Q: My siblings and I recently inherited our parents’ house after they died. One of my brothers wants to purchase the house.
If the house is appraised at $450,000, does my brother pay me and my other sibling ⅓ each ($150,000) or ½ each ($225,000)? Since he will be owning the house and could turn around and sell it at any time, does he also get a portion (1/3) of its value? Is that getting two bites of the proverbial apple?
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A: You get paid whatever you agree to. Brother will probably only pay 2/3 of the value to you two heirs. Otherwise he can sue for a Sale For Partition.
A:
If you and your siblings each now own a 1/3 interest in the property and one sibling wants to purchase your interest and the interest of the other sibling, then the sibling would pay 2/3 of the fair market value (give or take depending on how the other costs, savings are addressed). The sibling already owns 1/3, so there is no reason to pay for that interest.
The sibling that purchases the other interests does not get "two bites at the proverbial apple." Also, depending on how the property is owned exactly, any one of you can "force" the sale of the property and then also be the buyer.
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