What is the name of your state? Florida
My sister and I inherited my father's house in April 2021 and from the beginning I offered to buy out her interest in the house because I don't want to sell the house. I made her an offer based on what a real estate agent said would be a probable sale price, but she didn't like it and now she wants to base the deal on a combination of appraised value calculated via licensed appraiser along with some kind of speculated value based on how much the property would be worth fixed up. I am thinking that the house should be valued at the current condition the house is in today. She is thinking the house value should reflect a fixed up price because if she sells me the house then she is losing money because she could have come down here from Texas with her husband and fix the house up and make a bigger profit. The problem with that from my perspective is that I will be paying for a fixed up house but the house WON'T be fixed up at all. Also, I kind of doubt her ability to come down to Florida to a market she doesn't understand with zero contacts and have a successful flipping expedition anyway. I live in the same area as house so I have been the one maintaining it for the last year doing ALL the clean up and maintenance so I am familiar with all the things that are wrong with the house so I guess I'm not as easy of a sell as a possible unsuspecting buyer...
Is there any kind of validity in claiming some kind of "opportunity loss" when settling on an inherited house? If there is some validity how would somebody come up with such a speculative number?
My sister and I inherited my father's house in April 2021 and from the beginning I offered to buy out her interest in the house because I don't want to sell the house. I made her an offer based on what a real estate agent said would be a probable sale price, but she didn't like it and now she wants to base the deal on a combination of appraised value calculated via licensed appraiser along with some kind of speculated value based on how much the property would be worth fixed up. I am thinking that the house should be valued at the current condition the house is in today. She is thinking the house value should reflect a fixed up price because if she sells me the house then she is losing money because she could have come down here from Texas with her husband and fix the house up and make a bigger profit. The problem with that from my perspective is that I will be paying for a fixed up house but the house WON'T be fixed up at all. Also, I kind of doubt her ability to come down to Florida to a market she doesn't understand with zero contacts and have a successful flipping expedition anyway. I live in the same area as house so I have been the one maintaining it for the last year doing ALL the clean up and maintenance so I am familiar with all the things that are wrong with the house so I guess I'm not as easy of a sell as a possible unsuspecting buyer...
Is there any kind of validity in claiming some kind of "opportunity loss" when settling on an inherited house? If there is some validity how would somebody come up with such a speculative number?