My father-in-law passed away in March, and my wife and her two brothers were given a property via a Quit Claim Deed. He also had willed it to just her and one of the sons after the quit claim, but it is my understanding that a quit claim supersedes the Will. Someone had an appraisal done on it this year, and it shows $368K; however, the house is in very poor condition and would take a lot to get it to that sale price (Although it is on a nice corner lot). While we wouldn't mind giving it a go, her two brothers wouldn't be able to contribute. There is a lean of about $100K on the home. We have had a few offers of $200K and my wife just wants out of the situation.
Appraisals are public information in Tennessee. I don't know about other states. By "open market", are you saying we should list it with a realtor?
Yes. Because there are multiple beneficiaries, someone is the Executor of the Trust. That person has an ethical responsibility to get the most money for the beneficiaries. The only way you will know if you get the best price is if you list with an experience agent and get maximum exposure.
Keep in mind with appraisals it is just a professional opinion. Keyword is "opinion." I've had appraisals on the property be hundreds of thousands to even millions of dollars apart (I'm in Los Angeles). I've had listings sell for both higher and lower than appraised values. I wouldn't focus on that number at all.
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
1y
Wouldn't the appraisal have factored in the condition?
Is this active on the market? Has it had full exposure to buyers? If so and you are getting offers in the $200K range, then that might be fair market value.
If your wife wants out, then that is motivation to take it and run. I would just make sure that the home has been properly exposed in order to get the price you want.
It is not on the market. Appraisal wasn't done by anyone we know, which is odd. And likely done without entry. My wife is 1 of 3 on the Quit Claim.
The appraisal does sound odd. I would question it. Send it to a loan officer you know to see if it is legit.
In the meantime, I would recommend going to the open market. With there are three people involved, there is an obligation to make sure you get the best price possible. The only way to know this is if you go to the open market.
Appraisals are public information in Tennessee. I don't know about other states. By "open market", are you saying we should list it with a realtor?
Yes. Because there are multiple beneficiaries, someone is the Executor of the Trust. That person has an ethical responsibility to get the most money for the beneficiaries. The only way you will know if you get the best price is if you list with an experience agent and get maximum exposure.
Keep in mind with appraisals it is just a professional opinion. Keyword is "opinion." I've had appraisals on the property be hundreds of thousands to even millions of dollars apart (I'm in Los Angeles). I've had listings sell for both higher and lower than appraised values. I wouldn't focus on that number at all.
Real Estate Agent · Nashville, TN · Member since 2025 · 126 posts · 62 votes
1y
Sorry for your loss. You're right that the Quit Claim Deed overrides the Will—ownership is split equally now. If your wife wants out and her brothers can’t contribute, selling as-is for ~$200K may be the cleanest option. After paying off the $100K lien, you’d each walk away with around $33K.
If you think the property has real upside, another route could be buying out the brothers, renovating, and flipping or holding—but that takes cash and time. Sounds like a simple sale might be best here.
Sorry for your loss. You're right that the Quit Claim Deed overrides the Will—ownership is split equally now. If your wife wants out and her brothers can’t contribute, selling as-is for ~$200K may be the cleanest option. After paying off the $100K lien, you’d each walk away with around $33K.
If you think the property has real upside, another route could be buying out the brothers, renovating, and flipping or holding—but that takes cash and time. Sounds like a simple sale might be best here.
This is my wifes desired path, since she just basically wants to be done with it. It is currently under a contract with Tennessee Home Buyers. The investor side of me wanted to have at least listed it. I really wanted to attempt the renovations but her emotional side is most important.
Sorry for your loss. You're right that the Quit Claim Deed overrides the Will—ownership is split equally now. If your wife wants out and her brothers can’t contribute, selling as-is for ~$200K may be the cleanest option. After paying off the $100K lien, you’d each walk away with around $33K.
If you think the property has real upside, another route could be buying out the brothers, renovating, and flipping or holding—but that takes cash and time. Sounds like a simple sale might be best here.
This is my wifes desired path, since she just basically wants to be done with it. It is currently under a contract with Tennessee Home Buyers. The investor side of me wanted to have at least listed it. I really wanted to attempt the renovations but her emotional side is most important.
I'm late to this post...
Do you have an update? I would have been interested in taking a look at the deal but sounds like I missed out!