I’m very familiar with that.
So, in other words, the rest of the estate (less the value of the real estate of the home) does not exceed the value of the home itself correct ?
Without knowing more specifics it’s hard to say for sure, but it sounds to me like you made them a generous offer … assuming it was a fair appraisal.
If they are unhappy with the appraisal, one way to resolve that might be to secure a couple more appraisals and use the average.
The problem with that is several fold:
1. The biggest one is probably finding a disinterested 3rd party to select the additional appraisers.
Is the Estate Lawyer a trusted party your mother has had a long-term relationship with ?
2. As dstig points out the siblings aren’t wrong about determining FMV.
Sounds like they want to roll the dice and gamble on a big (or at least larger) payoff.
They could be right … or way off base.
From what little I know, it seems you’ve looked after your mom in her twilight years, providing help and support when she needed it.
That’s actually worth quite a bit.
Whether you can get them to recognize that by pleading your case is another matter altogether.
If you are the Executor, I’d assume you are entitled to executor’s fees for administering the estate. May depend on how the will was written and/or the laws in your state.
If you wanted to sweeten the pot, you could offer to forego those fees - either in whole or in part.
If the siblings aren’t willing to resolve it amicably, in a fair manner, then you should definitely seek those fees for the work you will have to put in to close out the estate.
As plowhog mentioned, things like this are a miserable road to have to go down.
2.5m all in depending on valuations of a part interest in a commercial property, IRA, mountain cabin.
I was able to change my work hours to start at 4 am and would be a moms everyday to fix lunch and stay until after dinner when she retired for the evening.
Mid 2018 is when I began spending the night in my old bedroom which continued until she passed in 2023 with home hospice care in full force… hospital bed, catheter, supplemental oxygen, etc… at the end.
Mom never complained and was always grateful to be home and somehow always knew my schedule and my name to the end.
Her Doctor said the best thing for her is being comfortable in familiar surroundings and with Covid around keeping her home was the best.
When the pandemic started she was 100% cutoff from everyone except me and her dear neighbor… no kids visiting, no church, no going to the market or visiting friends… just us keeping company on long walks into the hills everyday.
It’s hard when you know everything in the world has changed but can’t understand why…
I reached out to the family back in 2017 because mom would forget the stove was on and that was bad… family said put her in a facility so she doesn’t burn down the house and this way no one has to worry about her.
When I said she wouldn’t be a good fit as someone running marathons into her 70’s and very costly I was told ok… it’s on me going forward.
Putting up laminated signs, white boards and turning off the range and micro circuit breakers when I was at work made it all work for a long time.
She asked daily about the grands and then day no more.
I agreed to serve without compensation so no fees.
As dad would say I keep a lid on things and look after mom which happened to be the last words he said along with your brothers are good guys but they have other interests and I know mom can depend on you.
No doubt fixing to sell will net more than the dollars expended but they would not be doing any of the lifting… maybe calling subs and contacts leaving me coordinate?
My thought is an as-is sale to me would be a win/win… they wouldn’t be bothered lifting a finger and I wouldn’t be rushed… they don’t see it this way but instead see it as leaving money on the table.
Moms estate lawyer actually came to her through my brothers long standing business relationship with him… I’m more a third wheel or outsider…
Our one meeting after mom passed the lawyer stressed finding a way where everybody stays friends which means looking at the big picture.
