meet their price the only process to severe the relationship would be to sue to partition the property. That is an action take through the courts where the property is auctioned and the proceeds divided among the owners. You are welcome to bid on the property just like anybody else.

 

[STEPHAN]

Sorry, this florum handles US law only. (You deleted the question about the state.)

 

[flyin.potato]

Equitable? Equity has nothing to do with it. The other owners can set their price.

If you are not willing to meet their price the only process to severe the relationship would be to sue to partition the property. That is an action take through the courts where the property is auctioned and the proceeds divided among the owners. You are welcome to bid on the property just like anybody else.

I suppose I'm asking for a common procedure rather than taking it to court (it's not possible to partition the property). Something like get 3 appraisals and take the average.

Thanks for your advice

 

[xylene]

The question about your state isn't a suggestion.

Include your state. Laws vary.


Are the other siblings already willing to sell the house to you?

 

[justalayman]

I suppose I'm asking for a common procedure rather than taking it to court (it's not possible to partition the property). Something like get 3 appraisals and take the average.

Thanks for your advice

My reply stands and yes, it is possible to partition the property that includes a forced sale where the parties can bid on be property during the auction.

You cannot force the other parties to sell it to you at any price so if they picked a price and you aren't willing to pay that price. It either ends up as is or you sue to partition where you can either bid at the auction or let it be sold and split the proceeds.

 

[xylene]

My reply stands and yes, it is possible to partition the property that includes a forced sale where the parties can bid on be property during the auction.

You cannot force the other parties to sell it to you at any price so if they picked a price and you aren't willing to pay that price. It either ends up as is or you sue to partition where you can either bid at the auction or let it be sold and split the proceeds.

If, IF the siblings are willing to sell, why is a partition suit and auction necessary instead of a last resort? Estate homes sell outside of auctions all the time.

Resolving this outside of the courts is a not a bad thing. Perhaps mediation is an intermediate step.

 

[latigo]

My Mom passed away earlier this year. She left her home to myself and two siblings. My wife and I would like to buy-out my sibling's [sic] shares in the home. What is the most equitable way to solve this?

You want to buy your siblings' shares of a home that "is owned by an estate"?

Would you be interested in buying their interests in the Brooklyn Bridge that is owned by New York City's Department of Transportation?

 

[justalayman]

If, IF the siblings are willing to sell, why is a partition suit and auction necessary instead of a last resort? Estate homes sell outside of auctions all the time.

Resolving this outside of the courts is a not a bad thing. Perhaps mediation is an intermediate step.

It's not necessary that is why i said if the op doesn't like the price stated their actions are limited.

And if the home was soecifically left to the three they are each entitled to their actual share of the home and the executor does not have the suarhority to override the specific gift in the will and substitute other assets.

 

[LdiJ]

My Mom passed away earlier this year. She left her home to myself and two siblings. My wife and I would like to buy-out my sibling's shares in the home. What is the most equitable way to solve this?

Well, you could always have the home appraised and then offer each of your sibling's 1/3 of the appraised value, or 1/3 of the equity if the home still has a mortgage.

 

[John Se]

just sell it

Just sell it split the money and go your separate ways. That is the most equitable solution.