3

I have been living in my grandmother's house for the past 20 years. The house has been paid off for years. During that time, I have taken care of her and the house until she got bedridden. My aunt had to take her in to her house to take care of here for the past 7 years. She recently passed and I am unsure what to expect from her 4 heirs. My mom is willing to forfeit her share. She never left a will or anything.

I am planning to have a meeting with them on whether they'll allow me to stay in the house by either purchasing their shares, purchase the home, or asking for rent.

Would it be possible to pay their share of the home inheritance? If so, what type of loan can I ask for?

  • I think the answer is in the tags. It is usually called "mortgage". – littleadv Oct 24 '14 at 6:13
7

It can sometimes be difficult when four different people own one house, especially one that everyone is emotionally attached to. Offer to buy the house, or offer to pay rent. If you want to buy the house, you should be able to do that with a regular mortgage, just as if you were buying a stranger's house. Get an appraisal on the house, and offer a fair price, and hopefully you will be able to get everyone to agree. Good luck.

  • Good answer. Agree with either buying outright or renting. Partial shares will tie up money in something you cannot easily sell. I would go into this meeting with both a fair appraisal price and a rent proposal. You may want to propose to continue maintenance for a discount on fair-market rent. Expect to have to back up your numbers, so professional comps would be helpful, especially if emotions run high. – jkuz Mar 22 '16 at 16:59

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.