A friend's mom passed away. She had been in and out of the hospital and spent a short time in a nursing home. My friend's sister and her husband had done a lot of work to the house at their expense. The two brothers kicked in some money as well, but the sister and BIL kept all the receipts. The state had a lien on the house which was worth in the $100K range. The lien was for a little more than the value of the house. The sis produced the receipts for the work and said they did the labor (which they did). The state investigated and said if the daughter wanted the house she could buy it for $23K. She did. Her two brothers never asked for anything. They didn't even ask to be reimbursed for what they had contributed for materials when they fixed up their mom's house. They had given money as a gift to their mom to make her life easier. The siblings all got along great.
So not every situation is going to end up badly for someone trying to help a parent.
I wouldn't worry about the siblings wanting to cash in later. I'd be more worried about what will have to be spent on the house. The OP did say it's been in a perpetual state of remodeling.
If the siblings were to all chip in and buy the place I'd be worried about owning property with someone I don't want to be partners with.
The best option may be to let it go into foreclosure and buy it from the bank and lease it to the in-laws.
Talk to a lawyer!
This post was edited by Pops1532 at 17:44:16 01/18/14.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
... [Read Article]
Latest Ad:
2022 John Deere 5045E, 4wd, front end loader and 3rd function with grapple. 120 hrs, 55k new, must sell
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
