i am confused, can someone help????

Question

i inherited a third of my grandmas estate along with my two uncles. my one uncle and i are selling my other uncle my grandmas house for $455,000 which is below fair market value. how does this work? does the uncle that is buying the house from us get a third of that $455,000 and the house or does he just get the house and my other uncle and i share the $455,000. please help explain this to me.

Answer 1

455 diveded by 3

so you and your uncle get approximately 152,000 each from your other uncle and your other uncle then owns the house

but i am wondering you say it is under valued it wouldnt happen to be the uncle who is buying your share that has told you the value , maybe getting 2 or 3 independent valuations would be an idea

all the best
Ian

Answer 2

1. Get an independent appraisal of the property so you have an actual market value.

2. Then deed your 1/3 interest and your other selling Uncle will deed his 1/3 interest to the purchasing uncle.

No different than any other transaction as long as the estate has been finalized.

BTW, are you or either of the Uncles the Executor/Executrix or Administrator of this estate?

Answer 3

If I were you, I'd hire an attorney ! But to answer your question, you and the uncle who are selling the house should sell it for the amount that the uncke who's buying the house stood to receive from your grandma's estate. Chances are, he may not owe anything if what he's receiving covers the cost of the house.

Of course I'm no expert so If I were you I'd hire an estate attorney !

Answer 4

If the property is being sold (doesn't matter to whom) the proceeds are split 3 ways. The uncle buying the home will get his 3rd and the house.

I think I understood you correctly, if not email me.