There are 6 heirs in a mortgage free income producing home(2 unit home). Currently the one unit has been
rented to a relative that covers the taxes. 3 want to cash out inheritance, 3 want to keep the house but one of the 3 wants the house exclusively to continue to live there. She had the rights to live there free for a year and watched the market dip and now wants to buy it out. I have a date of death appraisal for 402-420,000 as of 6/08. How do I determine a fair market value. $380,000 is her bid. The 5 other heirs have lost rent for a year and now additional money because of the difference between date of death price and her bid. What is fair to all? How do I as executrix fairly deal on behalf of the the estate?
Di -
$410,000 - 6% Realtor commission = $385,400
So $385,000 seems fair from a relative at this point in time, based on market conditions.
I'd take the money ...split it ...and run!
Auction. Its a risk for all involved The one living there can bid as well and the heirs cant complain about a low ball bid. I usually do not like the thought of auctions but it may be the most fair remedy.
Matt
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Fair Housing and Equal Opportunity