Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Did the eldest daughter care for the parents & that's why the siblings were okay with her living there for 10 years rent free? Did she pay the property taxes & maintain/caretake the house--that could definitely offset rent?
Follow the will and sell the property & split it 8 ways.
As other poster said, get two certified appraisals & average them for your sale price. I would use a real estate attorney to handle the paperwork.
All siblings should have the opportunity to purchase for that price -without realtor commission. If more than one is interested, you auction it off between them. But every purchaser must have financing or cash in place, no waiting around to close the sale. If no one can close the deal in 30 (or 60 days), list it with a realtor. A family member could still buy it, but they'd be treated like any other buyer.
Your sister is entitled to give her own share of the house to her daughter, but her daughter needs to buy the other shares at fair market value. Due to the feudal circumstances I would avoid any private contract sale also. She should get a loan or pay cash, just like anyone else.
If the WILL gifted all of you equal shares of the property, and since your sister really loves that house so much than let her buy you all out at market value so she can keep it and continue to reside there. I highly doubt you guys will get much from it considering it will have to be split 8 ways. However, if your parents WILL stated that your oldest sister is to live in the house for the rest of her life until the day she dies rent free then that would be a different scenario.
That is a tough one. Plenty of emotions involved. One way of looking at it is that your eldest sister is making a decision for all of you. Is everyone ok with that? If so, then the consensus would be to wash your hands and move on. She may feel entitled because she has been living there. "It's hers to do what she wants." I am just guessing her sentiment there. Just one viewpoint.
Everyone is not okay with it. There has been a lot of drama, crying , and yelling . It is breaking the family apart.
Hell no. Lawyer up and get your fair share of the full market value. What is your niece’s plan? Will she sell the house down the road at a big discount too? I doubt it. Your sister, through your niece, will end up with access to a large sum of money that should have rightfully been split between you and your siblings. Or at the least, her family will be set up financially by that house whereas your family, and those of your other siblings, will not. I would say if your siblings have no interest in the house, but you do, either they need to give you your share of the full retail value or you all find a way for you to be on the deed for the house, without having a fiscal responsibility. If that’s possible anyway. That way your financial interest is protected.
I know when I went through probate when my mother died, my siblings had to sign some Waiver and Refunding Bond Release in order to waive their inheritance. If your siblings don’t want their inheritance, make sure they legally waive their rights. Otherwise they could come back later to assert a right they verbally renege now.
I’m not sure of my nieces plan. My guess is that it will not be sold for a long time . Everyone is interested in selling at market value except for her . She does not have the means to make the rest of us whole.
how did property taxes get paid? who paid for repairs and upkeep for 10 years?
what's an approximate rental value per month she's been there?
where does this eldest sister rank approximately in income/wealth among the 8 of you? How much would the value of the home, sold, mean to the lowest? The highest?
The value of the house isn’t 1.2 million. She rented part of the house to pay for the taxes, upkeep, and repairs. The approximate monthly rental value is 5000. She ranks one of the lowest in income and wealth. The house is worth 1.2 million but she is forcing everyone to sell to her daughter for 600k
If your parents have been deceased for 10 years, in whose name is the house in right now? All 8 of you? Get two appraisals, average them, that’s your sales price. If oldest sister wants to give her 1/8 share to her daughter, she can go ahead. Everybody else gets their own share. Slightest bit of trouble..lawyer time. Your parents did NOT want their granddaughter to get a sweetheart deal. If they had, it would have been in their will.
All 8 of us. We tried to explain the same but she got upset and started crying . She is holding up the sale of house the house.
If all eight of you are on the deed as joint tenants your sister can't force you to sell the house. All of you must sign to transfer the house to a new owner. If you all can't agree on something then it is time to consult a lawyer. I had this problem when my mother-in-law passed away. One of my wife's brothers caused trouble but we finally go him to concede to our terms.
We did not want to hire a lawyer against our own sister but I guess we have to. This is tearing the family apart.
Did the eldest daughter care for the parents & that's why the siblings were okay with her living there for 10 years rent free? Did she pay the property taxes & maintain/caretake the house--that could definitely offset rent?
Follow the will and sell the property & split it 8 ways.
As other poster said, get two certified appraisals & average them for your sale price. I would use a real estate attorney to handle the paperwork.
All siblings should have the opportunity to purchase for that price -without realtor commission. If more than one is interested, you auction it off between them. But every purchaser must have financing or cash in place, no waiting around to close the sale. If no one can close the deal in 30 (or 60 days), list it with a realtor. A family member could still buy it, but they'd be treated like any other buyer.
Yes, she cared for mom and dad . Exactly why we allowed her to stay rent free but it has been 10 years. It is time to execute the will.She paid the taxes and maintenance from rental income. My sister does not have financing or cash in place and she does not want to list with a realtor. Everyone does not live close to the house . She is the only person living in the house and she will not list with a local realtor.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
