Expert: Connie Wildasinn-Broker,GRI,Realtor® - 9/25/2009

Question
QUESTION: My mothers home is in probate at the moment with 3 parties as beneficiaries. My son would like to buy the home and he could have my 1/3 of inheritance. Is it possible to have a land contract between my son and the other two parties. If so how do we go about to do this.

ANSWER: Hi Dave,

I strongly advise you to contact your lawyer that is handling the probate.  In a situation of an estate, there are guidelines that must be adhered to, beneficiaries to be consulted.  A land contract, AITD, keeps the seller on the title... since you are now in an estate of position, the other beneficiaries may not with to have this happen.  Is there a reason your son can not qualify for a loan? Sometimes the best way between to points is a straight line... Many times when the family home is involved, there is emotional attachment... keep in mind, there are plenty of home available to choose from these days.   And a different home may be a better option... Do your homework... and All things are possible, but are they the best option available to you? That is the question.

---------- FOLLOW-UP ----------

QUESTION: I wanted to thank you for the fast response. Pertaining to my moms estate I have an addition question. Do all three beneficiaries have to agree on a final selling price for my moms home. Since my brother is the executor can he sell the home for a price that I do not agree with? Example .... The price is to low.

Answer
Hi Dave,

If the home is in probate, there will be an appraisal done, and most common is, the selling price must be with in 5-10% of the appraised value. Now of course if you don't get any offers at that price and you have to go to court with a low offer the judge will look at all matters, including how the property was marketed and decide if that offer should stand or send it back to the market place.  In the end, everyone wants the transaction to complete.  

I don't know if a judge is involved on this case(court confo required) Check with your attorney on these matters.  It can get quite complicated on family matters, and many times emotions take over where if this was a home down the street everyone would act completely different.

Advise, don't let money get in the way of family, but don't roll over if you really feel you are being wronged.

Good luck