Advice for first time poster

[willair]

Im overwhelmed by the responses. Thankyou all.

OK, the executors (not family, but are minor benos'), arranged the first valuation, ($500K) about one year ago, sumtin to do with probate.

Estate is not yet wound up, but is in final stage. I expect it to happen soon. I do not expect the executors to manage sale. They want out and will want to pass on to us bros, for us to sort out. everything else is sorted.

JRC, I dont understand the 36 / 64 bit, I have no problem offering 50% of worth, Ive got a problem offering 50% of an RA appraisal. I guess thats all part of the discussions with bro, but he wont talk. My first offer was a bit more than the original appraisal, but I can see the markets moved since then.
Im asking him for a $ response, but he wont give one. I think he just wants to sit on his butt and see what the auction brings. Its like he doesnt want me to own it.

Truong I like your option 3, but Im starting to realise i dont think I could get that sort of co-operation.

Maybe have a talk to your legal people,something does not sound right with this,who are the executors in the will,and if the valuation was done over one year ago why is probate still going on,you know sometimes in life you have to use a bit of foward thinking,if you want the house and have to pay more then you think it's worth,and by the sounds of it all
there are several parties waiting for their slice of the pie then tell them all to get stuffed and get in line with everybody else,, from what you have you have $$$$ backup in place,and just pay the price your brother wants,in five years time the price today will have no importance at all .
.
I have been down this road before,and i had someone once you was in my Father will,try and force her way into my fathers only property
by offering 300k less for the property was worth thinking i was a desperate and wanted the fast bucks,very strange things happen when people think you are at a low point in your life,it's makes you harder
or blows you out the back door..willair..

 

[jrc]

simon, I agree, but I cant afford to pay top dollar. I cant believe it was valued at 500K last year and 700K now, I cant believe it. all were written valuations.

I'm sorry if I had the impression that you are only able to purchase if you pay less than half of the current market appraisal and that you are negotiating with your brother on that basis. Yes, I agree that a market appraisal is useless. Your brother has told you his price - auction ie he believes an auction will give him the maximum price. I am sure that is what the appraising agent has suggested either expressly or by implication.

Possibly the $500K was only an estimate given by someone for probate purposes as I think court fees for probate are based on the value of the estate.

My suggestion is that you and your brother should:

a. agree to get a valuation. If you can't agree on the valuer, then each commission one,
b. put the house up for auction with an agreed reserve price of the valuation or if more than one valuation has been obtained, the average
c. agree that you or both of you have the right to bid at the auction. From his point of view that will at least guarantee some competition if you are a bidder