i have a home in tennessee that i own jointly with my brother. Name and name my father has a life estate and is in failing health. Can i sell my 50% interest in this home. It is tax valued at 42,000. If so would anyone be willing to purchase this at a pennies on the dollar rate. I do not want the home. Not soliciting just trying to determine if there would be any interest.
Yes you can but keep in mind the people cannot move into it and cannot even go to look inside if your dad does not allow it. Not many folks want to invest in that kind of property but some will. You might think about your dad however. If he did a life estate to you it was because he wanted you to have something. To throw it away for pennies on the dollar would not be respecting his sacrifice.
i understand about the sacrIfice. The man worked hard to have an estate to divide among his two children. Unfortunately, my younger brother and i do not get along. For us to be on the same deed would be a disaster. I would rather sell it for little to nothing to someone else. I just want cut loose to be in peace. Thank you for replying, i figured it would be a hard sell, i would need someone of the tax deed purchaser caliber i would imagine.
Why dont your father just take you and your brother off the home as having zero ownership considering it sounds like a disaster waiting to happen and when your dad dies it will only get worse. Hate to say go that angle.
Sadly, my father can not do that, he has Alzheimer and dementia and can not tell you his current location, therefore not competent to make decisions. Next, the deed has already been registered with myself and my brother named, just us and holding a life estate for himself. I need out from under it, but do not want to just hand it to him. I made him an offer this morning to sell my half to him and sign off on any interest in both dad and mothers estate (Divorced) She has a home and land also. It would be a really sweet deal for him, and there is a grand already there in an account he would receive plus there is $30,000 in cash buried on my fathers property, which i believe my brother has already exhumed. so it should be a snap, less than attorney fees if we battle it out. Thanks for the reply. If it comes down to it and I can indeed sell my interest, and he does not take my offer I will accept the highest offer from anyone but my brother.
BTW to clear the topic my father holds the life estate for himself. He deeded the home to my brother and me. we are on the deed as the owners once dad passes.
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