Determining Acceptable Value of Inherited Real Estate?

[ultrarunner]

One reached out and said he thought about it and says the appraised value is acceptable.

The other came up with a price with detailed calculations at higher than appraisal and said he will purchase at the higher price if I decline…

It’s progress… plus no one need lift a finger other than the one purchasing.

The advice in this thread is invaluable… both in posts and Direct Messages.

 

[CliffordK]

If I had closed the deal on the home with the 4000 square feet shop and lots of room in the county I would be there and mom agreed to move with me.

As my grandfather would say it had oodles of room and would have made short work of clearing out the place.

Western WA I learned is not car friendly both in climate and tax.

I have one car there in a dry shop… but the humidity caused mold to grow on the leather… now I have boat dry but still.

Anything over 2 cars is treated as a purchase so with 50 vehicles I would end up paying sales tax on almost all of them to obtain WA title.

If title remains in California it’s one of the things California uses to prove you still have to file CA tax returns since not fully parting ways from CA

There is a state that lies between California and Washington that does not have a sales tax.

We do get moisture/humidity although you could run a dehumidifier in your shop.

Eastern Oregon is much drier. The Bend/Redmond area is growing quickly.

 

[California]

Ultrarunner, there's a lot of advice in this thread.

But only an experienced trust/estate attorney can get you out the far side of this maze, with the result you want.

Don't take any of our comments as the last word!

 

[ultrarunner]

There is a state that lies between California and Washington that does not have a sales tax.

We do get moisture/humidity although you could run a dehumidifier in your shop.

Eastern Oregon is much drier. The Bend/Redmond area is growing quickly.

Bend is definitely discovered as is Sisters and the entire region a draw for California expats.

Several old car friends moved to the greater Medford area and never looked backed... they say very old car friendly and Oregon even has 5 year tags for old cars for much less than California charges for a year...

If I ever retire I could be occupied on projects for a lifetime... or one big project to thin out the collection...

I know my heirs would approve!

 

[ultrarunner]

Ultrarunner, there's a lot of advice in this thread.

But only an experienced trust/estate attorney can get you out the far side of this maze, with the result you want.

Don't take any of our comments as the last word!

You offered some very sage advice and early...

My take away is if I like the property and can swing it... I should do it and not look back...

I'm at the house now... picking up the mail as the next storm wave hits...

 

[CliffordK]

One reached out and said he thought about it and says the appraised value is acceptable.

The other came up with a price with detailed calculations at higher than appraisal and said he will purchase at the higher price if I decline…

If your sibling wants to buy the house to live in it/use it. And you wish to buy the house to live in/use, then both offers deserve equal merits, and it probably should go to the higher bid.

On the other hand, if your sibling's intentions are to flip the house, while you are wanting to live in it, then work out a compromise that everyone will be happy with while keeping the family house in the family.

 

[ultrarunner]

If your sibling wants to buy the house to live in it/use it. And you wish to buy the house to live in/use, then both offers deserve equal merits, and it probably should go to the higher bid.

On the other hand, if your sibling's intentions are to flip the house, while you are wanting to live in it, then work out a compromise that everyone will be happy with while keeping the family house in the family.

No debate on this... they have zero interest in living here whatsoever...

I'm going to go with the higher proposed price as it is still doable...

 

[2manyrocks]

Perhaps you can make up the difference on the sale of your existing house.

 

[ultrarunner]

It's possible... but one step at a time.

Even at the higher price I'm still getting a 33.3 % discount...

One thing I have learned is there is a difference between the way you think things are and the way they are when it comes to human nature...

I know I did the best for mom and dad and followed their wishes in care and by keeping a watchful eye on finances and that's the only reason there is anything to distribute.

I could never sign on to spend it all down and then abandon so the parent becomes a Ward of the state... seen it happen too often and it's sad when the money runs out and the State takes over.

I went to help mom's friend doing hospice... she is retired but there is just a massive shortage of caregivers... she no longer drives and I have some supplies left over from mom and said happy to bring them...

It was kind of deja vu... the bedridden patient wanted nothing more than to return to his home of 55 years... he saw me and reached out his hand saying in Italian thank you.

 

[newbury]

Reads like you are wrapping it up successfully.
It still seems like you got shafted in supporting your Mother, but I respect that.
I still think you should submit the others a bill for support services. Just to lay out how much you spent of your time and money compared to whatever they spent.