My sister and I are the beneficiaries of our mothers will. She died when I was 17 and left my sister and I half of her estate, and named her doctor as the executor. I am now 22 and my sister is 20 (21 next month). We all agreed (verbally) to sell the family house to our father for $125k. He acquired financing in which we gift him the difference between the sale price and what he is actually paying, so a gift of equity of roughly $38k, so he can actual afford to buy it. Although we still get our $125k, the executor is refusing to sign the sales contract or the actual closing of the house, (although both my sister and I did sign it). Her only objection is that she thinks it’s “unethical” because the appraisal of the house was higher than we are selling it to him for, and she doesn't, for whatever reason, want him to get a lower interest rate and to avoid paying mortgage insurance. Now she is threatening to put the house on the market if my father cannot do a 100% financing for a $125k loan, which he cannot do and we did NOT agree to.. My questions are, can she put it on the market without our consent? Can she refuse to sell the house, essentially overruling my sister and I wanting to sell it to him? And finally is there any legal action I can take against her? Any advice would be helpful. Thanks. Wmnsor.

ScottGem

Basically yes. As Executor for the estate she has a fidicuary responsibility to do the best for the estate and its beneficiaries. If she thinks something is illegal or unethical, she has the right to block it. she can be sued if she doesn't exercise her fiduciary responsibility.

What I would suggest is you get a CPA to advise her that what you want to do is OK.

wmnsor

So then she does in fact have the authority to put the house on the market with the consent of both my sister and myself?

wmnsor

sorry I meant to say WITHOUT THE CONSENT of both my sister and myself

wmnsor

one more thing.......does the fact that I am over 21 and my sister is nearly there have any bearing on this situation?