An auction doesn't guarantee a sale. The executors come across as being very sensible. However, it may have to go as a fire sale and maybe all of you (except Ted) could come together and buy it? In the meantime is it possible to distribute the remainder of the inheritance to everyone, it might cool Ted as well and give the rest of you some lolly to buy the place, if you still think it's worth it?
Hi. We have all tried to buy it, but couldn't get a mortgage. We're all self employed and either a) not taking home enough money b) are already mortgaged, c) living abroad. Everybody is still hurting after the recession, we're all ok, just not flaithulach. And there's no remainder of the inheritance. There were only small dividends from old shares and pensions that had to be finalised etc. We used it, by agreement of all, to pay for essential maintenance (roof repairs, tree felling, etc) and to cover the utilities for a year while everything was getting sorted.
I know, it's all a bit of a mess. And I fully understand the will saying the house must be sold, but can a reserve be put on it? As in, what if it doesn't reach at auction what Ted would have gotten had he accepted our offer to buy him out? (We offered him 40k cash) Surely then an auction would be pointless? Nobody wins. Like I say, there's no issue in the house being sold, we have contingency plans. It's the threat of legal action against the executors that's what is upsetting everybody.
I personally never saw the loss of my parents as something that should bring me financial gain, and I see a bigger value in everybody having somewhere to call home (we're all quite transient), that's why some of us will re-invest in another house in the area. My worry for Ted is that he is cutting himself off from the family so much that he won't have that.
Hi. We have all tried to buy it, but couldn't get a mortgage. We're all self employed and either a) not taking home enough money b) are already mortgaged, c) living abroad. Everybody is still hurting after the recession, we're all ok, just not flaithulach. And there's no remainder of the inheritance. There were only small dividends from old shares and pensions that had to be finalised etc. We used it, by agreement of all, to pay for essential maintenance (roof repairs, tree felling, etc) and to cover the utilities for a year while everything was getting sorted.
I know, it's all a bit of a mess. And I fully understand the will saying the house must be sold, but can a reserve be put on it? As in, what if it doesn't reach at auction what Ted would have gotten had he accepted our offer to buy him out? (We offered him 40k cash) Surely then an auction would be pointless? Nobody wins. Like I say, there's no issue in the house being sold, we have contingency plans. It's the threat of legal action against the executors that's what is upsetting everybody.
I know. But when it suited Ted to stay in the house there was no mention of anything. And I know the law doesn't take into account feelings and personal circumstances, but we were devastated to lose our Mum so suddenly (our dad died previously) and to lose the family home at the same time just felt like everybody's roots and ties were being severed. I don't think there is any issue selling it now, we're just trying to be realistic over realising an asset.
I personally never saw the loss of my parents as something that should bring me financial gain, and I see a bigger value in everybody having somewhere to call home (we're all quite transient), that's why some of us will re-invest in another house in the area. My worry for Ted is that he is cutting himself off from the family so much that he won't have that.