Made to Sell: House

[Anonymous]

Hi everyone, I am hoping to get some insight. If this is the wrong are to post, please delete and I am sorry. A bit of a background....

My husband and his sister bought a house in 08, before we met... There parents convincd them it is a good idea and a good investment. Years later, he meets me, the sister hates me, we get married and now I am pregnant. We need to get out.

We thought about buying her out, but we decided we dont want the house or the debt of a house we dont LOVE or plan on staying in..they both put about 20,000 into the house and she wanted her 20,000 back to leave. with the market, the house int really worth very much and definitely isnt  worth what she wants...

She cant buy us out because she doesnt have 20,000 to give us (after all, whats good for the goose, right?)... PLUS, she probably wouldnt qualify for a rate and refi on her own... he only makes 35,000 (she doesnt include her tips from the salon in her taxes so clarly she cant prove it).

We just want peace of mind and to be happy.... we dont care about the loss as long as we can pay off the mortgage and leave. We are certainly not just going to give her the house either. You have no idea how horrible she has been to me.

They bought the house at 225,000..... they currenly owe 218,000.... it appraised for 239,000..... the real estate agent said it defintly wont sell for 239,000 because of the market, so there is no profit made (BUT like I said, peace of mind and happiness......)

Now that we suggested to sell, she said No, she is not leaving losing all her money.... and that the only option she will take is if we buy her out by giving her back 20,000 that she put in or she stays.... We are not giving her 20,000, we dont want it anymore...

HELP.....

So, giving her the house is not an option

We dont want the house

We dont care if we lose that we put into it, as long as the mortgage gets paid in full

She refuses to sell and will only accept us buying her out

She wont buy us out and most likely cant

My husband is the borrower

She is the co borrower

Can a court order us to sell?

What kind of lawyer would I have to call?

I am so desperate

Thanks, Liz

[fishbjc]

Whether or not you girls like each other, shouldn't come into play.  This is a business decision, so treat it as such.

You're also going to have to pay the realtor a commission, so there goes about $10,000.  If you list the house for $230, accept $220 and pay the realtor commission and all the additional fees....you're going to have to bring a check to the table. 

[IOBA]

How about offering the sister a payment plan to pay back her 20k?

1 - get sister out of the picture

    * set up a payment plan 

    * have her sign the Quit Claim deed

    * sister moves out

2 - keep house 

     * you and hub can afford it

     * less stress with baby coming

     * you have options down the road to sell the house or rent it out

3 - consider refi'ing the house to take sister off the mortgage

****Personally, if I was the sister, I would not sign the quit claim deed until I had received my cash out.  BUT she might.