Reply to Sister buying me out of parent's vacation home

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[quote=Anonymous][quote=Anonymous]OP here:  Quick question -- I decided to ask realtors what they thought it would sell for because all of the houses in the area sell for well above their appraised value. So doesn't that seem like the fairest measure? I talked with the third agent yesterday and she thinks that there would likely be a bidding war on the house and it could go up as high as $425,000. (There are almost no lake front houses on the market.)

[b]I think that my sister will definitely buy me out of the house[/b] -- she is having a new boat delivered next week after all. I've been very clear that I don't want to co-own the house. My family won't be using the house at all.

I'm the executor so I've been handling everything with the estate and I would handle the sale of the house too.

I don't really need the money from the house but also don't want to just give it away either. Contrary to what some people here think, this whole process hasn't been particularly contentious. I just don't want her to complain to the aunts/cousins (who live near her) that I'm being a jerk.[/quote]

A couple of things here - as to the bolded: what conversation(s) have you had with your sister? Have you said point blank you aren't interested in owning or co-owning the house? Because I am getting the feeling that hasn't happened and that maybe you are a little worried about how that will go?

As to what is fair - are you working with a lawyer in your capacity as executor? If you are, then have them write up a proposal re: valuation. They should know what the accepted method is. Realtors may or may not have good advice - bottom line they want to sell the house and make a commission, so that's their viewpoint, which is why one is telling you they think there could be a bidding war.[/quote]

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