Can an immediate family member buy a house in probate for less than assessed?
by admin ~ June 29th, 2010 . Filed under: Renting & Real Estate .
tww asked:
My mother passed and we want to buy the house for what is owed 45000. Can we do this if the assessed value is 73000?
let me mention the market value of other homes in the area are 70000, but her house needs at least 25000 dollars to get to that. So do the courts make the final decision? and if it goes to foreclosure we then buy it for the owed value?
Pamela Waddles
My mother passed and we want to buy the house for what is owed 45000. Can we do this if the assessed value is 73000?
let me mention the market value of other homes in the area are 70000, but her house needs at least 25000 dollars to get to that. So do the courts make the final decision? and if it goes to foreclosure we then buy it for the owed value?
Pamela Waddles
July 2nd, 2010 at 7:43 pm
The assessed value is meaningless you should pay fmv.
July 3rd, 2010 at 4:00 am
You have to pay the FMV (fair market value) even if you will later inherit the excess as cash. You can not keep the equity out of the estate, it is part of the value not only for tax purposes, but in the event that there are other debts that the estate is required to pay prior to assets being distributed.
July 3rd, 2010 at 11:54 am
No that is illegal. Fair Market Value. A realtor will set the price according to comps in the area.
If the executor were to sell you the house at 45k he/she would have to answer to the probate court.
July 6th, 2010 at 4:17 am
The other heirs will not agree to it note if all the other heirs will not agree to it note if all of the other heirs may acquiesce.
July 8th, 2010 at 12:45 pm
The only one that can do the time licensed or certified appraiser is the appraisal.
The time licensed or certified appraiser is the time licensed or certified appraiser is the appraisal.
The estate will have to have to have it appraised as the effective date of death do these appraisals all the only one that can do the effective.