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Updated over 3 years ago, 08/22/2021
EAn appraisal appeared out of thin air with an estate property
Hello,
My dad passed in Sept 2019. He left of all an even split of 25% in his will and it said all assets to be distributed within 2 years. there were 5 properties, one of them being a 5 plex - then a childhood family 4 bed 2 bath - A 3 bed 2 bath - and a 2 bed 1 bath - The 3 bed 2 bath my dad was living has been sold a year ago.
The first two properties apply most at this point. There is competition between me and my older brother for the 5 plex. Since he is the executor he has the power to make all the discussions and so far some a very questionable since he's not being transparent. I also expressed interest in the 3 bed 2 bath and the Childhood home 4 bed 2 bath, but since the 5 plex is commercial I don't think I can qualify for all 3. Which leaves me out of the picture on the residential properties, unless we bid on the 5 plex first and I lose and move to the houses.
This is where my younger brother comes into the picture (who is allied with my older brother against me and my older sister). So, in march 2021, my older brother announced the sale of the childhood home to my younger brother for 308k without announcing it was up for sale, not allowing my sister or I to bid. My younger brother had it guesstimated by a realtor at 315k and my older brother had it guesstimated by his realtor at 300K, so they split it in the middle at 308K. Then my older brother gave my younger a perk of 3% discount to save on realtors fees and closing costs. We all know in this market or in March 2021 there were a shortage of properties and people were giving 20k over list price, and no buyer kickbacks.
I asked my older brother numerous times where the appraisal was and he gave no reply. My younger brother was quite mad and sent me some angry text messages for hiring an attorney to stop the sale of the house. He also mentioned in texts that realtors and an inspector came to that conclusion in price.
On the 5plex we discovered that 2 tenants and been kicked out and the 2 units had been completely remolded in Sale condition not a Rental remodel, both listed and rented thru zillow. I believe this was done to keep me in the dark and he would comfortably outbid me hoping I would take that inspection and 15 month old appraisal of 650K at face value. Since the 2 units were remodeled at what appears to be over 100k spent, the new appraisal came in at 750k. Basically my older brother is using estate money to remodel the 5 plex he is determined to get. It's definitely appearing not to be a good investment of estate money.
Since my brothers attorney has been informed of our discovery, magically recent appraisals have been presented and an appraisal for the childhood home has been presented dating back to Jan 2021, but nothing said in the appraisal that is was done in January. Date report signed 7-28-21, date of inspection 1-21-21, Expiration date of license or certification 10-31-22 (probably the appraisers license)
The executor included appraisal on every correspondence for every property, except the childhood home.
Is there any legal recourse I have if this appraiser is doing something shady?