Estate Law Questions? Ask an Estate Lawyer.
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Is the estate just now being settled so the the house is going to the heirs?
Was there an appraisal done on the house at the time of death?
Was there a will left by the decedent?
Ok, thank you for that information. Under TN intestacy laws, if there is no will then the spouse and children split the estate equally but the spouse's share can't be less than 1/3 of the value at the time of death.
So if there was no appraisal done at that time, then you would need to get an appraiser to give you a retroactive appraisal and factor out any improvements done since that time in order to determine a value for the house which you would then use and subtract any debts to come up with an equity amount that would be divided by 3 if there is a spouse and 2 children.
If the buyout can't be agreed on, then any of the heirs can ask the court to order a sale of the property at public auction and any of the heirs can bid on and purchase it if they are the high bidder.