Profile picture for user333766

I inherited a home which is split with my sister, she wants me to owner finance my half with no inte

  • April 24 2012 - US
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Answers (11)

Profile picture for unknownpeeps
I inherited a paid off home with my sister. She has not done one thing in six months about the house, she has not even wanted to see it. I showed the home to investors but they don't want to pay much. My sister is unable to help me do repairs or even pay the utilities. We have broken pipes that I am going to have fixed and I am stepping up and moving in because if I don't, we will end up losing it. I am not going to pay her rent for me living there because my money is whats going to do the repairs while she sits back and waits for a check. I don't think she should make as much as me because she isn't doing anything but playing on second life, a virtual world. She wants to bark orders but what has she done, nothing. I am on disability and I am not able to do some of the work but I have a few people to help me so we don't lose the house. I told her the grass needs mowed and she said her man won't even cut their grass, so guess who has to do it. I am also jumping an apartment lease to do all of this so I am going to get sued..... bankruptcy here I come!!!!!
  • April 22 2014
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Ditto to Sunnyview.

Great advice Brent, Steven, and Todd!
  • May 02 2012
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Profile picture for sunnyview
Really good advice Brent, Steven and Todd!
  • April 30 2012
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Having experience in lending & now in real estate, I can tell you to walk carefully here.  If she wants to stay in the property she needs to buy your half interest of the property out.  If she cannot get a loan to do this, then the home needs to be put on the market & sold.  She will then have money to find a new place & you will have your inheritance.  Even if she started paying you on a month-to-month basis, there would come a point where something would happen & it would make a turn for the worse.  I would advise anyone reading that this is why you decide exactly what happens to your property before you are deceased.
  • April 30 2012
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That would awfuly nice of you...  Tell her to go get a mortgage and take your moeny and invest it in something else.  Messing with family like that causes problems.  This type of transaction is where old wise tales come from.
  • April 24 2012
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With the limited amount of information given, I would be hesitant in doing a loan with no interest because there is no benefit given. Basically, it's free money with no exchange whatsoever. If she didn't have that property to live in, she would have to pay rent somewhere.

I am not opposed to helping family or friends but if the help is big (like a loan of 50% of the property value) I would expect fair exchange in return.

If your sister cannot qualify for a conventional loan, maybe she can get a hard money loan from a local broker. If she can, this would enable you to get paid off and her to take full ownership and responsibility for the property.

  • April 24 2012
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Profile picture for wetdawgs
Your sister is asking a lot of you, I wouldn't do it unless you are willing to take the large risk that you are kissing the money goodbye forever, and will be willing to do so without angst, anger, frustration etc.

If she is not able to get conventional financing for 50% of the market value of the house, then chances are pretty good she's not able to maintain the house as will be needed.


  • April 24 2012
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Profile picture for sunnyview
No way Jose. If you sister can't qualify to buy you out, then carrying her while giving her physical control of the property means that you will not get rent for her half and that old sating possession being 9/10 of the law comes into play.

I have seen this situation in my own extended family fail. Rent was promised, paid at first and then never paid again. The person who owed the other half had to choose between a family war and walking away from their inheritance. Don't even go down that road. Sell it or get her to find someone else to help her buy. Keep your sister and the money separate.
  • April 24 2012
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Profile picture for user333766

Full question
I inherited a home which is split with my sister, she wants me to owner finance my half with no interest while she lives on the property.

  • April 24 2012
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Profile picture for sunnyview
Maybe you could post a little more, but I would not mix family and business. It is a recipe for disaster. It sounds like your sister may want you to carry half of the house while she lives in it. I would refuse.

Less trouble to sell the house outright. Then she can take her half and buy if she can qualify. Step out of the middle.
  • April 24 2012
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Profile picture for wetdawgs
Would you care to expand on your question?   You can do so by clicking on "post reply".      I wouldn't want to waste your time by guessing the rest of the sentence.
  • April 24 2012
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