Asked by s830632, Harvest, AL • Mon Jun 22, 2009
My father recently passed with no will. The only asset of the estate is a lake front cabin, and we are certain that we are going to have to sell this cabin to cover the debt of the estate. My question is this, my sister and I would like to buy the cabin, but we are trying to figure out how much we would have to pay. Before dying my dad took out a mortgage on the cabin and it is a very high monthly mortgage payment, which we're paying, but we don't want to keep using our own money to cover this if we're not going to be able to keep this cabin in the long run. The cabin is worth about 120K (it's in pretty bad shape) and we thought we'd try to offer around 50 - 75K, but we weren't sure if that was allowed. I guess we're just hoping someone with experience in this could offer some insight into how this generally works.
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