Determining Acceptable Value of Inherited Real Estate?

[Sigarms]

It really is dollars and cents…

There is a difference between being a stone broke and having family "fight" over assets to survive vs having money and just being a prick IMO.

I could be wrong, but it doesn't sound like your siblings are hurting for money.

It seems like they don't want to do any of the work and you're the one that was holding the fort down for your mother when she was alive.

I'm sorry, I just don't see what the issue is for you to just keep the house and then leave it in your families name when you pass.

Sorry, but if you're already leaving everything in the world you own to your family, it really does sound like they are being pricks over this.

When my wife's grandparents passed, there was 3 sisters. They took the market value of the home, they split the house 3 ways, and the one sister paid my wifes grandmother and her other sister their share, and then her son bought the house from the sister who bought the house. Simple and everyone thought it was fair.

When everyone can agree that the home is worth over 900K, at that point, unless everyone has to have the money of the house to survive, you buy it, then when you pass, you leave it to your family. Just seems stupid to try to maximize a profit at your expense when in the end, the family is still going to get the house over time.

I might of missed it, but are you currently living there now?

 

[ultrarunner]

In reality I would be the poor sibling… no debate on that…

But when they were starting out I helped one with a no interest down payment loan of 5 years and did a kitchen and bath free labor for the other and decades the on call house and car doctor.

Always been there for the nieces and nephew… taught them how to drive, bought or helped the kids buy their first cars, etc.

Never forget a birthday or holiday…

Off topic but about 10 days before mom passed she had an incredible morning of clarity…

She said Christmas is coming and I don’t think I will be here much longer… mom was a RN for 50 years.

She was concerned not having a present for the grandkids and I said no worries… she said I want it to be something to remember me and moms walking friend was also visiting at the time…

I said you could give them each an envelope and she said that would be good…

I asked how much and she said it should be something good… I said $50 or $100 each… she said how much do I have?

I said your yearly IRA distribution of $3400 just came.

She said if I have enough I want each grandchild to have $1,000 from me… I depend on you to take care of it.

Christmas each received a $1000 just as mom wanted.

 

[ultrarunner]

There is a difference between being a stone broke and having family "fight" over assets to survive vs having money and just being a prick IMO.

I could be wrong, but it doesn't sound like your siblings are hurting for money.

It seems like they don't want to do any of the work and you're the one that was holding the fort down for your mother when she was alive.

I'm sorry, I just don't see what the issue is for you to just keep the house and then leave it in your families name when you pass.

Sorry, but if you're already leaving everything in the world you own to your family, it really does sound like they are being pricks over this.

When my wife's grandparents passed, there was 3 sisters. They took the market value of the home, they split the house 3 ways, and the one sister paid my wifes grandmother and her other sister their share, and then her son bought the house from the sister who bought the house. Simple and everyone thought it was fair.

When everyone can agree that the home is worth over 900K, at that point, unless everyone has to have the money of the house to survive, you buy it, then when you pass, you leave it to your family. Just seems stupid to try to maximize a profit at your expense when in the end, the family is still going to get the house over time.

I might of missed it, but are you currently living there now?

I’m back in my house… but stop by moms home everyday on the way home getting the mail, watering her plants, etc.

I should be mowing and Spring clean up and some of the trim could use a fresh coat of paint… but keep putting it off.

It’s been 10 years since I last painted the inside and out and it’s ready again…

 

[2manyrocks]

Time for you to go see an independent trust/estate lawyer with litigation expertise to give you advise about your options. Do not rely on the estate lawyer, especially if referred to you by one of these siblings.

I agree with the personal opinions in the posts by Sigarms and MattB4.

If your siblings are going to treat you like this, time to stop being the dutiful son who takes care of everything in the family for free.

I'd stop being their unpaid errand boy right this second.

 

[workinonit]

I just can't get my head around that type of behavior. I know there are 3 sides to every story and I try to take that into account. I'm just not wired like your siblings nor is my sister thank goodness. I can't help but detect a bit of selfishness and greed in what you say about them.

 

[ultrarunner]

Maybe just the dynamics of oldest, middle and youngest.

When you are the oldest it’s often ingrained to look after the younger ones.

The younger ones have no one to look after.

Also parenting seems to become more relaxed with each child?

Just saying growing up had very strict bedtime and chores… youngest none whatsoever…

With privilege comes responsibility is old school…

 

[EddieWalker]

Sorry to hear that you are having to deal with this. In my opinion, it takes at least a year after a loved one passes to be able to think clearly. Since you are in charge, I think you should stall them for a year or more, then look at all your options and decide on the one that is best for you. I also believe that when it comes to money, and family, it doesn't really matter what you do, they will think it's wrong. You are in a lose lose situation with them, so it really doesn't matter what you do, they will resent you for it. You might as well do what will make your life better.

I also wonder if you will have a different view on keeping the house a year from now?

Back when I was flipping houses, I looked at several that where estates being handled by multiple family members. All the realtors knew about these houses, and none of them wanted to deal with them. Too many generals, and nobody agreeing to anybody else. The trick to buying those types of houses was waiting until they started lowering the price. There is a point when they are all so angry with each other, and fed up with not getting any money, that they will finally come to agreement. The one that I bought had been on the market for years, it was to the point that it couldn't appraise for a loan, and only a cash buyer could buy it. I offered a third of what it had originally listed for, and they agreed. For me, I just got lucky with the timing. I was told that other people had made offers on it over the years for more money, but they where not able to come to agreement, and nothing happened. I know this happens all the time because other people that I know have done the same thing. Those are the properties that you low ball with a ridiculous offer, and eventually, they agree. It's just a matter of how long they hold out.

 

[D&D]

Trying not to be screwed but I really was not expecting any discord… they were not required to do anything rewarding care and I really thought they would even be pleased/happy given their hands off approach…

From here, it sounds like guilt and obligation are constantly whispering in your ears. If you take those out of the equation, what is the best result for everyone? You have 0 obligation to fix up the house for their benefit. If rehab/remodel would make everyone involved happy, step aside and let them.

 

[2manyrocks]

My personal opinions--

First and foremost, it was very standup of you to take care of your Mother and give her the opportunity to continue to live in her own home instead of putting her in institutional care. Institutional care isn't home, and they tend to give the residents drugs to make them easier to manage. Institutional care is care of the last resort when there are no other options, IMO.

Second, you saved them a boatload of money by not placing her in care.

Third, estate appraisals are done as of the date of death and alternatively 9 months later under IRS valuation guidelines. There'd be no end to estate appraisal litigation if valuations were supposed to be based on what the property was worth if it were updated.

Fourth, I hope I'm not reading too much into this, but it sort of sounds like they want you to take $100k from the trust to improve the property in the hopes of making more for themselves and for you to the manage the work for free???? If the trust terminates on death of your Mother, it is time to split it up and distribute it. Not your duty and arguably a breach of the terms of the trust to continue the trust in order to fix up your Mother's home for resale. And I'm not sure a California probate court would see it as the Executor's duty to do this anyway absent an express directive in the will to undertake this venture--hence, the need for independent legal advice.

If I asked you to oversee the improvement of one of my houses for free, you'd tell me what?

Going through your Mom's decline and her passing is terribly hard for you. Eddie's right that grief makes it hard to think straight, especially when that grief is compounded by surviving family members who cause more us grief and offer no thanks for taking care of a parent or consolation for their passing.

Independent legal advice from a good estate lawyer can help you focus and assess how to appropriately assert yourself.

If you were my brother, I'd be thanking you for taking good care of Mom and helping her to stay home. I sure as **** wouldn't be asking you to fix up the house to sell it to someone else for more $$ when I know you want the house.

If your siblings persist in this course of conduct, I'd change my will and tell them they just cost the nieces and nephews a chunk of change. There are lots of animal shelters to pick from as estate beneficiaries.

 

[newbury]

Having followed your discussions about supporting your Mom while your siblings basically adopted a hands off approach I don't find it surprising the way they are looking for a final solution.
Now if they could have descended from their upscale living to spend equal time maintain
ing her household and living with her while she was alive they would have had more credibility. But it truly looks like they think once again they can get you to take the work and pain while they sit back to collect rewards.
Draft an estimate of all the support you gave your Mom, including just being there as a health caretaker for the years she needed support. That ain't cheap.
Your siblings are.