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][quote=Anonymous][quote=Anonymous]would they sell you half the house for less than market value so you can fix it up and allow them to live there until they pass?  With the agreement that you inherit the house entirely at that time?[/quote]

The bigger issue is we don’t want the house or anything to do with it. We don’t even own our own house yet and we don’t want the liability of theirs, even if it may be “deal” at some point. Just not an option. [/quote]

I don't understand how it is a liability?  And if you don't own a house yet.... but you are able to get one for half off, that's a good deal.  As an investment/flip.  You don't have to live there.  [/quote]

The house is in poor shape. We’re not in a great position to buy it / buy into it as it comes at a risk of our financial security for the future. I see a broken down house I don’t want to invest in or be left or purchase in a state 3,000 miles from where we live to be a gigantic stressor. We don’t know how the market would be when it comes time to sell; we don’t know if, being on water and in a flood plain, it may not be as sellable as it may seem to be, or if there are environmental issues with the house/land that would create more problems trying to unload it; we don’t know if it won’t sell and we are stuck making payments on it when we don’t currently own a home at this time. Bottom line: we do not want this house. It’s not a quick sell and it’s not a flip; but the bottom line is we are not financially risky people who are well off enough or have the time or ability to deal with this property. Again, if we were entrepreneurs, savvy home owners, house flippers, or had the time and means to take a gamble on this turf of a property, yeah, maybe it would be worth a potential gamble. But there is no desire at all to get involved other than DH feeling guilty that his parents “dying wish” is to stay in this nightmare of a house and they don’t have the cash to stay and want a hand out. [/quote]

OP, we had a number of friends who bought second homes in the '08 financial crisis and some again in COVID. Boggled my mind until I realized that they had the assets to do so and we did not, so that's why it seemed so perilous to me. This house is not a few hours down the road and doesn't sound like rehabbing it would be a jam for you and your DH.

Suggest you try to support the emotional stress for your DH as best as you can, but work to limit any financial exposure to his parents. Small amounts are one thing; taking on partial home ownership, etc is vastly different, especially when you may not be able to get that money out if his parents end up on Medicaid.[/quote]

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