Grandma's Life Estate Is Making Her Cash Poor And Her Kids Like It That Way.
Hey all.
Recently my grandmother asked me if I would be willing to purchase a small property from her for $7500 located in a small town with a dilapidated house on it that needs to be torn down. She is tired of paying taxes on it, and taking care of the lawn.
Grandmother is widowed and has 5 children along with a lift estate containing her properties, her farm (worth ~$350,000) and this small lot in a tiny town.
From what I understand I can purchase this from her as long as I get all 5 of her kids (and their spouses) to agree to the sale. 3 out of the 5 agree to the sale. Two of the five are the issue. one of the two being my own mother who listed out the following (she's ridiculous):
1. grandmother has her utility wagon and got dirt on it.
2. grandmother rented this exact house to her 10 years ago and didn't provide her with a the right tax forms to get her $30 back
3. a bunch of other very stupid and petty stuff.
The other child that refuses to sign just runs around the issue, suggesting that I buy a property from someone who isn't family, entirely missing the point of why I want to do it, and also suggesting that if grandma sells the property then then grandma could spend the money and they'd miss out on a very small chunk of their inheritance.
This is all pretty surprising to me. We've always been such a close and loving family, I never expected that people would be so selfish as to prevent grandma from selling her properties.
Grandma has suggested that she may choose to stop paying taxes on the property and just let the county take it, and sell it at auction. I am getting to the point where I think this may be the best option for her if her kids continue to play this game.
How would you approach this?
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