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.

 

[Rockbadchild]

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 so that there is something left...

I could never sign on to spend it all down and the walk 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.

you are a good man utlrarunner, I would have a hard time not holding a grudge against my siblings, fair market value would be more then fair for them, if sold to a stranger and splitting the profit ok but in this case its Bananas ... Imagine if you couldn't afford it then what, would it be a big F U to you ?? , their greed will be their downfall sooner or later. You are taking it very well.

 

[ultrarunner]

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.

It was more like life on hold since 2015 and the knockout of the pandemic lockdowns...

We managed and mom's friend is an angle... she is retired and they would walk everyday sometimes miles and miles and later would sit with mom...

I do think good people have good things happen in times of great need...

If I had to condense it would be not be able to schedule anyone even once to be with mom... and the lockdown really sealed it on top of that...

When grandma had a stroke, mom was on a plane the next day and was grandma's private nurse for 4 months...

In that time mom trained her 8 surviving siblings on how to care for grandma...

There was a calendar and each family had shifts... grandma was never alone.

The calendar meant someone from that branch would be there and if you couldn't, you made calls or traded days and it WORKED...

No questions, no being not available...

Moms inheritance was a family album of us and grandmas Rosary and Cross which she used from that day on.

Maybe close knit farm families are just use to everyone pitching in?

 

[ultrarunner]

you are a good man utlrarunner, I would have a hard time not holding a grudge against my siblings, fair market value would be more then fair for them, if sold to a stranger and splitting the profit ok but in this case its Bananas ... Imagine if you couldn't afford it then what, would it be a big F U to you ?? , their greed will be their downfall sooner or later. You are taking it very well.

It was a privilege and we had plenty of good times and laughs...

For many years all she needed was a little help with reminders and not cooking anymore for safety...

Too often too many are quick to find a place for convenience sake.

I use to get calls that mom was calling everyday asking about the grandkids and saying when am I going to see you guys... I said if it's that bad just block the number...

 

[2manyrocks]

I've read that dementia patients do much better in familiar surroundings like being at home provided you can keep them safe.

 

[ultrarunner]

I've read that dementia patients do much better in familiar surroundings like being at home provided you can keep them safe.

Exactly on all counts provided they have a good disposition...

Often a true unfiltered self comes out... it can be kind and appreciative or foul mouthed and combative...

I've been fortunate all around but do know a few not so fortunate where violent outburst became too much...

Mom was still thinking about the grands and Christmas... It was her wish there be something from her and no one questioned it when I followed through.

 

[2manyrocks]

Sometimes they remember surprising details of events that happened a long time ago in spite of mental decline.

 

[ultrarunner]

Sometimes they remember surprising details of events that happened a long time ago in spite of mental decline.

The commander and his wife took in the wife's mom as she could no longer live alone...

I remember her when I was a teen.

In her 20's she lived in San Francisco.

Several times she had made her way back to that house 65 years after it had been sold...

She was well dressed with gloves and purse and had to somehow walk miles to the bus, transfer several times crossing bridges and would show up saying she couldn't get in the house.

She knew her name, where she was born, her parents and grandparents names, etc...

She even said one of the nice bus drivers let her on the bus when she said she forgot her coin purse...

It did drive the commander and his wife nuts... happened a couple of times.

The mind and how it works...

 

[ultrarunner]

The discussion about acceptable value in inherited properties is very open to interpretation, but in California the law is quite clear when it comes to partition actions. I asked for the opinion of the team at Underwood Law Firm, who handle these co-ownership disputes every day. They explained to me step by step how the fair market value is determined for buying out the other co-owners’ shares and what the implicit costs are in a judicial action.

What are the steps explained?

 

[dstig1]

Step 1. Spam a tractor forum...

 

[California]

Step 1. Spam a tractor forum...

This thread isn't spam.

OP had a realistic concern and all the comments hopefully helped him reach some conclusions.