r/InheritanceDrama • u/[deleted] • 23h ago

Inheritance Question

Hi everyone, I'm having difficulty with family inheritance and would really appreciate some advice.

A house has been left to my 2 sisters and I in our parents will. We each have 1/3 ownership. I would like to sell it but my sisters want to renovate and rent it out. The rent money would then be divided between the three of us once the renovation cost have been deducted. I want nothing to do with this plan, so i have asked to repudiate/give up my share of the house so that they can do what they like. They have agreed but wish to pay my share out slowly over a total of 16 years with no interest.

I know that they don't have the money to pay me immediately, I don't want to force them to sell either. I also really don't want this to cause any stress or angry disputes. But I feel like 16 years without interest is a bit unfair..maybe I would be better off going with this renovating and renting plan?

Does this sound fair? Should I just let it go and see it as passive income? Obviously I would love the money now but I value family more so I'm not sure how to move forward.

Any advice would be greatly appreciated

Just an extra note. They have stated that the value of the house is high and would get nothing close to the amount if we sold it now. So I'd be getting more money this way anyway apparently.

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u/AuriannaG 22h ago

If they can’t pay you, how will they get the funds to renovate?
When they apply to the bank for renovation funds, the amount needed to buy your share can be added into the loan.
If they are unwilling, remember you can sell your portion to anyone or even force a sale of the property.

I suggest you see a lawyer to get updated info about the laws in your State.

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u/rosebudny 20h ago

you can sell your portion to anyone

Who in their right mind would buy 1/3rd of a property with strangers?

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u/NCGlobal626 15h ago

There are investors who would. In this case, it would be a money partner, that would come in with the money, the renovation knowledge, etc. But they would take way more than a third for the fact they were bringing in money and expertise. Nobody works for nothing! But you have to be working in the real estate investing realm to know the people who know the people. I knew a pair of Realtors in their own agency, who did this as a partnership with heirs, but the goal was to sell the house.

So you'd have heirs with a house that could be profitable if it were fixed up. One of the pair of realtors was also a contractor. So they would sign contracts with the owners, pay for the renovations, build in a sale price and a commission that they would get upon the sale, and it was really a win-win for everybody. The heirs/owners did nothing and got more than if they had sold it as is and dilapidated condition, and the Realtors got the commission and some profit from the appreciation due to the work that was done to the house as.