My mother passed away in 2006, leaving my father who could not stand it takes care of himself. My sister used to live in Hawaii, but her costs were Living there grew and income opportunities diminished, so I moved With my father in Oregon in 2008 to help him until his death in 2010.
Leaving the house for both of us in honesty. she was living There is an 11-year rent-exempt, covering property and repair taxes.
We both live on our Social Security, which is tight for me, but It is impossible for her to live, because steady work was not her home, He travels a lot. The house deserves somewhere in between $400,000 and $500,000. Sale proceeds will be split between us.
You keep finding reasons why a home isn’t suitable for sale. This delay has driven up real estate costs, which means she can’t afford anything with her half.
I have left my roots since buying my first home at age 23, so I now live in a paid home. you did not Learn about my home sale revenue needs.
I love my sister, but I don’t feel responsible for the fact that she never did It has acquired equity in anything in 70 years. She says, “This house Everything I have “.
I feel like I’ve been very patient for 11 years, but I feel like it Financial stress of old age. I don’t want my sister to be homeless And I don’t want to turn it off, but I’m at a loss as to what to do next.
-brother and sister
Dear brother ,
I don’t think your only options here are to make your sister homeless or to let her live rent-free forever. She will have $200,000 or $250,000 from half of the home sale. Real estate prices may be out of control right now, but not to the point where she can’t afford a modest one-bedroom apartment.
In an ideal world, you could do what’s called a cash refinancing. You’ll get half of your balance in cash, and your sister will get a mortgage for 50% of the home’s value.
David Richer, attorney and CEO of LegalAdvice.com Specialist in real estate and mortgage law.
The big problem, of course, is that your sister lives on what seems like meager Social Security Income. You may not be able to afford even a small mortgage payment.
The extreme approach is to try her sister. “When one homeowner wants to sell and the other person doesn’t want to sell, most state laws allow a co-owner who wants to sell to force a home sale by petitioning the court to sell,” Richer said. “The court supervises the sale of the property, ending with the division of the proceeds of the sale.”
This process can usually take six to 12 months. Of course, the damage to your relationship can last forever.
Your sister has been living rent-free for 11 years. She has every reason to keep making excuses. You will not give up this arrangement voluntarily.
I think you should tell her that you are at least considering taking the matter to court if she does not work with you. Tell her you don’t really want that to happen. But tell her that after 11 years, you fear that this is your only option.
Try not to focus on your sister’s poor choices when you have this discussion. Focus instead on what you need, which is the half of your share of the house your father left for the two of you together. Hold on tight when she says home is all she has. Maybe that’s true. But it can also walk away from half the proceeds from selling a home in a sweltering real estate market. If she insists she has nowhere to go, direct her to some Zillow Lists that will be within her budget.
Perhaps with some pressure, your sister will be more motivated to either sell or find a way to make a small mortgage payment. Can she rent a room in the house to get an income? or can her Take a part-time job?
If your sister still refuses to budge, you have to decide whether to actually take her to court. In the end, you will have to choose to sacrifice your relationship with your sister to get your share of this house. I hope this is not a decision you have to make.
Robin Hartell is a certified financial planner and senior writer for The Penny Hoarder. Send your tough financial questions to AskPenny@thepennyhoarder.com.