My parents wanted to sell what remained of their ranch to my wife and me when they moved to a condo in town. They offered it to us at a price that we could probably have afforded, which admittedly was probably a very good deal for us.
However my brother and sister got real mad, and said we should pay much more. It ended up that I spent a year of my time getting the property cleaned up and ready to sell to someone else. My Dad sold the buildings and part of the property for less than I was going to pay for it and then sold the other parts of the property to other people. My parents carried the contracts and we almost got two of the properties back when the buyers did not pay for a while. All in all, it was a mess. I got little or no thanks for my hundreds of hours of work.
But at least my brother and sister still speak to me...which I guess is worth something.
If your wife has siblings, I would proceed with great caution!!! The deal might or might not be worth all the heartache it might very well cause.
And the advise about using a GOOD lawyer who really understands property law AND elder law might make things go much smoother. I sure wish my Dad had used a better lawyer when he sold the property.
Good luck, I hope things work out the best they can for your family.
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