Splitting $ equally question - Need a better answer!!?

Question

After my dad passes away, we (4 of us) inherited two rental properties (with no mortgages on them) valued $100,000. Once we sell the properties and we split the money 4 ways and that nets us $25K each, BUT if one of us decided to buy our two properties and one of us will need to be excluded and pay us 3 of us $33K?

I wanted to make sure Im doing this in the ethical and the right way since Im the executor of the Will and need the proper terms to explain to one of my siblings about this.

Thanks!

Answer 1

No. That is totally unfair. That is like saying you're not intitled to a quarter of what is rightfully yours. It should remain the same either he purchases the lot for $100,000 and gives three the $25,000 or he/she simply only pays $75,000 for them. If that is what they are worth what if he/she didn't even tell you they were going to buy them and they were bought for 100,000 by an anonomous person you'd get the 100,000 and split it equally so what is the difference?

Answer 2

First you need to sell those properties at that price and there are fees and taxes which you need to consider as well.  All of that needs to be taken into account when you sell the properties.

At the same time, unless you are really in hard times, you should wait to sell those properties because right now is not the best time to sell.

Maybe you can reach an agreement as to selling them at a later time and renting them now..

If you decide to buy the 2 properties, you should pay your siblings the price that was valued MINUS your part which would be only 25%.  The fees and taxes should be paid by all.

That should be my take on this.

of course there are other ways to do this.  Good luck to all of you.