Is it wrong to ask this of my sister?
My father passed away several years ago and according to his will, his girlfriend was allowed to continue to live in the house until it was sold or she moved out. The house technically belongs to me and my sisters since he passed away. One of my sisters and her boyfriend want to purchase the house now. Also in my fathers will his girlfriend was to get $60,000 from the sale of the house and his four children would split the rest. My sister and her boyfriend came up with a plan to give my father‘s girlfriend her money after my sisters boyfriend sells his house. From that point my sister and her boyfriend would live in a house and they would put $3000 away into an escrow account every month. At the end of four years there would be enough money to pay off the other three siblings. Is it wrong to not feel comfortable doing this because my father‘s girlfriend is getting her money right up front and we have to wait four years? She claims it is going to be sort of a rent to own situation and a lawyer will draw up a contract. She says there is no way we won’t get our money even if they decide to break up. We would just sell the house and get our money that way. Is it wrong to ask my sister to maybe take out a loan or a mortgage so all of us can get paid off immediately?
- ibu guruLv 73 years ago
No go. Sis has to actually purchase the house at fair market value with proceeds divided per the will at the closing.
- Beverly SLv 73 years ago
No it's not wrong at all.. sounds like maybe she knows she won't qualify yet. Plus the value will most likely continue to go up so you guys should get more in 4 years than you would now.Source(s): Mortgage lender 32 years.
- curtisports2Lv 73 years ago
Not only is it not wrong, it's what absolutely must be done. The house has to be sold AND the siblings divide up what is left after the girlfriend gets the specified $60,000. Argue that to do anything else goes against the stipulations of the will. If the sister wants to buy the house, she buys it at fair market value and obtains her own financing. If she can't afford to, she waits. If the girlfriend wants to sell now, then she finds a buyer in the market, and your sister doesn't get this house. What she wants has trouble written all over it.
- SlumlordLv 73 years ago
This is a very risky plan of your sisters. It might work out but there are at least 10 things that could derail the plan and cause you and your siblings to get less or posssibly nothing. For her to even put forth this plan and act like there is no way it won't work demonstates that she is either very naive or being very deceptive. I would just flat out state that you won't agree to anything or sign anything unless you get your protion of the money immediately, same as the GF.
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- JudyLv 73 years ago
Not wrong, it's sensible of you. LOTS of things could happen where you wouldn't get your money. Plus you're right, why should you wait 4 years?
- Casey YLv 73 years ago
This is a stupid idea.
If your sister, who wants to buy the home, cannot come up with the down payment and mortgage to purchase from the estate, you need to find another buyer. I cannot even tell you how bad of an idea this is...you need a lawyer.
- D.E.B.S.Lv 73 years ago
Do a clean sale to them with a mortgage. You don't want to be caught up in this mess for the next 4+ (it will be more....) years.
1. How do you know how much you're supposed to get? There is no sale price. Is that as of today? 4 years from now? When does ownership change? What happens when the market crashes? Is she going to claim a lower amount she owes you? Same question if it goes way up.
2. Does this new boyfriend have any ownership in the house from the start? He just put a lot of money into it.
3. Who cares about when you dad's girlfriend gets her money compared to you. I think it's best she gets it first from what you've said, but that doesn't affect your decision at all.
- TavyLv 73 years ago
I would not be in agreement with this. Anything could go wrong and why should you wait for the money.
- loanmasteroneLv 73 years ago
Your sister and her boyfriend has made a proposal that you might consider.
This is one means of each person involved in this property to receive the money and desires of your father..
If you have a better solution to solving this situation, you should verbalize this to you sister and others involved in this situation.
It appears as if your sister and her boyfriend want to take care of your father's girlfriend financially and get her out of the picture. She and her boyfriend then would take care of the family members financially.
It might be to your benefit to have a note against the house in the favor of you and your other siblings that is recorded by a local title company that would require each sibling be paid a certain amount in a given time frame.
If your sister and her boyfriend fail to live up to their promises, you and the other siblings are able to foreclose on the house, using this note prepared by the title company and signed by your sister and her boyfriend.
If your sister and her boyfriend is qualified to be approved for a mortgage loan, they could do as you want and be approved for a mortgage loan, thus paying each person off.
I hope this has been of some benefit to you, good luck.
- ?Lv 73 years ago
They should get their own mortgage and everything should be settled at one time. There is no guarantee your sister and her boyfriend will stay together and the situation would become very complicated if they split up. If they have enough income to afford a $3000/mo. payment, they should have no trouble getting a conventional mortgage. You may have trouble getting the girlfriend to leave.