Property Q&A in 97212>Question Details

loisc0104, Home Owner in Portland, OR

My mom estate was in probate for a year. Her estate assests was settled. The property is owned by 4 siblings. I want out and I need help to do this.

Asked by loisc0104, Portland, OR Fri Apr 19, 2013

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6
Who ever is the appointed trustee for your mother needs to have a meeting with everyone and see what you all want to do. If some what to sell and some don't they can buy you out. Good Luck to you. Tom Inglesby, Broker, RE/MAX
0 votes Thank Flag Link Tue May 14, 2013
I am sorry to hear about the death of your mother and know these things are always difficult with many different responses among siblings. I am sure there is a Lawyer involved in settling the Estate so they have all of the data and likely obtained an appraisal for the purposes of value. This lawyer or some other legal representative can give you the best advise with regard to your share. Often the Executor of the Estate will list the property and then the net proceeds will be divided per the instructions of the estate. Sometimes this is the only asset and until the home is sold, there is no way for a settlement to occur with one member in advance of the sale.

I have listed several homes under these circumstances and often find that there is one of the owners (who may or may not be siblings) in dissent. In the end the person who has been assigned by the courts gets to make the decisions with regard to the sale of the property. Hopefully, this will happen quickly and enable everyone to move forward.

Good luck.
0 votes Thank Flag Link Fri Apr 19, 2013
What can YOU do? It all depends. There are so many possible answers posed by your simple question. This is definitely the time to gather everyone together and discover what the other siblings are wishing to do. It also depends on what the estate directions are and how the estate should be settled.

I sold an estate property last fall where there were 5 siblings. With so many people involved it does take much patience on the side of the Realtor. When any paper work needs to be signed, from the listing contract to emailing everyone with market updates, and finally, to signing all the documents when a buyer came forward, all fine siblings received the same emails and documents. Oh by the way, 3 lived in outside the Portland area.

Making 5 people happy can be done. Where do you want to start?

Susan McCall
0 votes Thank Flag Link Fri Apr 19, 2013
Treat this as a business instead of personal issue. Pricilla gave you good advice: have the property appraised and hire an attorney to mediate a settlement for you. Best of luck!
Karla Divine, Principal Broker 503-819-6923
0 votes Thank Flag Link Fri Apr 19, 2013
Lois, is it possible for the four siblings to have a meeting to discuss? If one or more siblings want to buy out your interest, you could all pitch in for an appraisal by a licensed appraiser to establish current value and go from there. If no one can agree, then you can go see a real estate attorney who can negotiate a settlement for you or file a lawsuit to force the sale. My best wishes to you!
0 votes Thank Flag Link Fri Apr 19, 2013
You all have to either agree to sale it or the other 3 need to agree to pay your portion of what the sales price would be to get out of it. Who determines that price? Will they want to do that? Who knows until you ask.
0 votes Thank Flag Link Fri Apr 19, 2013
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