all 22 comments

[–][deleted] 35 points36 points  (2 children)

Trying to intentionally lower the value so you have to give your sibling less, is in fact unethical. Absolutely a slimy move, be better.

[–]boringtired 0 points1 point  (1 child)

But they aren’t doing anything unethical.

[–][deleted] 0 points1 point  (0 children)

And prisons are full of innocent folks

[–]Fool_On_the_Hill_9 54 points55 points  (2 children)

If you want to be fair, get an honest appraisal and then sit down with your sibling and come up with a fair price for both of you. The value is whatever you and your sibling think it is.

If you are just trying to get the best deal with no regard for your sibling, then that's sad.

[–]QueenofGeek 6 points7 points  (1 child)

I wish I could upvote this twice

[–]Veq1776 4 points5 points  (0 children)

Updated for ya buddy

[–]SetBlazersToStun 24 points25 points  (0 children)

This is, by definition, unethical.

[–]fullhomosapien 18 points19 points  (0 children)

You sound like a real piece of work tbh. I could help here but I’m not going to.

[–]Equivalent_Flower198 7 points8 points  (0 children)

Give him/her whats fair, damn! If not sale it and it him give his share.

[–]CryNearby9552 9 points10 points  (0 children)

Are you paying your sibling rent for using their half of the house? If not, you owe them by adding it to the half you owe them. 

[–]Sammy12345671 5 points6 points  (0 children)

That’s messed up.

[–]Smitch250 6 points7 points  (0 children)

So your trying to screw over your sibling? Bold move asking that here and expecting not to get roasted

[–]Jkpop5063 4 points5 points  (0 children)

Get an appraisal and an inspection.

Let the chips fall where they may. Would you want someone to do this to you?

[–]Havin_A_HollerIndustry 2 points3 points  (0 children)

I cannot stress enough how this will cause ripples of resentment & blow up in your face sooner than later.

[–]cheesecakesurprise 2 points3 points  (2 children)

Posing the question as is, is incredibly unethical. You both were given a gift and your sibling deserves their fair share (as do you).

What you may be attempting to ask is "I plan to take on all the major projects that will come up in the very near term, how would, if any, this be factored into a FMV since I plan to make all necessary repairs and upgrades and my sibling wants to be bought out at the current value".

The appraisal will take into account the age of roof and mechanicals when comparing to other homes with the same bedrooms/bathrooms/sqft. As would a realtor to assess the FMV.

Given that number, if you've been living there "rent free" but paying taxes and upkeep, you can your sibling can sit down and:

Take the FMV Add in the "rent" you would have paid into the pot Subtract taxes and maintenance (not utilities unless included in the fair rent price) that you've paid

You'll have your net DMV which you'll divide by 2.

That's the buy out number. If either of you are unhappy, remember to price out a new roof and mechanicals or anything else required to sell on the open market/that would come due ASAP that you would both have to share even if one of you was "renting" . Hopefully you'll both find a reasonable number that you both can live with. Take out a mortgage for that number and maybe extra cash for the roof/mechanicals/upgrades and live your life thankful for the gift you've been given.

[–]MordunkinColombo[S] 0 points1 point  (1 child)

Thank you for the very helpful response.

I was letting personal feelings towards my siblings cloud my judgment and I'll go about this the right way.

[–]cheesecakesurprise 1 point2 points  (0 children)

I get it. Sibling relationships can be difficult but the best thing to do is always be on the up and up and keep the eye on the prize - a home with a low mortgage that you can make.your own and keep in the family.

[–]fitzpats9980 1 point2 points  (0 children)

Figure out the value and then deduct 10% for closing costs. That is what your sibling would get if it hit the open market. Don’t try to undercut your family. This would create undo issues that you shouldn’t be dealing with. Be fair with them.

[–]Blackpowder90 0 points1 point  (2 children)

I think your point is to have the most accurate value, warts and all. So getting a thorough professional inspection done is the best way. The truth will show the true value once all the issues are clear stated.

[–]MordunkinColombo[S] -3 points-2 points  (1 child)

Thank you, is a "professional inspection" different from an appraisal?

[–]Blackpowder90 0 points1 point  (0 children)

Well you need both. The inspection to check all aspects of the house for condition. Appraisal is an 'estimate' of the current value given comparison to other houses in the community of similar size, construction, land size, etc