Posted by River City on July 21, 2003 at 10:39:12:
I agree with Tom. You don’t have to accept the offer. If it were me, I would have the house appraised and then sell it for as close to the appraised value as I could, unless the other sibling wanted to purchase it at market value. That would be fair to everyone.
The Selling of passed away mother - Posted by Nancy
Posted by Nancy on July 20, 2003 at 10:42:05:
My Mother passed away about 11 months ago. The house went into probate. Her home is not paid off still owes more than half on her mortgage. In her will it states that it gets split between all 4 of us kids equaly. I got a letter in the mail stated one sibling wants to buy the house.But they wanna buy the house for whats left on her existing mortgage, lets say there is still $100,000 left to go but valued at $150,000(than it states in the letter my inheritance will be reduced and that i give up all rights to the home). The house is valued $50,000 more than what they wanna buy it for(so they are making $50,000 off the house that goes to them and the rest of us get nothing.They buy a $150,000 home for $100,000. Is this legal. Don’t they have to buy the other parties out? Thanks
Re: The Selling of passed away mother - Posted by Tom-FL
Posted by Tom-FL on July 20, 2003 at 21:49:45:
Well, in the opinion of a non-lawyer:
They can propose anything they want. If the remaining parties accept it, then the sale is completed. Originally if one party wanted it and was going to assume the mortgage of 100k, and pay each of the remaining 3 parties $16,666.66 (50k/3)for their equity, I’d have agreed. Now frankly, I would force sale at market value and split the proceeds. Good luck Nancy.