patrick.net

Any housing pros still around? No worries if nobody knows, but obviously you're the first people I thought of to point me in the right direction.

Thanks!

Confusing post.

Strategist says

Confusing post.

Not sure where it confuses, but basically FIL died, siblings had duties per the FIL's will. Paranoid BIL has bumped the CPA sister and now has both medical and financial duties. As he goes to sell the house, there is doc at the County Recorder's office saying that the now-violated sister is to be paid 62K plus interest from the house (which I believe would come out to over 200K, the entire proceeds from the sale).

Isn't that a weird thing, or is anyone familiar with that kind of doc or structure? HTH!

My reading of the post:
POA = power of attorney.
MIL first gave POA to daughter 1.
The MIL is still in full capacity, and she signed the new POA docs giving POA to son 1.
In 1999, MIL borrowed $62,500 from daughter 1 at 7% interest.

Questions:
Did daughter 1 transfer $62,500 to MIL in 1999, or was it just on paper.
Has MIL been paying monthly to daughter 1?
Is FIL still alive? Sounds like no.
Is $200K a fair price for the house?

The sister must have lent money to FIL. She would need to get paid unless there was some fraud involved.

FIL must have taken a loan from CPA and never told anybody. Estate owes CPA the dough, unless through duress, CPA made FIL sign something he didn't understand when she had authority. CPA would have to demonstrate loan to FIL to justify note.

YesYNot says

Questions:

Did daughter 1 transfer $62,500 to MIL in 1999, or was it just on paper.

Has MIL been paying monthly to daughter 1?

Is FIL still alive? Sounds like no.

Is $200K a fair price for the house?

I have a feeling it was on paper
I don't believe any money has changed hands, either at the beginning or monthly since (1999)
FIL is dead, MIL has moved into a home. That is what prompted the pending sale, and the resultant docs.
I think 200k is reasonable. It's Indiana, so they should be happy anyone still wants to live in that state. :)

I'd say they should do a comparative market analysis of the house--many realtors will do it for free in hopes of getting the listing. Any time someone has a buyer ready without it going on the market--it's usually under market price.

Ceffer says

FIL must have taken a loan from CPA and never told anybody. Estate owes CPA the dough, unless through duress, CPA made FIL sign something he didn't understand when she had authority. CPA would have to demonstrate loan to FIL to justify note.

I don't think she could have done anything like that in 1999, since he was fully in charge of his faculties, and POA was not yet designated.

I don't think she was in a position to lend him money, nor would he have needed it since he had assets.

Could he have done so for a smooth transfer of title if they had both died, or some weird reverse mortgage-y type deal?

The documents don't appear to be signed by both parties, but it is holding up the sale regardless.

Weird! Thank you all.

Tampajoe says

I'd say they should do a comparative market analysis of the house--many realtors will do it for free in hopes of getting the listing. Any time someone has a buyer ready without it going on the market--it's usually under market price.

The buyer is a friend of the BIL, and the neighborhood is desirable. Story goes they just want it sold before harsh Indiana winter and 6 months of checking the pipes and scaring out any crackhead cooper fixture thieves.