Buy out family members from inheritance or not? - Askaboutmoney ...

Hi all, I?m a long time browser here on AAM. I've only just joined up to ask for opinions on a matter of my own.

Fourteen years ago, myself and two family members inherited land and a house to be evenly divided between the three of us. Sub sequentially the land has been sub divided into three individual lots and the house remains jointly in our three names.

We have always said that the house should remain in the family and should never be sold as it?s a lovely place and holds a lot of sentimental value to the family.

Since things have gone down the drain and work / money is now tight, things have changed. One of the other family members has decided that they want to sell to pay off their own mortgage using their third of the proceeds. The other family member is also in a situation where they could do with the proceeds to help pay their bills. Saying this, there is only really pressure from one party to sell.

I really want to have the house but I?m not in a situation where I can fund buying the other two people out without selling the land that I inherited, not really a thing that I'm in a mad rush to do as it surrounds the house. It was a long term plan to buy the other two out or their share of the house but I planned on making a few investments that would make money first before I purchase / blow a load of money on a family home that I won?t sell.

I'm 26 no bills. I own one third of the house mentioned above, house is worth 400k-450k tops. I own 30 odd Acres worth 10k per acre roughly. I've got 50k saved and save 20k per year. Getting a mortgage to buy the other parties out may be tricky as I don't live in Ireland and probably won?t be home for the next 5 - 10 years depending when things get a little bit better.

I was hoping to get a few ideas / options from people in relation to this topic... What do you think??

? Try and get money together to get a mortgage to buy out the other two parties? (Not really realistic giving the current availability of money)

? Buy out the party that wants to sell urgently and hope the other party will be able to hold off on selling their share until I?m able to buy them out ( Probably going to be 5 ? 10 years)

?Sell land to try and buy the others out in one go?

Overall I know that this is not a bad situation for me to be in as I don?t owe a penny and still have assets worth a bit. I don?t mean to aggravate people that are in worse situations than me by posting this topic, but any opinions / views are appreciated.

Thanks very much in advance.

Source: http://www.askaboutmoney.com/showthread.php?t=175743

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