What is the lowest legally justifiable price to sell a home that is part of an estate that protects executor from liability
Beneficiaries are estranged relatives and out of state residents. House needs total renovation. Potential buyer, interested and aware cost of renovation will require significant investment . (estimated at $250. sq ft)
I suggest you get an appraisal or some estimates from real estate brokers.
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The Executor stands in relatioship of trust and openess vis-a-vis the beneficiaries. S/he must obtain the best value for the property. If the executor fails to properly perform his/her duties, he/she may be subject to a lawsuit by two beneficiaries of the estate.
I suggest that you file a petition to sell real property and serve the beneficiary. You offer them the chance to object and attach a copy of the contract of sale to your petition. If the beneficiaries do not object and the court gives you the go ahead to sell the property at the price in your petition, you can sell at that price. It is important to have a lawyer familiar with trusts and estates and real estate handle the matter because certain language needs to be in the rider.
Aside from the obvious necessity to obtain an independent appraisal on as is basis and potential value if investment of $x.x is made, I would write to the beneficiaries and ask them to make a bid on the house at the value obtained from the appraisal ornelect to distribute the house to the beneficiaries to decide on their own to invest in the costs to take it to the next level. Once you have taken the pulse of the affected parties then you will be in a better position to defend any action you choose....assuming the will is not restrictive over your choices here. If you get nasty grams from the estranged beneficiaries then would I recommend you take the 3rd party offer (which better not have a connection to you in some way that makes you biased to give a sweetheart deal) and submit a Petition to Surrogate Court to get court approval and order to sell as recommended.
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