1 of 4 beneficiaries... trying to keep house in the family... please help.

[chiguy]

I am one of 4 beneficiaries of my grandparents house. My father (who is also a beneficary) and I want nothing more to keep the house in the family. The other 2 beneficiaries are going to want to sell the home in the interest of getting paid. What tools do I have and what is my best bet to keep the house? And what are their rights?

I only half understand how I could buy them out. How does that typically work?

Thinking the worst (they don't have to ever sell or they could name any price to buy them out) could I legally sign over my rights to the 25% of the property to my infant sons? (with the hope this would result in the house not being able to be sold until the were of legal age to agree to seel their portions)

 

[lwpat]

My suggestion would be for you and your father to have the house appraised and make them and offer. This is assuming there are enough funds in the estate to pay off the creditors. If there is a current mortgage you may be able to work with them or get your own. All you need to borrow is 50%. Now would be a good time since prices are down. Take the real estate fee out of the price you offer. For example if the house is worth 500,000 deduct 6% or 30,000 from your offer. Of course you can also offer less than that since the house is likely to be on the market for some time and they probably want the money now.

You cannot transfer it to your kids until you have it and it wouldn't make any difference.