Q: 2 people left property.Asked if I wanted to buy other out or agree to sell for offer.Told I would have to bid higher.??
Both left equally.Both were executors, but I signed over to him in order for him to pay the bills without me having to be there. At first he wanted me to sign a quit claim deed for $13,000. My half would be $6500. He told me that was what the property had been appraised for. He also told me that the appraiser did not go inside the house which I do not believe. I believe he said this because he wanted to buy me out for a small amount of money. I told him that I would buy him out for that price, but he didn’t want to do that. He then sent me a letter saying he had an offer for $32,000 my half $16,000. when I told him that I would buy him out for $16,000 he told me that I would have to give a higher bid and if the other person outbid me then I would have to counter offer. I told him I would buy him out for $20,000 but he said no. He said he would take $30,000. That is a lot of money for me and I think that I should be able to buy him out for the amount of the 3rd party offer.
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A:
It sounds like you are in a situation where the other executor is trying to negotiate terms that may not seem fair. Since both of you have an equal share in the property, you have the right to negotiate a buyout based on the actual value of the property. If he initially suggested a buyout price of $13,000 for the entire property, then your share would be $6,500, and if the property value later increased to $32,000, you would expect to negotiate around half of that, which is $16,000.
His insistence on a bidding process seems unusual given your equal standing as co-heirs and executors. You might consider documenting all communications and being clear in writing that you are willing to buy him out at the same price as any third-party offer. If he is unwilling to agree, this could indicate that he may be acting in bad faith or attempting to pressure you into a disadvantageous deal.
It may be helpful to consult with a legal professional to understand your rights fully and ensure the process is fair and transparent. They can provide guidance on whether you could challenge his actions or if mediation might help resolve the disagreement more equitably. Your goal is to ensure that the property division reflects its true value and that you are not being unfairly pressured or misled.
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