Inheritance

[Karen Combest]

I just learned that I am on title to a vacant property, via a beneficiary deed, as a tenant in common with other family members. I am so upset, I did not know this sooner. One heir, whom we all assumed had complete control, let it sit and get run down for the past 6 years. We were all waiting for it to be sold and get our cut. He was the personal representative and known for procrastination. My cut was only 5% and I assumed after the value dropped, if we added up his administration fees, taxes, etc, there would be nothing left. We gave up pressing him for the sale. Everyone just wants closure. This family member has now passed and here were are again. Now, my father has 35%, soon to be 85% after the deceased Co owners estate is settled and me, my brother and sister have 5% each. There is no mortgage on it and no leins. We are in Missouri and so is the property. My father's gotten very greedy, because he was the next of kin and he wants us kids to just Quit Claim Deed our interest to him. I said NO! I researched everything I could about this whole deal and he does not need to sell this property to satisfy the deceased's debts. There is other property for that for which he held title in entirely, no will, no wife, no kids. I would like to buy the other co-owners' shares and fix it back up and flip it. It is not going to pass any conventional mortgage appraisal. I have no liquid assets I can buy it outright. I have bad credit. I have no self directed IRA or collateral. I do not have the right to make improvements before an appraisal for a mortgage. I don't know what to do. It was a great house and can be again. I know this would be a profitable venture. This could really get me started, if I make a profit and then put that into the next property and so on. If I have no other options, I guess we all lose it in a tax sale in a few years and it will be worthless anyway. Feeling helpless.

[Rick H.]

Besides complaining about your inheritance, have you considered how you might be able to help the others?

All problems are opportunities. Are you prepared to take responsibility and add to the situation by solving the problem? 

Or, if you're a "don't want it" heir, find someone who does want the property. Unless it has negative value as a liability (Haz mat site, etc.) it might be worth something to local buyer.  Ever go a real estate investment club meeting?

Also, a little gratitude goes a long way.