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re: Advice on In-Laws and a Mortgage
Posted on 4/28/11 at 4:09 pm to Sweetness
Posted on 4/28/11 at 4:09 pm to Sweetness
quote:
The parents bought it because they thought it made sense financially over renting for their two girls. Since they had two girls going to LSU.
That makes it a little harder.
Are they asking the other sister to contribute? If they bought it for "them" because they were both at LSU, and they think your wife should pay because they bought it on "their" behalf, it would seem only fair to make the other sister pay a part.
It's not to difficult to figure out what happened. The parents were probably paying (or helping) with living expenses while the girls were at LSU. Then, the saw an opportunity to make a profit. Their idea was to buy the house, let the girls live in it. Then when they left LSU, they could resell it and make a nice little profit. I had friends whose parent did that when I was at LSU. It always seemed to work to the extent that the parents wound up making more than they actually paid throughout the years.
And, of course, housing prices always go up, right?
OOOOoooops. It backfired this time.
The question to ask the parents is -- Had this house increased in value to $300K, would they be splitting the profits with you?
If they are honest with you (and themselves), they'll recognize WHY they really got into this situation.
1
Posted on 4/28/11 at 4:25 pm to Newbomb Turk
quote:
That makes it a little harder.
Are they asking the other sister to contribute? If they bought it for "them" because they were both at LSU, and they think your wife should pay because they bought it on "their" behalf, it would seem only fair to make the other sister pay a part.
It's not to difficult to figure out what happened. The parents were probably paying (or helping) with living expenses while the girls were at LSU. Then, the saw an opportunity to make a profit. Their idea was to buy the house, let the girls live in it. Then when they left LSU, they could resell it and make a nice little profit. I had friends whose parent did that when I was at LSU. It always seemed to work to the extent that the parents wound up making more than they actually paid throughout the years.
And, of course, housing prices always go up, right?
OOOOoooops. It backfired this time.
The question to ask the parents is -- Had this house increased in value to $300K, would they be splitting the profits with you?
If they are honest with you (and themselves), they'll recognize WHY they really got into this situation.
Thanks for the input.
They are NOT asking the other daughter to contribute which another great point. Granted the other daughter moved out a few months before my wife and also she is not on the mortgage. But it seems to me they were buying this house for the benefit of BOTH daughters.
Regarding your question to ask them about the value increasing to $300k, that is a great question, but do you thinking it would be arrogant to ask? I'm just reluctant to say anything to them but don't want to get screwed.
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