If a probate appraiser appraises your home for $57,000.00 which has to be divided among siblings, half want to keep the house & half want to sell. Can the executor, being one who wants to sell use a figure of 95,000.00 to split the money so he can get more. Is this legal? Does he have to use the $57,000.00 from the probate?
State/Country relating to question: Ohio
Thank you for posting your question to JA/Pearl. Legal questions often take time for research or I may be offline so please be patient, I will reply.I am not exactly sure of your question. If half want to sell and half want to keep, why are the ones wanting to keep the house not offering the others half of the 57K appraisal? The executor has the power to sell the house but he has to get the best price available. That means listing it with a real estate agent and placing it on the market. I am not sure what you mean by the 95K figure.
There are 12 brothers and sisters (6 ) want to keep the house. The probate appraisal was for 57,000.00. which should be devided 12 ways. The 6 wanting to keep the house would have to pay off the six that want out. The executor wants to use 93,000.00 instead of 57,000. so he and the other 5 can get more money from the other 6. Does he have the right/power to use the 93,000.00 figure? Does he have to use the probate figure of 57,000.00?
The 6 that want to sell can set whatever price they want regardless of the appraisal. The 6 that want to keep the house are free to offer whatever price that they feel is fair. However, having 6 people on the deed to a house is asking for lots of future problems such as who pays the taxes, insurance, maintenance, etc. The alternative if you cannot come to an agreement is to place the house on the market or sell at public auction.
What happens if 11 agree to the 57,000.00, but the executor still wants to go with the 93,000.00. Does majority rule or does the executor rule?
If the majority agree on the 57K, they can petition the probate court to approve the sale. Under these circumstances the court would normally approve the sale over the objection of the executor.
Attorney with experience in wills, estates and trusts
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