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Slm, Home Seller in Massachusetts

My husband and 2 siblings inherited a cottage in Mass from their mother who died

Asked by Slm, Massachusetts Mon May 4, 2009

Sept. 2008. The cottage was appraised at that time for $174,000. Her estate is going through probate and my husband has just received word that due to the economy, that property in that area has decreased by 3% at this time. My husband does not want his share, his siblings are going to buy his share out. They are very upset with him, because he is not keeping a share. It is estimated that it will be a year from her death, for it to be settled. We just were told that now the appraised value of $174,000 will be reduced by 6%, with an additional reduction for realtor costs as if it was to be sold! The cottage is not being sold by a realtor, it is going to be kept in the family. Can you please advise my husband and myself if this is is being handled properly? There is a big dispute about all this among the siblings, and much resentment, becase my husband does not want to share ownership of this cottage. As it is all the furnishings are staying with the cottage (not worth a lot

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1
Sim
First, you need to talk with a probate attorney.
Second, just in case you need to pointers...Probate usually means that the mother died without a will. When that happens there are state laws that governs who things are done.

Suggestion number one - make out a will.

Suggestion number two - learn about the probate laws and what they mean. That means that a judge will be doing the deciding. Most of the fees are set by statute, so it is doubtful you will be ripped off.

Good luck.
0 votes Thank Flag Link Mon May 4, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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