Q: Trying to figure out how to deal with selling mom's house i inherited
Mom died in March. Several years back she changed her deed to me while retaining a life tenancy. I'm getting ready to sell her house. Didn't probate her estate as that was her only asset and in passed to me outside probate. I was only beneficiary and personal rep. It's not my primary residence. How do I establish FMV? Also, she had one pension payment after death (i was beneficiary) used it to pay some final bills for her. Is that income for me even though I paid her expenses?
The house is closing next week - so i know the actual selling price now - but didn't get the FMV at the time other mother's passing. Long story but realtor doesn't says doesn't likely still have comparisons from back in March. Didn't deal with probate attorney because there was nothing that would fall under probate. The property bypassed probate (direct transfer upon death in sc) and no other real assets.
A: "Establishing" FMV is determining what a willing buyer and willing seller would agree to for a price. YOU are the seller. You can sell your own property for whatever YOU think is 'fair' but you may want to get an appraisal or otherwise compare what the market is supporting for similar properties.
It REALLY sounds to me like you should be looking to work with a local attorney and perhaps a real estate agent if you need help marketing and determining what a 'fair' price would be.
You can probably save a few hundred dollars by trying to do this yourself, but in the end, if you miss a step, don't understand what is required and try to take legal advice from a banker or real estate agent, you're likely NOT going to be getting the best advice possible.
Seek out a local probate and/or real estate lawyer to help you!
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
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