Thread: silent partner

I need to ask why would you do this to your family? Why exactly are you trying to buy him out? Even if you were "on the books" your wife's brother would still own a sizable portion.

You could always talk to an attorney to see if they can help. Sometimes these disputes come to a court ordered sale if they get bad enough. These things can cause lifelong problems in families, I suggest you try to work out your differences another way.

Issues with relatives should be treated delicately. You may want to review the reasons you all invested in the first place and what you envisioned happening with the property in the long run. With the market trending down in many areas it may be a way for your brother to come out ahead now than if you all wait for a sale.

what you must realise we all live under the same roof and the air is toxic . after getting an appraisal and dividing it up 3 ways he wants 25 thousand more than he would get if we sold the house for the appraised price

Hi Jim:

Odd, I just posted a similar dispute which currently is overtaking our family.
Amazing, how you guys are all living together under the same roof. We are all in different boroughs and it's us crazy, can't image your hurt!

I wish you the best, just wanted to offer some support and let you know that there are other people dealing with similar issues.

Take care,
C.

I was in a similar situation about 10 years ago. I ponied up the cash and said good bye to the party. Believe me, best thing I ever did. Got rid of the dude once and for all and haven't been bothered since. He has missed out on a few five figure deals since he pulled his act but that's his loss.

This may not be what you want to hear but it worked for me and it may work for you given you say the air is toxic. When toxic meets combustion you have an explosion. Do you need an explosion in your life?

Just my 2

Business with family is always a tricky thing especially when there are issues. I would say try to sit down and work things out as there may be a reason why your family is acting the way they are

I 'd like to address a question no one else asked - Who is on title and hoiw? Be the wording of your question i'd assume that your wife and her brotherare but you are not If you were most lenders would have required you to be on the mortgage. If title if held in joint tendency and your wife dies first the property mostlikely would revert it her brother. If held as tendency their intrest is defind and your only claim would be by inheirence. Unless you are on title any money your wife pays on the mortgage is 50% from her and 50% from her brother or 66.33% from her and 33% from him, bur I beleive the lender vieys them as both being 100% liable and any default would effect both equally. Your brother inlaw may relise that the appreication has been such that he seeks to insure a return on his investment on anticapated futher increase in value rather then simply give this potencial gain to yoy at no cost. It is to your advantage to sinply buy hih out before he wills hiss intress to a 4th party!

I also learned alot here.Cheers!