Legal Question in Wills and Trusts in Pennsylvania

You can sell it for whatever the market will bear. You can list it for $165,000, but if the house does not sell at that price, then you will have to reduce it to something more realistic but you should not give it away either.

I would suggest one of the following:

(1) have all the siblings get together and discuss each sides' position. Those who want to sell high need to justify their rationale why. Same for those who argue that the price should be lower. Each side should bring evidence to support its position - for example, a recent real estate appraisal that was done, sales of comparable homes or properties nearby. If nobody is budging then average the high and low figure and compromise and list it for about $150,000 - $160,000. Remember that just because this is the offering price does not mean that this will be the price at which it is sold. Tax assessment may or may not be realistic - many municipalities re-assessed at the height of the real estate value and properties may not be anywhere near that value now. If real estate values in the area where your parents house is located are depressed, then don't go with the tax value. If you all can agree on a number, can you agree on having one (1) realtor to represent you?

(2) I suspect that those that want to sell low may just want to get rid of the property and get their share of the money quicker and those that want to sell high may want to hang on to the house. The way to make both sides happy is that those who want the house or who argue for a higher sales price should offer to buy out the shares of those who don't want it. Valuation can be established by all of you splitting the cost of (1) binding real estate appraisal (you will have to get the property appraised anyway for tax purposes) or by each side hiring their own appraiser and allowing the 2 appraisers to not only do an appraisal but to select a neutral third appraiser who will likewise appraise the property. Each side will pay 1/2 of the cost of the third appraiser in addition to the costs of their own appraisal. It costs a bit more BUT its fairer and that way nobody can argue that one appraiser was biased. When you get the three appraisals, add together and divide by 3 to get the average. Go with the average.

(3) The real estate market may or may not have begun to recover in the area. I'm not a realtor, but depending on the location, some places just are not moving. If that is the case, be realistic that now is not the time to sell. Either do option 2 or if nobody wants to buy out the other, then consider renting the home. At least it will produce income that way. The rental proceeds should be used to pay the property taxes on the home, the mortgage (if any), and enough left over to create a "rainy day" fund to cover any emergencies that occur (like painting, a new roof or water heater etc.). If you choose this option, you will need to decide who is going to manage the property - one or all of you or a property manager. You might want to wait until the estate is concluded and convey the property into some type of trust or family partnership if rental is what you decide to do. Otherwise, all of you would have to be on the lease and it can be cumbersome with this many owners unless someone buys out the share of the others.