Parent Died & Have To Move Out Of House

**JasonCA** · 03-07-2009, 09:03 AM

Hi Everyone,

My parents are divorced and I was living with my mother, in California, when she passed away. It was an unexpected death and so everything is going through probate since there is no will.

Because I have siblings, the house will get split three ways with my siblings. And, because it will be to difficult for all of us to live together in one house, the decision is to rent the house out so we have a positive cash flow to live somewhere else.

It's been a very painful and difficult process so far and I am trying to figure out what to do with myself? So I own 1/3 of a house and will also receive inheritance money (possibly $100,000 approximately).

I am wondering what to do with my living situation? Should I rent a place somewhere? Should I buy a condominium? Should I look into a town home? Should I try to buy a house? Since prices are low in the housing, I am considering a condominium at the moment since they are cheaper to buy. But then again, I hear it's a good time to buy a house since prices have fallen a lot. How should I look at this?

Look forward to feedback ...

Jason

**jennsellsfast** · 03-07-2009, 02:55 PM

Hello Jason, I am very sorry to hear about your situation. Stay positive and you will get through these tough times.

The first question you need to ask yourself is what kind of payment can you afford and how long are you going to live in the home. I would meet with a local mortgage lender and asses your financial situation to see if purchasing a home is a wise decision. Although it is a great time to buy with the 8k tax credit, don't place yourself in a bad spot if your monthly income doesn't allow it.

If you are comfortable with your income and payment, buying a home is a great idea. The tax credit compiled with the mortgage interest deduction will be a positive over renting. I hope this helped a little.

Good luck Jason!

**RyuukoGo** · 03-07-2009, 03:28 PM

I went through a similar situation you are going through in mid 2007...my mother did have a will but two benefactors wanted their share of the house.
I sold it for 480k in June 2008...same model recently sold for 380k.

Prices in Southern CA seem to still be dropping.

You may want to ask a local realtor what do they think will happen to prices in the next six months or year and in the mean time rent/lease a house.

Myself I am still leasing a house and putting offers on short sales...response time seems to take 2-4 months.

**harrypaul** · 03-10-2009, 10:34 AM

I am very sorry for you mother sudden death But its a part of life one who come to this world he or she have to leave that world so the death us integral part of our life.
We only pray for her soul dear you are really in a very critically condation you are total 3 legal heir of the property of your late Mom.
So every one have the right on that house so its better that you sell that and divide the share in between yourself in order to avoid the dispute.