Buying or Selling a Home/Family Owned Home

Advertisement

Expert: Jim Root - 12/24/2007


Question
Ok...this is a sticky one.  My grandmother passed away several years ago.  Grandmother did not leave an official will seeing as how she only owned her home.  My mother and her two siblings agreed to sell the home however my mother decided to continue living in it (as she had for many years prior to grandmother's death).  Mother finally decided to sell the home however now her siblings (who both live several states away) will not sign to allow my mother to sell the home even with the agreement that the profit will be divided among the three.  To add to the already confusing situation...my mother's sisters-in-law will not agree to sell the home because of a personal squabble between the two of them.  What is my mother's appropriate course of action?

Answer
Kristen--yes, this is a "sticky one" Your Mom needs to connect with an Attorney who specializes in "Estate Matters" and/or "Real Estate Issues" and get his/her legal advice/opinion on this scenario! Without a will,"Estates" that have any assets, such as a Home, usually go through "Probate" and the Courts decide on what & how the assets are handled.Your Mom, her siblings and in-laws ALL need to find out what their legal status is. ONLY an Attorney can work this one out, I'm afraid! And I suspect that it will have to go to Court for a Ruling!. Good luck--JIM

Buying or Selling a Home

All Answers

Answers by Expert:

Ask Experts

Volunteer

Jim Root

Expertise

How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!

Experience

Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!

Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).

Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.

Education/Credentials
Associate Degree in Real Estate Studies plus: Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years. Bachelors Degree in Mass Communications, Masters Degree in Education/Teaching

Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.

Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!

©2012 About.com, a part of The New York Times Company. All rights reserved.