Want to buy out siblings in fathers house. Had house appraised when he died. House values have fallen.One brother wants a large sum of money for his

Asked by Melissa, 78230 Wed Sep 16, 2009

cut.House is not worth apprisal amount. We lived in this house and took care of their father for almost 2 yrs. he died from Alzheimers. What do we do? We moved our children and sold our house to take care of him. One son lives in Alaska and the other in Baton Rouge.We lived the closest.They never offered to help take care of sick father.We took care of everything, hired care givers to sit with him while we were at work.And we took care of him at night.Everynight.No help from other siblings.Are we entitled to payment for service and if so how do we figure out fair pay? Can we buy the house for fair market value?

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Carol McAlis…, Agent, Nashville, TN
Wed Sep 16, 2009
I would consult an attorney for sure but let me give you some advice as a divorce real estate specialist. Market value - mortgage does not necessary equal value. Obviously, the best thing to do is sell because then after all is said and done, net proceeds are split evenly. When one party wants to buy out another, a home inspection is a must in addition to a current appraisal. Say the house is appraised at 100k and split 5 ways. You take a mortgage for 80k to pay the others. That is not a true split if the home is in need of repair. Say the inspection needs a new roof at 6k, heating system at 6k, plumbing issues. The home inspection will find all these items. Now you have a home for 100k minus 12k which means 88k true market value. Unless you are going to sell and split net, have a home inspection so you can flag any items needing repair/replacement and those items/cost will need to be included. Trust me, depending on home size insp. is about $300 for average home and will be the best money you can invest.......

An attorney can also advise you about the other issues regarding income for the care. sorry for your loss.
1 vote
Tony Z - In…, , San Antonio, TX
Mon Sep 28, 2009
Hey Melissa,

Sorry for your loss, stay true to your heart, pray for peace and all will work out.

In Texas, if there was no Will and no living spouse, the house will have to go through Probate. You will need a Probate attorney to take you through the process, and each sibling will have equal claim/share to the property. During probate, you can buy out the siblings for their share, or sell the property and split the proceeds equally.

I have purchased property through probate, and can assist you in a quick cash sale if that's the path you choose. Each sibling will need to sign off on whatever you collectively decide.

Good luck, and God bless.

Tony Z
Web Reference:  http://budurl.com/InTheField
0 votes
Josh M. Boggs, Agent, San Antonio, TX
Thu Sep 24, 2009
Hi Melissa,

Ouch. I'm sorry for your loss and the complicated family matters you have experienced. If you are trying to purchase the house, first thing I would ask is to find out who exactly is the executor of your father's estate? Once that is determined, as previously recommended, I would seek out the advice and service of a real estate attorney or a family attorney to help you get this resolved.

As for current value of a property, a Broker Price Opinion (BPO), Competitive Market Analysis (CMA) are two really great reports that any Realtor or Broker can pull. And then of course, the Appraisal is going to be a little more solid but will cost you the most to determine current market value.

Best of luck,
Josh
Web Reference:  http://www.eXposedHomes.com
0 votes
Danny T Thom…, , Austin, TX
Thu Sep 17, 2009
Melissa:

God bless you for your kindness toward your parents. It is shameful that your siblings did nothing, but unfortunately, common. I have heard this story many times. I think the responsibility of families to care for each other has dwindled and many people are incredibly selfish. And I am sure your siblings have excuses for why they acted so selfishly... I hope they can look themselves in the mirror... And they better be concerned because one day, they might get old too... Their kids are learning from them. And payback is sometimes unpleasant.

Regarding the value of the home, etc... the others below said very wise things. It is likely you will have to hire an attorney to straighten it all out. It would have been wise to have gotten a will to clarify how this should be done, but that's in the past...

Continue to do the right thing. Scripture clearly says "A man reaps what he sows." You have done the right thing for your parents and God will bless you for it. Be patient, and pray for peace. Pray for a fair resolution, and if it doesn't come, stay on the high road. You will be blessed, sooner or later, one way or the other. God is watching. He cares for you and knows your heart.

DannyT
Web Reference:  http://DannyTHomes.com
0 votes
, ,
Thu Sep 17, 2009
Payment for services? You were taking care of a parent.... that isn't a service. Unless there was an agreement before, do not expect 'payment' as it sounds like these people are greedy.

Value fell? Get a new appraisal.
0 votes
Interesting,I am currently living in my brothers rental property,having paid him at least 48,000
Rental,neither of us has Heirs,I have lowered my payment of rent to him as he still occupies our inherited home with a 97 yrs old Father ...whom he is c7aretaking.How do we or I use my Retirement money which has been used by fifty percent to pay rent,funerals, so my brother does not feel resentful....what is the equitable thing to do? ..The veterans ad. Is paying my brother
And caretakers fee now for dad at 95 yrs old....so for the past three yrs my brother is received ingredients financial help.
Flag Tue Aug 8, 2017
Ana Ojeda, Agent, San Antonio, TX
Thu Sep 17, 2009
Melissa,

I would suggest you get another appraisal done, survey done, inspection done, figure out the lawyers fees to help you with the transaction to buy out your brothers.
Fair Market value can be determined by a REALTOR by doing a CMA, but in your case I would do the appraisal for sure to make sure you are paying what it is worth to a bank, you can't base the price of the house on the county appraisal district that is usually below the market value.

Now in reference to the services you provided your Father with, if you had a contract or some type of agreement with your Brothers that was in writing then yes you may be entitle to compensation, but if you have not been paying a mortgage and have been living in your Fathers house all this time with the idea of taking care of him, I think your services have been paid.

We are not in your shoes to know all details, but we are here to give you and others in your situation advice, please understand that not everyone sees things the sameway others do, this is why it will be great if you talk to a lawyer and explain it all to him and see what will be best for You and your Brothers, after all they are your Brothers.

Wish you luck and if you need help getting pre-approved to buy the house or another house I am local and I can help you with that.

If you still have questions, please call me and I will be happy to help you!

Ana L Ojeda
210-861-6381
http://www.AnaOjeda.com
Web Reference:  http://www.AnaOjeda.com
0 votes
Our parents died years ago and left us in trust a summer camp and year round home in Weare Nh. My sister just past and want her portion of the properties. I still enjoy the camp. My best friend would like to buy her out of the Camp. Do I start with fair market value?
Flag Tue Jul 18, 2017
CCC, Home Owner, San Diego, CA
Wed Sep 16, 2009
Hi, complicated...

I have questions: Did you move in expecting $omething? I am sure you did not, so why are you expecting something now? It came from your heart. I think you will get your share.

Did you profit from the sale of your home? You are not paying mortgage, right? and have not pay mortgage for the last two years. You will be entitle of payment if there is a contract, Do you think you could breakeven help against no mortgage payment?

Get two appraisals to show ALL the appraised value. If you want to buy it, get pre approved, get ready to buy it. You could buy it at market value minues your share.

With todays guidelines, you will buy at market value due to appraisals requirements.

Good luck on your transaction and keep asking questions!
0 votes
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