Home that is jointly owned...help!

[disneyfamily71]

I have a question about a home that is co-owned by 3 parties. I thought maybe someone here might have some experience with this. My husband, his brother and his dad own a home together. The home was willed to them 2 years ago by my husband's grandmother. My husband wouild like to sell the home, but his brother does not want to sell, and he says he cannot afford to buy out my husband's share. My father in law is indifferent. The home is currently not occupied on a full time basis. My husband's brother uses it as a weekend home as it is a lakefront property. We all live in Virginia and the home is also located in Virginia. What are our options? Is there any way we can force the sale of the property?

Thanks.

 

[Darcy03231]

I know where I live you can force the sale. You should seek the advice of a real estate attorney where you live for the laws specific to your state.

 

[waltsgirl]

Personally I would never force a family member to sell if they didn't want to. Are you ready for all the fallout from that.

 

[tinker&belle]

I think it could get ugly. I wouldn't do it unless I had to.

 

[pyrxtc]

I have a question about a home that is co-owned by 3 parties. I thought maybe someone here might have some experience with this. My husband, his brother and his dad own a home together. The home was willed to them 2 years ago by my husband's grandmother. My husband wouild like to sell the home, but his brother does not want to sell, and he says he cannot afford to buy out my husband's share. My father in law is indifferent. The home is currently not occupied on a full time basis. My husband's brother uses it as a weekend home as it is a lakefront property. We all live in Virginia and the home is also located in Virginia. What are our options? Is there any way we can force the sale of the property?

Thanks.

Can his brother afford monthly payments to buy him out ? maybe that would work. I wouldn't force the sale, that could make bad blood.

 

[Hannathy]

I think it could get ugly. I wouldn't do it unless I had to.

I think ugly would be an understatement!!!!

 

[SoonerSarah]

Can FIL and BIL each buy out DH at 50/50? So that currently, FIL, DH and BIL all own 33% of the home and FIL and BIL buy DH's 33%, splitting the cost 50/50.

I think a forced sale could be very bad, but I also think that them essentially forcing you guys to remain owners is very bad as well.

Is BIL the only family member using the house? If so, I would think that he realizes he has a good thing going on here and that contributes to his decision. He gets a weekend home while only having to pay 33% of it. I assume property taxes are evenly split and that this house also counts as an asset for you (which can be good and bad).

 

[momof1princess]

i have to agree with the PP...the brother doesn't want to sell the home because he's getting ALL the benefit with only 1/3 of the expense! i like the suggestion of the FIL and DB doing a 50/50 buyout. that would get OP's husband his share and allow the brother to continue to the enjoy the house. of course, he likely won't agree, because then he goes from 1/3 of the expenses to 1/2 of the expenses. if a forced sale is necessary, it WILL get ugly. a similar situation occurred in our family when DH's uncle died about 10 years ago.

 

[cm8]

Can FIL and BIL each buy out DH at 50/50? So that currently, FIL, DH and BIL all own 33% of the home and FIL and BIL buy DH's 33%, splitting the cost 50/50.

I think a forced sale could be very bad, but I also think that them essentially forcing you guys to remain owners is very bad as well.

Is BIL the only family member using the house? If so, I would think that he realizes he has a good thing going on here and that contributes to his decision. He gets a weekend home while only having to pay 33% of it. I assume property taxes are evenly split and that this house also counts as an asset for you (which can be good and bad).

Why are you wanting to force the sale, is it for money reasons or is someone not doing his or her part to maintain the home

I do like the idea of the 2 of them buying your DH out ( if they can agree on an amount). If it is that much of a headache, why not just deed the home to the two of them who actually want it?

 

[Keira1387]

I agree that ugly would be an understatement. We have the same exact issue in my family, with my grandmothers estate being divided into thirds. With the housing market being in the state that it is, it seems like a good idea to wait until things turn around.

 

[pyrxtc]

so, who uses the house and who maintains it currently ? I think that should also factor in as a major point in what should be happening.

 

[mjbaby]

If your husband just wants out and money isn't an issue, is it possible to sign over his third to his father and brother. Then they'd own it and have to deal with it, while your family is out from under the expense and hassle.

It would be a shame to "lose out" on his grandmother's bequest, but I think it would be even more so to blow up relationships with people who are still living. Walking away might be the solution - a potentially cheap one at that, given the way the market is.

 

[eliza61]

So my siblings and I are in the very same situation and we found an equatable solution.

My dad died in May leaving the family home and a vacation home to my siblings and I. 4 all together.

My youngest brother S (48 yo) was living with dad at the time. 3 of us live out of state (NJ, Washington DC and NC). S lives in the house in NYC.

We got a written contract.

1) S. is sole responsible for property tax, insurance and house maintence.
2) house cannot be sold without the written consent of all parties.
3) If one of the siblings dies, his share will be 1st offered for sale to remaining live siblings with the proceeds distributed according to their will.
4) If S defaults from financial obligations on the house, house will be put up for sale (since no one is moving back to nyc).

this put the expense of the house on S. since he is living there.

 

[abolanwoski]

So my siblings and I are in the very same situation and we found an equatable solution.

My dad died in May leaving the family home and a vacation home to my siblings and I. 4 all together.

My youngest brother S (48 yo) was living with dad at the time. 3 of us live out of state (NJ, Washington DC and NC). S lives in the house in NYC.

We got a written contract.

1) S. is sole responsible for property tax, insurance and house maintence.
2) house cannot be sold without the written consent of all parties.
3) If one of the siblings dies, his share will be 1st offered for sale to remaining live siblings with the proceeds distributed according to their will.
4) If S defaults from financial obligations on the house, house will be put up for sale (since no one is moving back to nyc).

this put the expense of the house on S. since he is living there.

I think that if you don't NEED the equity from the sale of the house, then doing something like this may be a kind solution to allow your brother to stay there. If, however, you need the money and/or he can't afford to assume the financial responsibility for the house, then neither one of you can afford it and it should be sold, sentimental attachment aside. If FIL doesn't care either way, ask him to buy your share and then he can support BILs vacations. This is not his primary home, so it's not like you are kicking him out into the streets. The other option, since it is a lakefront home is to put it on the rental market, that way you can at least derive some income from it.

 

[englishteacha]

I am part of a trust for a small island. My grandfather and his brother bought a small island off the coast of Maine about 60 years ago. They put it in trust so that it has to stay in the family. Current owners are my mother, her sister, and some of my mom's cousins, and my late uncle's children. When my mother passes, her share will be "divided" between my brother, sister, and I. Eventually 100 people will own this darn island. We can't build on it, and no one can do anything without permission of all the owners. It's a pain. The property taxes are kind of high for an uninhabited island owned by a dozen people, so we have been helping my mother pay the taxes for the last few years. If I sign my "share" over, then my relations will be responsible for any financial obligations I had, and that doesn't seem fair. But it also isn't fair for me to have to pay for a piece of land I haven't seen since I was 6! So I can understand why you'd want to unload a joint piece of property!

 

[canopynut66]

I have a question about a home that is co-owned by 3 parties. I thought maybe someone here might have some experience with this. My husband, his brother and his dad own a home together. The home was willed to them 2 years ago by my husband's grandmother. My husband wouild like to sell the home, but his brother does not want to sell, and he says he cannot afford to buy out my husband's share. My father in law is indifferent. The home is currently not occupied on a full time basis. My husband's brother uses it as a weekend home as it is a lakefront property. We all live in Virginia and the home is also located in Virginia. What are our options? Is there any way we can force the sale of the property?

Thanks.

this can get REALLY messy as my sister and I just thru this in 2009 in Indiana and now we have a sibling not speaking to us. We tried to show her as well as attorney tried that tax wise was best thing to do. She did not care but did not want to share the insurance on it so had to sell it. Indiana "unoccupied" home insurance is almost double So good luck with this.

 

[lucyem]

I know someone in the process of setting up a trust so that his 3 children would inherit his lake house. One thing they are setting up is a house usage fee. You use the house and you pay "rent" to the house account. The rent offsets any bills that will be split 3 ways. It is all being set up in writing and agreed upon by them all ahead of time. But in your situation it might be an alternative for now instead of just trying to sell now when the market is so bad.

 

[ConnieB]

If BIL is the only one using the house as a vacation home.....presumably free of rent....then it's pretty easy to see why BIL doesn't want to sell, lol.

Perhaps if it's a matter of money, the proposal should be made that if they can't/won't buy your husband's share that the place at least be rented out so that it creates an income for everyone. If BIL still want to use it as a vacation home, propose that he can have it IF AVAILABLE for 1/2 the rate you charge the public.

Pretty good guess that suddenly having to pay for the use is going to change dear BIL's willingness to buy out.

Yes, you can force a sale....but as others have said that's likely to be a serious relationship problem. Perhaps instead your husband can find a buyer for his share. That would mean that your husband gets the $ he wants/needs, but the house can still belong to BIL/FIL and this new "partner". Of course, that might cause problems later down the road when the partner wants to rent or sell or upgrade or something and BIL/FIL don't....but your husband would be rather removed from that problem except for the "if you hadn't sold to him we wouldn't be in this mess".

Good luck....I would never go into a business deal with relatives for these very reasons, lol. Of course it's not like I have family willing to share a vacation home expense with me, so who am I kidding.

 

[SSRFred]

Where I live you can force a sale. It is best that you consult with an attorney to discuss your options.

But be aware there are several problems. This can be very expensive. Plus, as others have already said, this can really break up a family. Are you sure you want to take this step.

Talk to an attorney first. An attorney can also help you figure out other options you can try with your BIL to come to some agreement that suits everyone.

 

[tlbwriter]

I find it amusing that people are predicting bad consequences if you force a sale, because I would be so mad at this selfish BIL that he would have already suffered some bad consequences! He's using it as a vacation home but he can't afford to buy it? So he wants you to continue to subsidize his vacations by partially owning this home and letting him use it whenever he wants? And you're supposed to be concerned that he'll get mad when you put a stop to it? Please. Tell him that you have no choice because you want/need the equity, and have at it.