U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-27-2019, 05:28 PM
 
Location: Wisconsin
17,657 posts, read 17,928,203 times
Reputation: 43309

Advertisements

Quote:
Originally Posted by germaine2626 View Post
Look at it in a completely different way. You are NOT hiring an attorney against your sister. You are hiring an attorney to follow the wishes of your late parents. You want to honor them by respecting the decisions that they made.
(as was their verbal instructions and written intention in their will).
.
Quote:
Originally Posted by Roadrun1 View Post
Ok but she might not see it that way.
Big sis may not see it that way. But it does not seem like you (Roadrun) and probably your other siblings are looking at it that way either.
Reply With Quote Quick reply to this message

 
Old 09-27-2019, 05:54 PM
 
Location: Wisconsin
17,657 posts, read 17,928,203 times
Reputation: 43309
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.
Quote:
Originally Posted by fishbrains View Post
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
.
Great points. My siblings and I grew up in the house that was originally owned by our grandparents. Why did we live there and not any of our 36 first cousins (the grandchildren in the other families)? It was because our father bought the house, fair and square, from his parents (while they were still alive).

So it went from two people then nine children then 40 grandchildren. Some of our oldest first cousins would be great-great-grandparents (if they were still alive). Those would be great-great-great-great grandchildren of the first couple (I think). I have absolutely no clue how many are/will be in that generation, maybe 500 or 600? Just imagine trying to have Christmas dinner in the "family home"?

I'm getting a headache just thinking about these numbers.

Last edited by germaine2626; 09-27-2019 at 06:22 PM..
Reply With Quote Quick reply to this message
 
Old 09-27-2019, 06:04 PM
 
Location: 5,400 feet
2,704 posts, read 2,660,402 times
Reputation: 3848
Quote:
Originally Posted by Roadrun1 View Post
I have four brothers and 3 sisters. Im the youngest in the family. My mother and father passed away 10 years ago. My eldest sister has been living in our parents house
rent free for the past 10 years . My parents left a will that equally divided the house to each surviving child. My eldest sister is emotionally attached to the house and she does not want it sold. After years of drama my eldest sister has finally agreed to sell the house but not at market value. She wants to sell the house to her daughter at a huge discount so that the property stays in the family . She is forcing everyone to sell this property to her daughter. What would you do?
She cannot force you to sell at less than market value. You can force her to sell if you are willing to sue her and ask the court to force a sale and divide the proceeds equally among the siblings. That is what I would do now and you should have done long ago.
Reply With Quote Quick reply to this message
 
Old 09-28-2019, 12:33 AM
 
39,245 posts, read 15,546,040 times
Reputation: 25638
If the OP's sister and daughter have to take in tenants to pay the taxes and insurance, how the hell are they going to keep up with payments on a $600K mortgage?
Reply With Quote Quick reply to this message
 
Old 09-28-2019, 03:28 AM
 
59 posts, read 12,988 times
Reputation: 34
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.
We also said the same . She doesnt see it that way
Reply With Quote Quick reply to this message
 
Old 09-28-2019, 03:30 AM
 
59 posts, read 12,988 times
Reputation: 34
Quote:
Originally Posted by fishbrains View Post
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.
It sounds complicated. Ty
Reply With Quote Quick reply to this message
 
Old 09-28-2019, 06:00 AM
 
Location: 26N x 82W
546 posts, read 300,853 times
Reputation: 929
@ Roadrun:

Hate to say it but you need to consult a RE attorney. It is possible that you all can mediate and come up with an equitable solution for all of you, but it will take all 8 sibs to agree to do that. There are several good responses in this thread to give you a direction but do not roll over to your sister. Depending on your relationship(s) this could be difficult, but she is the one that lived in the place for free for a decade. Family members can get pretty weird when it comes to inheritances.

My mom married a guy back in the 80s, a few years after my dad passed away. She sold her place and moved into his new condo and promptly paid off the full mortgage. He signed the deed over to her since she basically paid for it (he had no retirement savings and minimal SS benefits and even his down payment was something like $5K). He didn't bother to tell is daughters he had done that, though in his final testament it was listed that he had quit claimed it to mom and the date he did it. Thankfully there was also a pre-nup agreement too... long story.

He passed some time later, complications of Alzheimer's. Within days, his youngest daughter came a-knockin' pretty much ordering my elderly mom out of her home. Things got nasty, mom lawyered up and we siblings had to get involved. She and her sister received his possessions and the rest of his savings... what her dad had left (not much as memory-care costs ate into the bulk of it). Then she came after other things, that's when the pre-nup was presented to her.

I hope this works out for you and the other siblings as you all deserve to be fair to each other; but be ready for drama from the enabled one.
Reply With Quote Quick reply to this message
 
Old 09-28-2019, 08:39 AM
 
39,245 posts, read 15,546,040 times
Reputation: 25638
Definitely need a real estate lawyer.

Are some siblings fine with letting the sister and her daughter continue to live in the house?

If so, perhaps their names could remain on the deed, and those who want their share of the house could be paid out of a refinancing loan.

Though how the OP's sister and her daughter could afford the payments on a mortgage when they have to take in tenants to pay the taxes and insurance is somewhat of a mystery.
Reply With Quote Quick reply to this message
 
Old 09-28-2019, 10:53 AM
 
59 posts, read 12,988 times
Reputation: 34
I spoke with my brothers and sisters. Only 3 are willing to hire a lawyer. The rest are undecided.
Reply With Quote Quick reply to this message
 
Old 09-28-2019, 11:09 AM
 
Location: Ocala, FL
3,404 posts, read 6,271,890 times
Reputation: 3000
Quote:
Originally Posted by Roadrun1 View Post
I spoke with my brothers and sisters. Only 3 are willing to hire a lawyer. The rest are undecided.
Unfortunately, the ones who are undecided need to cash a reality check ASAP before things get real ugly. I guarantee it will sooner or later. You can speak with an attorney with your siblings who agree with you and the attorney can contact the undecided siblings independently. Do what is right for you and your siblings. Sometimes we all have to hold our nose when dealing with unpleasant situations.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top