Estate Law Questions? Ask an Estate Lawyer.
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Are you saying that it is the house that you are both bidding on for $50K and $60K respectively?
And it is appraised at over $200K?
Is there some reason that the executor is not listing the house with a realtor to obtain the maximum amount possible?
Sorry for the delay, give me a moment to respond to your post..
Ok, the executor has a legal and a fiduciary duty to the beneficiaries (i.e. you and sister) to protect assets and obtain the highest possible price for them when directed to liquidate them in a will. The exception is if all the beneficiaries agree to allow any sale to occur for less than fair market value.
With that said, if you disagree with the proposed sale, and the executor is moving forward with it, you can file a formal objection with the court and allege that she is breaching her fiduciary duty by not having an appraisal conducted and then listing the property with a realtor for sale or putting it up for public auction where anyone, including you, could bid on the property. If a sales price can't be agreed on, then the judge will normally just order an estate auction of the property at absolute auction to the highest bidder.