How can I determine the value of the home so that I can buy him out?
Estate Planning Attorney
Determining value for real property can be difficult since it that depends on many factors, such as the property condition, location and market conditions. You could start with the County tax appraisal value. It is suppose to be the fair market value as of January 1 of each tax year. You and your brother agree on that value use another or combination of methods. You could get a relator's opinion of value or hire a licensed real estate appraiser to prepare an appraisal.
Ultimately, it is what you and your brother agree to that counts.
Mr. Shay is absolutely correct that the tax appraisal value or the opinion of one (or several) realtors is an excellent starting point. Of course, agreeing to a value is really only a part of the process that you're facing.
You do not mention whether or not your father's Will has been admitted to probate. In many cases, there is a necessity for administration of the estate. There may be additional assets to collect or debts to resolve. In administrations such as this, an executor is appointed by the Court and that individual is responsible for filing a sworn Inventory of the estate. That inventory would reflect the value of the home as of the date of your father's death, and this value might also be a good jumping-off point for negotiating the consolidation of ownership.
The Will might also be admitted to probate simply as a muniment of title, and there would be no executor or Inventory. In any event, you are well-served to address the situation with your brother openly and with a mind toward cooperation and agreement. Just don't forget that there may be some housekeeping with the probate court that comes along with that agreement.
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Both attorneys offer sound advice. You should start with the assessed value and then get a couple realtors to give a written assessment of value and try to come to an agreement.
Hope this helps.
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