In my attempt to make this post short as possible. I'll jump right in. First off id like it to be known that am the disabled son of a Vietnam vet. (Agent Orange but not recognized, fixed income, divorced father of three in house children, collecting SSI) With that being said. In my father's last days on earth before he became very ill. We devised a plan which entailed him purchasing a second home in state of Delaware where I live which my family and I (wife at the time and 3 children) would also live in to assist with the medical care that was desperately needed as my father lived alone in Philadelphia's Eastwick section.
Fast forwarding. 3 mos after closing on a beautiful property in Kent County Delaware. My father passed away. I mean the property was perfect for our situation. Complete with a first floor in law suite with a private entrance for my father. I currently reside in that home wit my family as planned.
My problem is as follows. The property in Philadelphia was paid off the day my father passed due to insurance. When my father first passed my younger brother was supposed to move in to the home. It was later that he confessed that he could not live in the home due to memories. I must add that this confession did not come easy or timely. A year had passed of us not speaking because he did not understand how and why he'd have to pay me % 50 of the houses value if he did decide to move in permanently. His thought process told him that I was some how robbing him if he had to use monies he received from dad's death insurance to live in the home permanently. Whereas I looked at it as an investment if the shoe were on the other foot. If dad & I hadn't made the planto move to him to Delaware. It was already known that my family and I would have moved into the Philadelphia property. Only because I was the sibling with a family paying $1000 for rent in horrible neighborhoods. Whereas, my brother was younger and not started his family. To add insult to injury he looks at the home my father purchased in Delaware as my house, my problem. In my attempt to explain to my little brother that what I have in Delaware is a $100, 000 loan since I desire to stay in the Delaware home. He doesn't see that it is not fare for me to inherit a 100,000 dollar loan and he inherits I fully paid for home. In a fit of rage he says that if we have to sale the Philadelphia home. We should also sale the recently acquired property in Delaware. Once again in my failed attempt to explain to him that I'd buy him out as I would only owe him the equity that was the value the day our father passed away. Which would be 3mos of equity on a $100, 000 loan. If I'm understanding that right from our estate attorney.
After 2yrs of bickering. We had what I thought was an agreement. We decided to fix the minor repairs. And put the house on the market. The comps in that area of Philadelphia suggest 165k depending on condition of the house. The house is not in bad shape at all.
The day I wanted to get started on repairs he tells me he doesn't want to sale the property. He has attended some real estate siminar since we have last spoken. And now has alot of new ideas. For instance, he wants to turn the house into a daycare. He has spoken with someone who has told him that he could refinance the home, pay me my % 50 and use the rest for the renovations needed to become a daycare. My brother hasn't had a job in the last five years. And I dont say that to speak ill of him. I'm just realistic about the possibilities of him obtaining a refi-loan.
(Sorry for such a lengthy post, but I assure you we are coming to the end. ;-)) I myself, as the eldest, and the one whom all the responsibility has fallen to. I Just want this to be over. I'm tired of maintaining two homes one of which is right in the same neighborhood where my brother lives. I should not have to come from Delaware to cut grass when he lives 10mins from the house. But I am the one handling the taxes, the bills, the attorneys and everything else.
What I want is to sale the home, split the money, and walk away. To me that's the only logical plan of action. I intend on entering the real estate game once my father's house is sold. For instance, I have seen some homes in Kent County Delaware where I now reside go for 12, 15k here. They were fixer uppers, but I'd be comfortable starting like that with my first rental property.
If you are still reading I apologize for the lengthy post, but I am at my wits end with this whole situation. I dont know what to do at this point. Short of maybe getting the estate attorney to bring the matter before a judge. I hate the thought of leaving money on the table if I am force to sale the property in it's current condition.
Please Advise.
Thank you in advance.
