After their Aunt passed away, she left her home in Cape Cod to her niece and nephew and appointed one of them as the executor of her estate. The will stated that the property was to be sold, and the proceeds split between the two.
Plot Twist
However, the aunt had expressed to the executor that she wished to modify her will to leave the property to her outright and compensate the niece by designating her as the beneficiary of some IRAs she held, but it never happened.
Sentimental
The property has sentimental value to the executor, and she has the means to purchase it at this point in her life.
Co-Ownership
However, her brother’s wishes are to co-own it together, despite the two of them having a poor relationship. The executor expressed to her brother that she wasn’t interested in co-owning the property with anyone except her wife for financial independence.
He Couldn’t Be Trusted
She didn’t express to her brother that a large reason for not wanting to co-own is because of his financial instability. The brother said that if the executor’s wishes were to buy it, he’d want 60% of the fair market value for his 50%, which the executor thinks is unreasonable.
The Figures
The brother believes they could sell the property for more than $700k, which the executor agrees is certainly a possibility although unlikely. Even if they sold for more than $700k, they’d also probably spend 6+% on real estate commission, plus the additional expenses associated with it sitting on the market (taxes, utilities, etc.).
Estate Lawyer
The executor has a pre-approval letter for $350,000 financing and learned from her estate lawyer that because her brother is an heir to the proceeds of this property, and that she’s simultaneously the executor of the estate and a third party buyer, she can just proceed with the purchase price of $350,000 from the estate.
He Has No Say
Her brother doesn’t really have a say in the sale price as long as it’s the appraised value or higher. The lawyer advised that if the brother feels entitled to more, he’d have to take the estate to court over it, and he’d lose 99% of the time.
Spreading Lies!
The brother has also been spreading slander to the rest of their family, stating that the executor is spending all the money in the estate checking account and that she’s “shady” and probably paying off her primary house’s mortgage with the estate’s money, which is 100% not true and also illegal.
The Objections
Despite her brother’s objections, the executor decides to proceed with the sale of the house to herself. She knows that her brother may be unhappy about it, but she also knows that she has the legal right to do so.
Unreasonable
She feels that her brother’s demands for more than 50% of the fair market value are unreasonable, and she doesn’t want to risk co-owning the property with someone who may not be able to contribute equally to its upkeep.
Legal Action Disputes
The executor is aware that her brother may take legal action against her, but she’s prepared to defend her decision in court. She believes that she has followed the terms of their Aunt’s will and has acted in good faith as the executor of her estate. She also knows that her brother’s accusations of financial impropriety are baseless and unfounded.
Relief
In the end, the executor purchases the Cape Cod home for $350,000 from the estate and becomes its sole owner. She feels a sense of relief and satisfaction knowing that she can preserve her Aunt’s memory and enjoy the property for years to come.
The Internets Responses
This person wrote, “I don’t see a way for you to get outta this without damaging your relationship with your brother.
Another said this, “I mean, its a reasonable solution to a disagreement that wont have any other resolution, he gets his fair share, and its legal.”
More Internet Support
This commenter said, “Sounds like brother is a deadbeat and wanted the entirety of the house to himself, which isn’t going to happen, so he is just going to make this as difficult as possible. You’re doing everything by the book and there’s no scenario where he gets the 100% of the house he wants without him really screwing you over because he can’t afford it.
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