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Old Yesterday, 06:25 AM
 
1,014 posts, read 272,095 times
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Quote:
Originally Posted by Roadrun1 View Post
My eldest sister feels she is right and rest of us are wrong . She thinks mom and dad have always wanted to keep the house in the family and not sell it to a private buyer.
If they wanted to "keep the house in the family" it would be deeded to one of you, not all 8.
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Old Yesterday, 07:13 AM
 
Location: Western Washington
9,454 posts, read 8,703,648 times
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Quote:
Originally Posted by Roadrun1 View Post
My eldest sister feels she is right and rest of us are wrong . She thinks mom and dad have always wanted to keep the house in the family and not sell it to a private buyer.
Practically speaking, that is impossible. You already have 8 siblings, the next generation is likely 16+, and based upon your statements about age, there is probably a following generation of 32+.

Those people are going to have their own interests, they are going to live in different cities and states, and the majority of them are not going to have any emotional attachment to their grandparents or great-grandparents home.

This means that your older sister isn't trying to keep the home in the family in the way you think about the word family, she is trying to grab it for HER family.

If she is serious about keeping it for the descendants of your mutual parents, then propose some sort of perpetual trust. Not sure how it would work, but create a corporation with shares that are issued to all members of the family. You will need to create a management structure and an endowment for maintenance and taxes, but it is really the only way you can ensure future generations have some sort of attachment to a house.

This isn't what your sister wants at all of course, and it is extremely cumbersome to accomplish.
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Old Yesterday, 07:23 AM
 
1,861 posts, read 876,038 times
Reputation: 3179
Quote:
Originally Posted by Roadrun1 View Post
My eldest sister feels she is right and rest of us are wrong . She thinks mom and dad have always wanted to keep the house in the family and not sell it to a private buyer.
Mom and Dad are dead. Their wishes, unless written down, are unknown. Even if known, the wishes are merely that, wishes. Things change, and keeping the property in the family may not be the best option going forward. Do what's best for you, not your sister and her heirs.

One other option might be to let the sister's family buy the house, but the other siblings put liens against it so that if it's sold, they get their share of the proceeds over the current amount. A lawyer would have to advise you on this.
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Old Yesterday, 08:43 AM
 
4,958 posts, read 4,218,778 times
Reputation: 10530
I can understand a property like a vacation home being jointly owned by several. But it is a needlessly cumbersome way to own a house jointly-- when it could be in a trust or limited liability company with all members having equal shares and receiving rents.

If "keeping it in the family" is the objective, then your sister's proposed sale would accomplish just the opposite. Sister is attempting to keep it in HER immediate family with her staying in house. It is an asset. Would sister think it appropriate for deal to go to another sibling offspring? I think not.

If you as a group wanted to keep it as a rental property, you could have an attorney set up the appropriate legal document for sister & her daughter to have long term lease at market value. It would have to include an owner's agreement for payment of property taxes & insurance & stipend for one of siblings(not sister) to coordinate it.

That way niece/sister could not turn around & sell it or mortgage it, or lose it to the bank or another creditor. Because if niece or sister does not have funds to pay market price, neither will likely have funds to maintain house or make timely mortgage payments.
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Old Yesterday, 10:08 AM
 
1,394 posts, read 2,106,432 times
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Quote:
Originally Posted by Roadrun1 View Post
My eldest sister feels she is right and rest of us are wrong . She thinks mom and dad have always wanted to keep the house in the family and not sell it to a private buyer.
But that's not the issue right? The issue as I understand it is that the oldest sister doesn't want to/can't pay a fair market price for the home (or even a reasonable "family discount" price). At times like these it's often useful to understand the true bottom line issues and not get sidetracked by related but not core points. There is a cost to keeping the house "in the family", she can either bear that cost or understand that she simply can not afford it. To expect her sibs to effectively "gift" her $150K a person isn't even remotely sane and imho veers into being immoral.
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Old Yesterday, 01:59 PM
 
837 posts, read 269,675 times
Reputation: 2260
I would hire a lawyer and let them resolve this legally. You donít have to get your siblings approval and they will all share the cost whether they like it or not once itís sold.
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Old Yesterday, 04:12 PM
 
Location: SoCal, but itching to relocate
346 posts, read 219,229 times
Reputation: 384
I know it's only been 5 days since the OP first posted this debacle, but he's got 5 days' worth of reasonable advice here (and maybe some wild ideas!) so far. Why, OP, have you not contacted a real estate attorney yet? You don't need any of your siblings' permission to do that. Either do that forthwith or concede your position to some combination of your siblings' whims. Sigh...
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Old Yesterday, 04:40 PM
 
Location: Knoxville, TN
1,757 posts, read 711,963 times
Reputation: 2198
Threads like these make me glad to be an only child/heir to a big estate.

There's a huge emotional price you pay, though, when someone dies if you have a small family- dealing with a death is much, much harder alone than with a bunch of family members. My mother was the same way, only child. Losing my Grandparents was beyond awful, would have been easier with a huge family to grieve with.

OP, I would be literally moving into the house or kicking the older sister out.
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Old Yesterday, 05:12 PM
 
Location: BNA
511 posts, read 296,815 times
Reputation: 1356
I predict this thread will go on for another 27 pages while people try to convince the OP to do the sensible thing (hint: anything other than what’s being done) and the OP will kvetch about their poor sister and how close they are and how it just seems wrong!
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Old Yesterday, 05:21 PM
 
Location: Ocala, FL
3,402 posts, read 6,268,661 times
Reputation: 3000
Quote:
Originally Posted by djsuperfly View Post
If they wanted to "keep the house in the family" it would be deeded to one of you, not all 8.
Wasn't there a TV show with Carol O' Conner (Archie Bunker) with that name ??
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