My father died last September and left his home to his 3 daughters, The home was paid for. My sister and her husband decided last spring they wanted to get a loan and purchase the house.They went to several banks and were turned down - his business is leveraged and so is their home. She then proceeded to remodel the home and moved in withoout the final notice from the bank that she had gotten the loan. Both my husband I told her on more than one occassion that this was a bad idea but she steamrolled over everyone. Last week the answer came back from the bank after 90 days - the loan was denied. When my other sister mentioned to her last Sunday that we will now need to set a time limit on this she became very hostile,I went to the house earlier this week and my sister was very irrational, yelling and screaming at me and claiming she would still get a loan. I finally told her I would no longer discuss this with her and left the house-she was still yelling and screaming as I got into my car. My husband saw her and her mother in law at the bank yesterday and they are trying to get the in laws to co-sign a loan for them. I am skeptical that this will work because I think ( although I do not know for a fact ) their home is also, leveraged for my brother in laws business ( the mother in law runs all of the business finances ). At this point my other sister and I want to end this peacefully. If it appears that there is some chance they will get the loan through the in laws co-signing then we are willing to wait 60 days, however beyond that we want to put the home up for sale and divide the shares. We certanily, want our sister to have this home, but we are not going to "be the banker" for her in order to finance it. Also, the sister living in the home is desperate to keep the house and is not rational when trying to discuss the issue with her - she continuously claims that she will get the money ans she is very angry.
I strongly believe that we must go to an attorney and have an agreement signed regarding the current situation. Please advise?
1 Answer from Attorneys
If there's a will with an executor appointed to administer the decedent's estate, this house could presumably be sold at anytime a willing
buyer could be found for it.
However, if there is no such will and no personal representative has been appointed by the probate court to administer your deceased father's
estate, then you might want to give the matter another 60 days to see if
the irrational one may be able to scurry up the funds necessary to purchase it
but, if not, then, yes, you should arrange to consult with an attorney with
appropriate experience in real estate and probate issues to assist with this matter..