House Inheritance

[Alex1980]

My mom died a few months ago and I inherited her house along with my siblings. I lived with my mom in the house when she was alive and continue to live here. My mom's will states that I can live in the house for 12 months after her death and then I have first option to buy. I would like to stay but may not qualify for a mortgage due to a previous bankruptcy. I have good relationships with my siblings and I am financially secure. Assuming they are all willing, is it legally possible to enter into a contract agreement where I pay each my siblings a certain amount each month until their shares are paid off or do I have to apply for a mortgage on their shares?

 

[irish223]

My mom died a few months ago and I inherited her house along with my siblings. I lived with my mom in the house when she was alive and continue to live here. My mom's will states that I can live in the house for 12 months after her death and then I have first option to buy. I would like to stay but may not qualify for a mortgage due to a previous bankruptcy. I have good relationships with my siblings and I am financially secure. Assuming they are all willing, is it legally possible to enter into a contract agreement where I pay each my siblings a certain amount each month until their shares are paid off or do I have to apply for a mortgage on their shares?

Given our real estate climate right now, even if the house was put on the market, it may not sell for a year or more!

Does the will state that the house MUST be listed for sale after 12 months? If not, then I don't see why you couldn't do as you suggest as long as your siblings agree. Frankly, it may be in their best interest unless you have reason to believe the house would sell quickly.

 

[Alex1980]

Thanks for your response. I forgot about the market.There are 2 houses on my block that have been on the market for over 6 months.

There was no stipulation on time for the house to sell. The only thing my mom wanted was equal distribution of the estate.