Monteagle, TN asked in Estate Planning and Real Estate Law for South Carolina

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.

1 Lawyer Answer
Kenneth V Zichi
Kenneth V Zichi
  • Estate Planning Lawyer
  • Howell, MI

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

1 user found this answer helpful

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.