Hey PF, kind of a long story but I'll try to make it quick.
My mother passed about a year and a half ago and she still owned the house I grew up in, but my sister was living there. It's just me and her, no other siblings or surviving parents. The house was paid for but it had about a $30k home equity loan I believe to be from my sisters education and maybe some work on the house.
We briefly discussed what to do with the house, she said she still wanted to live there, I said that was fine just keep it up and pay off the loan and in the future when we sell it just give me half of what it's worth now minus the loan. I thought that was fair.
Now don't get me started on how this happened, but the loan was never paid for and a few months ago I got a call saying the house had gone up for auction that day. They asked me what I wanted to do and I said my sister is still living there and I'd talk to her. After talking to her she said she said she was trying to figure out a payment plan with the buyer so she could keep the house.
Well that was never dine apparently, because yesterday I got a call from a bankruptcy attorney, and I guess whoever bought the house is offering us $5k each to sign it over and make things easier. My other option was to do nothing, and get nothing or come up with $30k in the next couple days (which technically might be possible).
I did think about buying the house, but it needs a ton of work. I'm talking a new roof, two wooden decks, new carpet and flooring throughout, it has a new septic system but still having some sort of sewer problems. I don't even know what else. And I can't really expect my sister to pay me rent, I'd never see a dime probably. It would be tough to kick her out, fix it up, and sell it. I'm not sure I'd even make any money off of it or have the time.
So my plan is just to take the money that has been offered and be done with it. But is this a good offer or should I try to get more out of it? I have no idea what I'm doing, the whole situation has just been a nightmare and I just want to be done with it. Anything else I should consider?
TL;DR: My mom left me and my sister a house, my sister was living there and didn't pay the mortgage and it got foreclosed. Now they are offering me $5k to sign it over, good deal or no?
Edit: Just for clarification the house didn't go to just me, the will stated we should split everything 50/50. The title may be a little misleading.
Submitted March 01, 2018 at 08:01AM by Beast_Mode_76 http://ift.tt/2oHGbQi
