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So true 😅
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Any Property Management recs in Seattle area? :(
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I'll buy it for 10k just for some chaos. I'll move in and hang with auntie.
If I remember property class 1L year I think you can force sell the property. What state are you in? I'll do some research after my flight
Okay I just looked it up. You can file a partition action which basically forces them to either buy you out or the property gets sold.
Do you hate your aunt?
If she was living there originally then is it that important for you to get the $ right now? It wasn’t your money to start with… just make your own money if it’s that important!
Imagine you lived in a home that your parents left to you and then they passed and they didn’t consider all the angels and then ur niece/nephew thought they ought to F you just bc they got some part of the inheritance!
Just bc you were in the will doesn’t make it right for you to screw them
Subject Expert
There’s too many assumptions and not enough detail for anyone to make an educated recommendation here.
Did the aunt live there before or after the death? Was her living there part of the same paperwork that gave a stake to the analyst? Is the aunt one of the people with a stake? What do the other stakeholders want?
Lots of what-ifs here…
Coach
How many owners are there? Can you get one of the other owners to buy you out? Otherwise get a real estate attorney and force a sale. If you tell everyone that you are going to take it to court, maybe your aunt will be more reasonable.
You guys are all missing the biggest thing. This aunt is trying to take a like of credit out against the house. This isn’t some innocent old aunt who just happens to live there. She’s trying to screw everyone else over by not leaving and milking the house for everything it has.
If the aunt has only partial ownership of the property, she should not be able to unilaterally take out an equity loan against the house. The bank would require a title search for a HELOC that should show other owners.
I don’t understand why the aunt thinks she gets to stay there for free? Does she work? Does she have the financial means to keep up the property? If she keeps the property in good condition, pays the taxes and insurance, etc … then overall your inheritance will increase as property values increase. If there are concerns about upkeep, etc… I would definitely push for the buyout and cash out while you can. I hate that families are torn apart by this type of thing after loved ones pass— but I do not think you are wrong for wanting what is rightfully yours. I also don’t understand why people are siding the with aunt — that only has partial ownership and is not honoring the Will? The property is not hers, and the expectation of staying there for free is selfish and unreasonable. Get a lawyer and do absolutely EVERYTHING in writing.
Subject Expert
What we know:
- Mr(s) Analyst has a “minority stake” in Grandma’s home
- Aunt is living there
- Analyst wants to cash out
What we don’t know:
- how many other people have a stake in this house
- how the interest was passed to the Analyst (will? Trust? Gift?)
- whether there’s any formal agreement for the aunt to live there
- whether the aunt has a stake in the house
- how the title for the house is held
I’d talk to an estate attorney and/or a real estate attorney in your state to understand what the options are based on the “unknowns” that are listed here (assuming you know them).
The state and any preexisting agreements matter here (such as a life estate).
It does seem unclear if the aunt owns any of the house. OP can you clarify that?
I was in a similar situation in CA, with multiple beneficiaries to a trust and the executor liquidated the home to settle affairs. If there was an estate plan (which sounds like there was) then the executor likely has the authority to liquidate the property and distribute proceeds (which is what happened in my case) unless the estate plan says otherwise. In CA if your aunt is an owner (fee simple absolute, not a trust beneficiary) she is likely permitted to occupy the property without paying rent (co owners with equal rights of possession typically can’t evict each other), but so can you.
I’m not an attorney, but it sounds like consulting an estate attorney, real estate attorney, or a broker is a good idea.
Equity you can take out an equity loan for your portion of the house and force them to have to pay it back to keep it or sell it where they have left in their equity
Make your aunt pay you rent for your portion and tell her you’ll start eviction proceedings if she refuses to pay. That’ll get her to shut up.
She’s a squatter then. Kick her out.
Subject Expert
This may vary by state and structure. How was this interest passed to you? Is it held in a trust? Is there an LLC or partnership agreement?
In most states you can force a partition sale. This is generally very slow and expensive. In all states, you can sell your stake. Expect 10-20% max of realistic value on a 10% interest.