Connie B, Home Buyer in Anaheim, CA

Per trust, my dad left house to 3 siblings with my right to buy house. Best way to pay siblings?

Asked by Connie B, Anaheim, CA Tue Feb 17, 2009

We're in California, do we consider it a "purchase" or would it be an "equity" loan? Is there a way to keep Prop 13 taxes low?

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Connie B, Home Buyer, Anaheim, CA
Tue Feb 17, 2009
Thank you for your answer. Lucky for me there doesn't seem to be any hard feelings or problems between us and things are okay in that regard. I'm just trying to figure out the "how" part of it. Yes, I would appreciate it if you could recommend an attorney. Thank you. Connie
1 vote
Bob Phillips, Agent, Rancho Santa Margarita, CA
Tue Feb 17, 2009
Hi Connie,

A couple of points here. First, I am not an attorney, so it would probably be best for one to structure what you propose to do.

For the taxes, it would likely emerge as an inter-family transfer which, in my humble opinion, will not trip off a higher tax rate.

In the end, you will probably need to get an appraisal or two, or even - since you're all on friendly terms, you might have a friend(s) in the real estate business - locally, in Anaheim, of course - who might prepare what amounts to a BPO ( Broker's price opinion.) that you could all agree on. Three would be better - one from each party.

Then average them out for a value, divide it by 3, and there you have it. Each party's interest in the property. If there are no loans on the property, the party who wants to keep the house can either pay cash to the other parties, or obtain a loan sufficient to buy them out.

I hope this is helpful - good luck in sorting things out amicably.
Web Reference:  http://BobPhillips.net
0 votes
Mahesh Patel, Agent, Anaheim Hills, CA
Tue Feb 17, 2009
Hi Connie, Thanks for your response It will be my pleasure to refer you to an attorney.
Would you email me at mike@mikepatel.com and I will email thier phone or even call you.

I would rather not put confidential info on this public domain at this point.

Thanks.
Mike
Web Reference:  http://www.MikePatel.com
0 votes
Mahesh Patel, Agent, Anaheim Hills, CA
Tue Feb 17, 2009
Depending on what kind of trust your dad left you and what it says.. I would recommend you to have it reviewed by an attorney to be exactly sure on the procedures.
It is also best and easy to talk it out with your siblings and come to a mutual agreement..

I have a transactions right now in a similar situation.. 2 sisters and a brother, trying to get a peice of the pie! for the house thier mom left them after she passed away.
And it is a mess, there are attorney's involved, and they are not in talking terms and one wants more than the other!
PS: I will be glad to refer you to an attorney if you would like.....
Web Reference:  http://www.MikePatel.com
0 votes
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