Help with Buying Grandparents' House from Mom and Aunt

[Blake Winstead]

To begin, I am new to this board so I apologize if this is not the correct place to make this post.

Family background:

My grandparents both passed within the last year and a half. They left all of their assets to my mother and aunt to split down the middle. My aunt and uncle are in the process of building a new house so they need to be cashed out of their share of my grandparents' house at the end of this. My mom is 62 and plans to retire when she turns 65. While I think she would love to also be cashed out of her share to prepare for retirement, I am sure she will be more lenient with her options especially if I am buying the house.

Personal background:

My wife and I have owned a home for the last 2 years. We are very lucky to hold a sub 3% interest rate and could currently rent out our home for roughly $1,000 more than the mortgage if we were to purchase my grandparents' house. We both have stable jobs and do reasonably well for a 27 and 26 year old. However, we both have student loans and just recently paid for our wedding out of pocket which wiped our savings. This could look bad when trying to get another mortgage.

The house is 3,100 sqft on an acre of land with a pool that hasn't been opened in 7 years due to my grandparents' poor health. It is very outdated and needs a lot of work but the bones of the house are good. My wife and I would plan to live in it and rehab it for the next couple of years.

With that being said, what would you try to do in this situation? My mom would love if we took over the house but I don't want to hinder her retirement plans in 3 years.

Any thoughts are appreciated.