Reply to Elderly in-laws refuse to sell house that needs $200k of work, are out of money, can’t get loan

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Reply to "Elderly in-laws refuse to sell house that needs $200k of work, are out of money, can’t get loan"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Thank you for your reply. Yes, that was something DH mentioned. That if we were to pay their home equity loan payments they would leave us the house. Other sibling is OK with it. The issue is 1) I don’t want to risk our financial future making these payments, 2) we truly want nothing to do with this property. We would never live in it, and I frankly do not see eventually having this property as any type of asset. I only view it as an absolute liability. Trying to sell it, have it torn down and sell the land, and doing it from mini thousand miles away. If that’s our first foray into real estate, I certainly don’t want it to be that. If we were entrepreneurs, or had a history of flipping houses, or made much much more money, maybe… But I want nothing to do with, the risks of this property and being saddled with having to deal with it. DH is more open but he often is. [/quote]

you might be right but you would not tear it down yourself. you would sell it to a developer or builder who would then tear it down.[/quote]

Yes, we won’t be responsible personally for tearing it down. We don’t want the hassle of having to deal with the liability of the property and sale of it, and doing it from a different side of the country. DH is more willing to do it if we need to do it, but agrees that the house and land are not an asset in our eyes and it would be challenging to be mixed up in it. [/quote]

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