selling assets to settle estate

[greatfulrob]

What is the name of your state?NY
My mother estate finally is in probate. (She died in june) The only asset of the estate is the family home. The total debts are more than the property is worth. My husband and I have made an offer on the property, we are not the executors. My question is can the lawyer decline our offer or do the co-executors(my brother and sister) decide who to sell the property to ? Are they required to sell to the highest offer ? There have been no other offers made as of yet. We are not attempting to stiff the debtors but someone will be left out regardless. Also, what recourse do we have when the estate lawyer seems to be out to protect the debtors rather than the family ? His behavior is nearing malpractice. thank you for your time !

 

[HomeGuru]

What is the name of your state?NY
My mother estate finally is in probate. (She died in june) The only asset of the estate is the family home. The total debts are more than the property is worth. My husband and I have made an offer on the property, we are not the executors. My question is can the lawyer decline our offer or do the co-executors(my brother and sister) decide who to sell the property to ? Are they required to sell to the highest offer ? There have been no other offers made as of yet. We are not attempting to stiff the debtors but someone will be left out regardless. Also, what recourse do we have when the estate lawyer seems to be out to protect the debtors rather than the family ? His behavior is nearing malpractice. thank you for your time !

**A: the estate can fire the lawyer and hire a new one.

 

[seniorjudge]

"...Are they required to sell to the highest offer ?..."

Statutes generally set the amount that property can be sold for in probate estates. For example, your state may have a law that says that the real estate must be sold for 75% of its appraised value. Ask the estate lawyer what law he is basing his statements on and then go look up the law.

 

[CaptC]

Statutes generally set the amount that property can be sold for in probate estates. For example, your state may have a law that says that the real estate must be sold for 75% of its appraised value.

What would this percentage of appraised value be for the state of Kentucky and where in the KY Revised Statutes would I find this as I have been looking and can not seem to locate it. Thanks

 

[seniorjudge]

Statutes generally set the amount that property can be sold for in probate estates. For example, your state may have a law that says that the real estate must be sold for 75% of its appraised value.

What would this percentage of appraised value be for the state of Kentucky and where in the KY Revised Statutes would I find this as I have been looking and can not seem to locate it. Thanks

You are hijacking.

 

[Dandy Don]

Some type of appraisal will have to be done to determine if your offer fits within the range of acceptability (not too low).