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My niece is well off . She will buy it in cash without a mortgage.
So all the siblings allowed mom to live in the house rent free for ten years with tenants paying for the taxes because she was so poor and her daughter can spend $600,000 cash on a house? What is wrong with this picture????
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Originally Posted by Ken_N
So the niece could buy everyone out?
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Originally Posted by City Guy997S
So whats the problem?
Get it appraised and tell her the price is $_________.
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Originally Posted by jjrose
If the niece can afford $600k cash she can get a mortgage for the full $1.2M. She is trying to get a very steep discount at your expense.
OP, this is important. Read it again.
Quote:
Originally Posted by jjrose
If the niece can afford $600k cash she can get a mortgage for the full $1.2M. She is trying to get a very steep discount at your expense.
Your niece is trying to cheat all of her aunts and uncles out of their inheritance from your parents. Sheesh! What a money grubbing, family-hating, jerk!
Your niece is trying to cheat all of her aunts and uncles out of their inheritance from your parents. Sheesh! What a money grubbing, family-hating, jerk!
So all the siblings allowed mom to live in the house rent free for ten years with tenants paying for the taxes because she was so poor and her daughter can spend $600,000 cash on a house? What is wrong with this picture????
OP, this is important. Read it again.
Your niece is trying to cheat all of her aunts and uncles out of their inheritance from your parents. Sheesh! What a money grubbing, family-hating, jerk!
Get the house appraised. Twice! Average the values if they are within 5% and use that as the price. If they are farther apart get a third and average the two that are closest; toss out the other. Tell the niece that is the price. Some of her aunts and uncles may care to give a discount to "keep the house in the family." Any sibling that cares to gift the niece any or all of their share may do so on their own and deal with the tax consequences themselves. Her mother, of course, would be expected to take no money from her daughter as she has been so generous with everyone else's money, but that's her call.
And find out about the rest of the estate and how the resident sister has proclaimed herself executor if there never was a will, you may all be facing IRS penalties for waiting so long.
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