Anonymous
06/13/2023 11:38
Subject: Sister buying me out of parent's vacation home
Anonymous wrote:Fine or be decent and reduce it more so she does not need a mortgage.
I totally agree with this.
Anonymous
06/13/2023 11:32
Subject: Re:Sister buying me out of parent's vacation home
Anonymous wrote:Anonymous wrote:Wonder if sister expects OP to just let this arrangement go on without any buyout.
Honestly, this is one reason that I'd like to get this wrapped up as soon as possible. The other reason is that my name is on the title (no mortgage) and if any of her friends has an accident/injury on the property (which wouldn't be impossible given their history of drinking/boating), we are the ones who would be sued because we have much deeper pockets.
They are having a new boat delivered later this month, so I'm not particularly worried about them paying for the buyout. I just don't want to look like a total jerk about it.
They would sue your insurance company. If you have deeper pockets, accept what she can pay in cash.
Anonymous
06/13/2023 11:25
Subject: Re:Sister buying me out of parent's vacation home
Anonymous wrote:Anonymous wrote:Wonder if sister expects OP to just let this arrangement go on without any buyout.
and that exact situation happened in our family and two sisters never spoke again. (my grandmother and her sister).
Which is why 0P should be generous and magnanimous. It’s a family home. The sister wants it. The OP doesn’t. The OP should generously part with the house at a nicely discounted price with the understanding that the sister takes care of all of the logistics and that the OP is washing her hands of it. This is not rocket science.
Anonymous
06/13/2023 11:21
Subject: Re:Sister buying me out of parent's vacation home
Anonymous wrote:Wonder if sister expects OP to just let this arrangement go on without any buyout.
and that exact situation happened in our family and two sisters never spoke again. (my grandmother and her sister).
Anonymous
06/13/2023 11:16
Subject: Sister buying me out of parent's vacation home
Get a couple of official appraisals
Ask for half of the average appraisal
Let her come back to you about the 6% or whatever.
Ask for half of the average appraisal
Let her come back to you about the 6% or whatever.
Anonymous
06/13/2023 11:12
Subject: Re:Sister buying me out of parent's vacation home
Anonymous wrote:You ask for exactly 1/2 of whatever you two get for the house after realtor fees.
If she’s gonna do that, then she’s gotta do her full share of everything that needs to be done for the house to be turned over to her sister. Everything. Fair is square.
Anonymous
06/13/2023 11:10
Subject: Re:Sister buying me out of parent's vacation home
You ask for exactly 1/2 of whatever you two get for the house after realtor fees.
Anonymous
06/13/2023 11:09
Subject: Sister buying me out of parent's vacation home
I bought my brother out of a home we had together.
To sell a house for 350k assume there is some prep cost for putting it in the market and general pain in the ass of listing a home. Then as you accounted for closing, agent fees.
I think 135k I would be happy with.
To sell a house for 350k assume there is some prep cost for putting it in the market and general pain in the ass of listing a home. Then as you accounted for closing, agent fees.
I think 135k I would be happy with.
Anonymous
06/13/2023 11:05
Subject: Sister buying me out of parent's vacation home
Anonymous wrote:Both of my parents have passed away and my sister and I now own their home, which is in a vacation area of the midwest. I have no interest in keeping the home but my sister would like to keep it. My sister and I aren't particularly close, but have worked well during the recent deaths of both of our parents. She does have a reputation for trying to take advantage of me, which makes me and my husband a bit crazy. But honestly, I'm happy that the house will stay in the family and get enjoyed by my nieces. (I don't plan to ever use the house.)
I'm interested in people's thoughts on how much we should ask for her to buy me out of the house. We talked to two real estate agents who said that they would put the house on the market for $350,000. The house would likely sell quickly at that price since there are so few homes on the lake on the market.
Assuming we deduct six percent from the price because we won't be using a real estate agent, that brings the price down to $329,000. With all the other various closing costs that we might avoid and assuming a family discount, should we set the price at $300,00 and just have her pay us $150,000? She's received about that much from my parents' estate but may have to take out a small mortgage.
If you were in my shoes, what would you do?
By the book fair market value, ideally with a neutral third party you both agree on advising and drawing up the paperwork.
In your shoes I might have an inspection done and take less $ if there's anything substantial that needs repair like HVAC or roof. Or consider building a clause like that in the contract so that you fend off any asks for money for major repairs in the next few years. I can easily see emotions getting involved here surrounding one child keeping the family home and I'd try to be prepared for that.
Anonymous
06/13/2023 10:09
Subject: Sister buying me out of parent's vacation home
$150k sounds fair.
Anonymous
06/13/2023 10:03
Subject: Sister buying me out of parent's vacation home
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Fine or be decent and reduce it more so she does not need a mortgage.
You have no obligation to ensure she doesn’t need a mortgage.
I think $150k is fair, plus whatever possessions in the house you’d be interred in (perhaps there are none).
Mom was a hoarder!
Luckily my parents were not hoarders! But my father had valuable hunting rifles that my sister has taken home to have her boyfriend sell. I don't have any expertise in this area and just know their listed value. I'm assuming that I'll never see this money.
You are being a pushover. Tell sis that you want $150k and 50% of the value of the guns. Put it in writing. Who cares if she needs a mortgage? As you mentioned above, you are putting your family at risk by maintaining your ownership of the home. Take care of this asap.
Stop being a drama queen.
If OP has any financial saavy whatsoever she already has an umbrella insurance policy which would cover any injuries occurring on the property. Umbrella policies cost at most a couple hundred dollars a year.
It’s her goddamn sister. She has more money than her. The money involved here is small potatoes. You give her a discount because she’s taking on the job of getting OP off the title and the property out of OP’s hair. That’s reason enough.
Why are DCUM women always so nasty and belligerent even with family? Is it a real thing or do you only do it on line?
Anonymous
06/13/2023 10:00
Subject: Sister buying me out of parent's vacation home
Others are right, you are being a pushover. Preemptively, for no reason at all. Get three appraisals, take either the average or the middle one, and give her two choices:
1. Half the value of the appraisal, and she gets to keep all the contents (other than any sentimental objects you specifically identify).
2. Take 10% off the appraisal and split that, but you also split the contents, including the value of any and all items that are sold.
1. Half the value of the appraisal, and she gets to keep all the contents (other than any sentimental objects you specifically identify).
2. Take 10% off the appraisal and split that, but you also split the contents, including the value of any and all items that are sold.
Anonymous
06/13/2023 09:59
Subject: Sister buying me out of parent's vacation home
From business transaction perspective, 150 is a fair number. If you want to give a "family discount" and if you are doing ok financially, I'd even consider 135-140 but offer 150k first.
Anonymous
06/13/2023 09:58
Subject: Sister buying me out of parent's vacation home
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Fine or be decent and reduce it more so she does not need a mortgage.
You have no obligation to ensure she doesn’t need a mortgage.
I think $150k is fair, plus whatever possessions in the house you’d be interred in (perhaps there are none).
Mom was a hoarder!
Luckily my parents were not hoarders! But my father had valuable hunting rifles that my sister has taken home to have her boyfriend sell. I don't have any expertise in this area and just know their listed value. I'm assuming that I'll never see this money.
OP you are the classic DCUM poster. With every new post you get a little meaner, a little more cutting, and a little more nasty.
Anonymous
06/13/2023 09:55
Subject: Sister buying me out of parent's vacation home
Anonymous wrote:+2Anonymous wrote:Anonymous wrote:$150k sounds reasonable to me. I’m in a somewhat similar position with a sister and a family home, and that’s along the lines of what I would want to do.
+1
+3
Though if she needs a mortgage, I'd make her actually get a mortgage (not just owe you money). Cleaner that way.