Q: My mom inherited a beach house in Avalon NJ with her 4 other siblings. She wants to keep the house, but they want to sell it. She doesn’t have the funds to buy out all 4 siblings, so to keep the house in the family I was looking to purchase the house, using her inheritance money that she would give to me from the house as a down payment. Can this work? (Murrysville, PA)
A: It would be up to the other 4 siblings to agree on a sales price that is fair to all. If you agree with that price, I do not see why this could not work if everyone wants it to. This happens from time to time during the administration of estates. One heir wants to buy the family home using their inheritance as part of the consideration. It can work.