The trustee of the trust has the authority to sell the house. He has a fiduciary duty to get the best possible price for it. If you wish to purchase the home, an appraisal should be done to determine the market value. When the
proceeds are distributed and the trust is terminated, all beneficiaries will have to sign releases. You should retain an attorney to negiotiate with your brother or his attorney and to protect your legal rights as a trust beneficiary. (This does not constitute legal advice. I am admitted to the practice of law in NY State only).
The first question you need to answer is whether you can qualify for a mortgage or not. As a general rule, assume that you have to pay about $600 per month for every $100,000 you borrow. So if you have to borrow $100,000 your monthly mortgage payment would be about $600; if you borrow $300,000 you'd have to pay about $1800; if you borrow $600,000 you'd have to pay $3600; and so on. In today's market, you probably need to earn about 3 times the amount of the mortgage in order to qualify for the loan.
Since you already "own" 1/3 of the house, you would only have to borrow 2/3 of the purchase price. So if the house is worth $300,000 you'd only need to borrow $200,000 (at an approximate monthly payment of $1200).
Of course, you will also be responsible for the property taxes and homeowners' insurance, which will add to your monthly expenditures. Remember that you qualify for a partial "parent-child" exclusion from reassessment if you buy your mother's house ("your" 1/3 won't be reassessed for property tax purposes, but the 2/3 that your brothers own WILL be reassessed).
If you can afford this, then I think it's a great idea for everyone. If you need assistance negotiating the sale, please phone my office and see if we can be of any assistance.
This information is not intended to substitute for professional legal advice and does not create an attorney-client relationship. You should accept legal advice only from a licensed legal professional with whom you have an attorney-client relationship.