Are my parents trying to cheat me out of money
Answered 7 months ago
Ok so 7 years ago my parents were really struggling financially and were about to default on their mortgage/home. I purchased half the property at bank value to take the pressure off and help them out. 2 reasons I did it, so they didn't lose the family home I grew up in, 2nd reason was I knew the area was about to boom and the values were going to go up substantially. Fast forward 7 years I now have a family and my circumstances have changed and I want to buy my own home I own just for me and my family. I had the chat with my folks and they don't want to sell, they want to buy back their half they sold to me. This means I don't get to sell for top dollar and they want to buy it back at bank value. My estimate is by doing this I could be losing 100k-200k by selling it back to them at bank value. Am I being selfish wanting to sell and improve my little families life, are my parents being un reasonable considering they should have lost their house 7 years ago? Would love an outside opinion to try give me an objective opinion as it's doing my head in and very stressful :( Thanks
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YOU were the one who tried to use your parents hardship as a leg up and what’s worse you’re trying to sound bloody noble able it.
“I did it to help them out, now I want to leave them homeless”
Sorry but it doesn’t read well what you wrote at all.
As another wrote you didn’t want to pay market value so you don’t get a buy out at market value.
Let them buy it back from you for what you paid plus a percent of interest so it wasn't dead money.
Don't make profit off your family. There's a special place in hell for people that do.
End of story.
Unless you had an agreement about value & reselling, then yes, you're being unreasonable and greedy. I can tell you now you'll be the bad guy with everyone. Take the money you get as long as you're not out of pocket & remember people you care about trumps profit.
If your plan had been to make profit selling at a later date that was convenient for you, you should have had the property valued when you were "helping them out" 7 years ago and paid retail for the half you bought. You can't expect them to not want to do that now when you didn't do that then.