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Get an appraisal and 3 market analysises by realtors and use the number in the middle/between middle and low value. Let sister buy all of you out for that amount and she can sell to daughter for whatever she wants.
I have four brothers and 3 sisters. I’m the youngest in the family. My mother and father passed away 10 years ago. My eldest sister has been living in our parents house
rent free for the past 10 years . My parents left a will that equally divided the house to each surviving child. My eldest sister is emotionally attached to the house and she does not want it sold. After years of drama my eldest sister has finally agreed to sell the house but not at market value. She wants to sell the house to her daughter at a huge discount so that the property stays in the family . She is forcing everyone to sell this property to her daughter. What would you do?
Regardless of fairness and fiduciary responsibility, your sister holds the psychological advantage and physical advantage. I would attempt to figure out if any compromise is a possibility.
What is the net each of you would receive considering:
Market Value of Property less estimated selling price
Less realtor fees and selling costs
Less Executor fee (if any)
Less approximate Real Estate Attorney Fees (if you proceed with legal proceedings against your sister)
THe net amount is what I would be willing to sell to "keep within the family"
If that offer is refused and she refuses to sell, advise your sister that the next step would be to have her removed as executor and that her share will in fact be reduced by the cost of the attorney fees and a newly named executor will be entitled to the executor fee (if any).
If there a possibility any of the siblings would be willing to give their share as a loan to your sister/daughter? Perhaps she could increase the rent or take in more tenants in order to repay this loan. The loan would be memoralized with provision for a lien placed against the property in the event of default.
I would first try a good faith effort to work things out before taking a more adversarial step. It is true that you parent's intent is important and I would assume that they wanted the house split evenly in the interest of fairness. That doesn't mean you can't be generous (within reason) with your sister for the sake of peace in the family if that has some value.
Last edited by Maddie104; 09-23-2019 at 01:53 PM..
The fact that the OP is the youngest sibling explains why 10 years have gone by with nothing settled.
People are reluctant to stand up to relatives, especially when they use emotion to get an unfair advantage.
It's clear this is what the parents wanted. Now it should be settled that way.
Ask them if they’d rather have $75k or $150k. Because that’s the cut your sister is trying to force. If you’re all on yhe deed she can’t do jack about the sale without your signatures. So don’t feel a time pressure.
And ask if they’re ok with their niece get $1.2M+ when she sells down the road. Because you know she will, and it’ll be some sob story but in reality, just a cash grab.
I agree,
Quote:
Originally Posted by Kiru
Just remember - you aren’t the one responsible for breaking the relationship. Your oldest sister is, because she’s not acting in a fair and responsible manner. You have a right to the house, that your parents wanted you all to have. Your sister is going against their desires.
I agree.
Quote:
Originally Posted by Kiru
And then the daughter sells it for $1.2 million down the road and the oldest sister gets to double-dip through her daughter? And her daughter is set up with all that money that the other sibling's children didn't get access to? No. Not legal or fair.
Emotional attachment to house or not, I don't believe for one second that the oldest sister isn't fully aware of the financial boost this house would give her daughter. No one, except the super rich (and probably not even them), is unaware of securing $1.2 million in house asset for their child and grandchildren.
Quote:
Originally Posted by Giesela
Its your parents house. They left it to all of you but I suspect that they would want the house to be of help/comfort etc. to any of you that needed it most. Just let it go. Try to find something that is somewhat equitable but then...just let it go, keep family happy if you can. So many families these days ripped apart over stuff like this. Not worth it unless you really do need the money.
I disagree. If the parents wanted only ONE daughter and only ONE granddaughter to inherit everything, they would have made a will stating those facts. Obviously, their are seven other siblings and probably other grandchildren, too,
Quote:
Originally Posted by Bungalove
Sorry, but that's creating a "story" out of emotion. The parents put all eight of the children's names on the deed, which indicates that they wanted the property divided among them. One child has gotten an extremely unfair advantage already for 10 years and now wants to further that advantage for her daughter. How is that supposed to keep the family "happy"? There is no "feel-good" solution to this situation in any case, and it has been caused by the eldest sister who is not only acting selfishly, but has abrogated her lawful duties as executor of the estate.
I have four brothers and 3 sisters. I’m the youngest in the family. My mother and father passed away 10 years ago. My eldest sister has been living in our parents house
rent free for the past 10 years . My parents left a will that equally divided the house to each surviving child. My eldest sister is emotionally attached to the house and she does not want it sold. After years of drama my eldest sister has finally agreed to sell the house but not at market value. She wants to sell the house to her daughter at a huge discount so that the property stays in the family . She is forcing everyone to sell this property to her daughter. What would you do?
The fact that the OP is the youngest sibling explains why 10 years have gone by with nothing settled.
People are reluctant to stand up to relatives, especially when they use emotion to get an unfair advantage.
It's clear this is what the parents wanted. Now it should be settled that way.
We all believed many years ago that she would do what is right. She has always been trustworthy and honest. What a mistake. This was a curve ball that no one expected. She does want to let go of the past and keep the memories alive . She is the only person that lives in the house . The rest of us are scattered all over the world .
One possible scenario .. and this would take a lawyer to determine if it would be legal to do this...
agree to sell the house to the daughter at 600k with the stipulation that if she sells the house the amount the house sells for between the amounts of 600K and the current value of the house be split with the current 8 owners or their heirs.
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