Grateful for answers regarding inheriting a 1/4 share of a condo. Was offered $1,500 for my share by one of other heirs. Condo appraised at $85,000. Appears that this heir has bought out other two shares and now owns 3/4. Just not sure how to best move forward. Rejection of $1,500 offer resulted in personal representative demanding payment for out of pocket expenses that he did not submit to the estate (from one of my prior questions). Thank you.
2 Answers from Attorneys
What were the other heirs paid? You hold the cards here since he wants the property. If you dont pay the expenses, which you dont have to do, then technically the property would need to be liquidated. He would not get it. What do you want? Start negotiating with a number that is higher. Dont get hung up on appraisal value as the value of the unit and your share is the net of all loans and expenses and liens that exist.
Does not sound like a fair offer and you are not solely responsible for costs. Estate is. All beneficiaries share equally.