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Are my parents trying to cheat me out of money
Answered 3 years 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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ANSWER
3 years ago
You got it for bank price you sell for bank price.
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.
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.
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REPLY
3 years ago
Look to be honest there is heaps more to the story I just quickly typed what I did as I was in a rush and didn't want to tell people my whole life story lol. They would do very well if we sold the property, if they buy me back out they are in further debt than when I bought in. I would never leave my parents homeless which again is part of the reason why I bought in. I just don't see why they don't want to down size so they aren't in huge debt again and I get a deposit to buy my house. Anyway, not sure why I felt the need to put it out to randoms on the internet but here we are haha.
REPLY
3 years ago
Don't be a c**t to your parents. Straight up.
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.
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.
ANSWER
3 years ago
I think selling the home your parents currently live in, leaving them potentially with no where to go all for greed is downright awful.
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REPLY
3 years ago
Right!! Assuming she wants to sell cos the markets hot, then she’s going to leave her parents with half the price and unable to buy back into the same market.
So terrible.
So terrible.
REPLY
3 years ago
They wouldn't have no where to go of course I wouldn't do that to them. They would do very well if we sold and they would be in a much better position than if they buy me out that's the point. If they buy me out they are back in massive debt where as if we sell they can down size and buy something they can actually afford.
ANSWER
3 years ago
If feels like you are being thoughtless. Your parents are not obligated to sell you the house, they have offered to pay bank value for your share which is a fair and reasonable solution. You made the choice to help and if it was purely for financial gain you should have looked at other investments and weighed up the pros and cons. Leaving your elderly parents without a house seems callous to me.
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REPLY
3 years ago
I don't want to buy the house off them, and I never mentioned they are elderly as I'm young, they would not be with out a house I would never do that to them, they would do very well if we all sold and walked away if they buy me out if leaves them even further in debt than when I bought in. When I bought in with them it was never a we are doing this forever and it was even discussed that if it doesn't work out we will sell. It's only now they have changed their minds and want to stay. I appreciate everyone's input thanks guys xx
ANSWER
3 years ago
Money and family don’t mix. If you want to improve your family’s life then don’t start prioritising money over the rest of your family. As a child I lost half my family because of greed. Years that will never get back, bonds that will never be repaired. My choice then and my choice now is the same: money is not worth losing anyone over so if you lose out then that should be the option you take, do it for your children.
ANSWER
3 years ago
You shouldn't make money off your family.
End of story.
End of story.
ANSWER
3 years ago
Dealing with family is fraught with problems & the rule is: be very clear about expectations up front. Did they know your plan? They were probably desperate & thought you were helping them out. Personally I find profiting of family when they're in trouble is distasteful. If you wanted mac profit better to have bought something by yourself.
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.
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.
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REPLY
3 years ago
Fyi bank value is fairly accurate. Some are conservative but mostly accurate. Yes, I do know something about this area!
ANSWER
3 years ago
You bought at bank value = you sell back to them at bank value.
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.
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.
ANSWER
3 years ago
Get the house properly valued. They should pay you half, because if it was sold, it hwould get the full market value.