I deleted my last diary because the comments I got were basically that I was only thinking about money and not the relationship. The thinking was was if the eldest sister wants the house (and she does) sell it to her at what she wants to buy it for and be done. The trouble with this is there are two more individuals in the mix that also do not own houses and they have feelings, needs, and wants too and everyone must agree on a price. Even if my husband and I wanted to sell the house at the sister's price, there is still another sibling who will not agree. I know in a diary I cannot convey everything but the reason I am writing this is because I am sincerely trying to find a way to mediate this so it doesn't turn into a family feud. There are three individuals and none of them can agree on a price for the house. They all need to be comfortable with the price as we want to avoid hurt feelings and deep resentments that will linger if they don't feel comfortable. My husband and I set a price that falls in the middle of the two sister's offer. This was rejected by both. Again, none of the siblings own a house of their own.
How do you typically come up to the price in which to sell a home to a sibling? Do you take the appraisal price? Do you take the market price? My sister in law has offered to move out of the house so that we truly know what the "market price" is, and she will offer $1 more than the market will bear. I don't want the sister in law to move out of the house. I think this is silly and unecessary. But I want some peace between everyone.
Basic Facts:
The market price for the house is $950,000
The appraisal price is: $875,000
The sister's offer is: $750,000
The other sister's offer is $875,000
Our offer was; $820,000.
I am not one of the siblings but I am just looking for a way to make it work between the three. They have agreed if we knew how other's did it, we would follow the guidelines. Does anyone have any experience and can offer a simple model? I want to add that I believe that no one is coming at this purely from a monetary viewpoint, these are siblings that have a history together and I think that some unresolved feelings are playing their hand here, that's why I am trying to find an objective way to view this. Thank you for your time.