I apologize for the lengthy explanation. I didn’t want to waste anyone’s time without them knowing exactly what I’m having difficulty with. In a dispute with family about selling a home that belonged to my grandparents. The family members who are arguing with us, are the potential buyers. This has been a total nightmare. I really need some advice from professionals. They claim that the bank won’t loan them the funds or any other buyer the funds to purchase the home and property because their are rental properties on the same tract of land. They want us to subdivide the land into two lots, but I feel like that will devalue the property ultimately allowing them to get a steal on the properties, as they will not be valued at what our current appraisal states. I called the bank to verify this information, and according to the loan officer that I spoke with, no bank will approve a loan with the three properties on one single tract. So, what are we supposed to do? Try to find someone who has the full amount of cash on hand to purchase the property out right? It’s not even about the other two houses being rentals. They are saying that only one residence can be on a single tract in order to be approved for a 30 year conventional loan. Are there other types of loans that they might be approved for? We want to sell the property ‘as is’. We don’t want to put any additional money into repairs or renovations. We’ve already had to come out of pocket for appraisal, attorney fees, the successions, and property taxes. We have allowed the family members who want to purchase it to live in the home for a few months while they tried to get their financing in order, but our agreement ends on January 6th. We’ve even allowed them to collect the rent on the two rental properties in exchange for keeping up the grass. Y’all know we barely have to cut grass this time of year, so I feel like we were being very diplomatic and accommodating about the entire situation. However, my sister, my brother, and I are the heirs of my mother since her recent death, and allowing them to screw us over would be a disservice to her. That part of her family always took advantage of her loving, nurturing nature, and I can’t fathom the idea of allowing them to continue to disrespect her in her death.Of course, this isn’t even a small piece of all of the details. It has gotten very ugly and even physical. A full grown man tried to put his hands on a woman because he can’t control his own anger and emotions. We refuse to even meet in person now because of his violent criminal history, demeanor, and actions. I really hope someone can help me.
#successions #successionsandpropertydisputes #homeloans #dividingproperty