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If I am a beneficiary of a property how do I buy out the other beneficiaries?

I inherited a home from my mother. She left the property to me and my brother. He wants to sell the property even though my mother intended for us to have the property to live in. There is a mortgage so I understand that that will need to be paid but how do we determine what the buy out is?
  • August 05 2012 - Daly City
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Answers (8)

Hi,
get an appraised value, subtract the existing mortgage, the remainder is your equity, half of your equity is your buy out amount

$$$Good Luck!$$$
  • February 04 2013
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Profile picture for nwhome.us
If there is probate, you are working with an attorney, we all hope. We've given you the mechanics of a transaction, that attorney will describe how to get it through probate.  As SoCal points out we don't do law.
  • August 06 2012
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Profile picture for Ofe Polack
I do not want to repeat the message but John is right on target.  Get two appraisals and contact a real estate attorney to get the deal down on paper.  The best of luck!
  • August 06 2012
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You agree. I don't know how old you are, but there's a point where it's probably not healthy for both of you to live together . . . 

Anyway. The simple thing to do would be to get two appraisals, pick the mid-point, deduct the mortgage and selling costs, and then divide by two.

All the best,
  • August 05 2012
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Profile picture for SoCal Engr
You should be talking to a family law attorney. Anything beyond discussions about general processes/mechanisms is beyond the ability of any on these forums to provide.
  • August 05 2012
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Profile picture for gina_bidinger

how does it work if there is probate?

  • August 05 2012
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Got agree with John. Good advice, and good luck to you
  • August 05 2012
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Profile picture for nwhome.us
Each of you hire an appraiser to provide 2 different values for the property.  Split the difference.
Get together with a real estate attorney and have them draft up the purchase and sale agreement and discuss with you the discount price for a non-arms-length transaction.
  • August 05 2012
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