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HelloThis is Samuel and I will discuss this and provide you information in this regard.If your friend wants to force a sale of the home she can Petition the court to have them Order the sale. If she wants to forego the expense of the court proceeding, she can come to an agreement on the value of her share of the property and have an agreement drawn and then the Wife can pay her for her share. The Deed would then be signed and the money exchanged. The value would be based on an appraisal. And I suggest your friend would want to consult with a local RE attorney or a Title/Closing company to make sure it is all done properly.
However, I suggest, your friend does not simply just sign any type of Deed or documents without review from an attorney or a Title Company.
Yes, I pretty much told her the same thing. So far the wife just sent a half crappy letter low balling the value of the house and asking her to sign. I told her to let me look over it and anything she would send back to her but to not sign anything till a agreement was made on the share value.
She has a cousin who is a real estate agent who is trying to get accurate value of the house. They had a accident lawyer who they were already dealing with from a car accident advise her that no she does not have to sign but then again he said she could not do anything either. I told her the lawyer was wrong.
Does it matter about the time period from when he died?
The date of death is of no significance. Her name is ***** ***** Deed. So she is an owner, until she signs off. I suggest she get a local appraiser to to the appraisal. She can get 2 or 3 of them to compare and then use the comps from the RE agent.
The RE agent would be able to pull up current listings in the area and also comps on those that have sold. And using the Appraisals, she should be able to come up with the Fair Market Value that she can then decide what her buy out price will be. You have her on the right track.
I don't think her name is ***** ***** deed to house it was owned by her dad and his wife. (Her step mom) but by law it goes to her and her sister and I guess half goes to his wife? Not 100% with law.
When considering value will they deduct any expenses if selling than figure what she would get? I assume either way his wife would want to keep house and just come up with money to pay her. It would probably be more money that way.
Yes. If the house is Court Ordered to be placed on the market, then all heirs would be responsible for their share of the expense and profits then split.
How do they split it up with the heirs? I know it was her and her sister and the the wife.
It would be split equally in 3rds, if the heirs are 3. If the heirs are 2 then equally in half; if 5 then equally in 5ths, etc.
So if the property sells for $100,000 it would be divided by the number of heirs less each share of expenses to sell the home.