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Infolawyer
Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 56227
Experience:  Licensed attorney helping individuals and businesses.
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My 2 sisters and i now own our family home. My mother died 6

Customer Question

My 2 sisters and i now own our family home. My mother died 6 months ago and had the house in a trust. One sister wants to buy the others out but only wants to give us $100,000 less for the house than if we sold on the open market. We live in San Diego, CA. She says she can only afford to split $800,000 not 900,000. She says that there are fees she will have to pay
JA: The Estate Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: no
JA: Is there anything else the Estate Lawyer should be aware of?
Customer: no
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Estate Lawyer about your situation and then connect you two.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Infolawyer replied 1 year ago.

are you asking if you have to buy her out at this reduced valuation?

Customer: replied 1 year ago.
She wants to buy me and my sister out at a reduced price
Expert:  Infolawyer replied 1 year ago.

You dont need to sell. You can continue to co own. If she wants to buy you out then she should use fair market value. Practically, the buyer often pays the seller extra premium in consideration for fact they would rather not sell!

Customer: replied 1 year ago.
She is claiming that the fees for her to get a loan would be to much for her
Expert:  Infolawyer replied 1 year ago.

if she filed in court, the judge would order an appraiser to determine such fair market value. but with court everyone would end up losing given loss of time and legal fees, but potential fees to brokers, appraisers etc.

Expert:  Infolawyer replied 1 year ago.

Those fees are not your problem. You should not take less than 1/3 of FMV

Expert:  Infolawyer replied 1 year ago.

The other option is to sell to a third party through a broker and divide the proceeds.

Expert:  Infolawyer replied 1 year ago.

Kindly let me know if that is fast and clear.

Expert:  Infolawyer replied 1 year ago.

Please click on a positive rating, and if I may clarify anything, just ask.

Expert:  Infolawyer replied 1 year ago.

thank you in advance.