Mrs Bridges
Member
What is the name of your state (only U.S. law)? Maine
I am POA (and named Personal Representative for when the time comes) for my 99 yo aunt, who is blind and suffers from moderate dementia. Since she went blind last August, my aunt has been living with me. Prior to that, she lived independently in her own home (about an hour away from me) with lots of help from neighbors and me.
She has always wanted to sell her home to the next door neighbor, who has mowed her lawn, done numerous odd jobs, and many kindnesses for her over the past 20+ years. Phil helped his father build her house in 1951, and my aunt and uncle were the only owners. Phil has always refused money for his labor, saying that my aunt could take care of it later (with the selling of the house to him). My aunt has said that she would like to give Phil ample consideration, without giving away the ranch, so to speak.
So I had the house appraised in March by a licensed appraiser. He said the house is worth $184,000. In April, I told Phil he could have it for $140,000 (23.9% reduction). Phil said he really wants the house, but needed time to figure things out (his wife was dx with cancer in the spring, and has been undergoing treatments.) One thing he wanted to do was to get some contractors in to quote him what it would cost to make the repairs and improvements that he wanted. Some jobs he can do himself -- although he is 86, he is still fairly robust.
In May, Phil said that he and his son would probably buy the house together. He said the money was no problem, but that he still wasn't 100% sure, not knowing what the future would bring, and that I wasn't in any hurry was I? I said that I was hoping to empty the house out over the summer (my aunt and uncle were major packrats), and have things settled by Labor Day. I said that I was concerned about maintaining a property an hour away. (I also help my mother who has dementia, and another relative who is disabled, so I have my hands full.) He said that he would keep an eye on the place, and that he had helped my aunt & uncle for many years.
Although Phil used to be a realtor, he has not made any counter offers either in price, or in process. My aunt delayed routine maintainance for years, and with each passing month, the house deteriorates further. This past spring the basement flooded, and my husband and I had to drive over two nights after work to deal with it. The annual property taxes are about $2700. If it turns out that Phil does not ultimately buy the house, then it will have to go on the market, which has been pretty weak, and who knows when it would sell.
At this time, my aunt is in pretty good shape physically (except for the eyesight). The only medicine she takes is one aspirin a day. She may have to go into assisted living if she becomes totally blind, or a lot worse cognitively. So she may need to realize some cash from the sale of her home sooner rather than later.
So my dilemma is that while I want to repay Phil for his many years of kindness and help, (not to mention being compassionate of his wife's illness and the uncertainty that that must create in their lives), I have the gnawing feeling that I am not acting in my aunt's best fiduciary interest to let this drag on indefinitely. It would be different if I were just representing her estate, but I am not -- I am representing her.
So what are the possibilities? Maybe something called an option to buy? Is there anything else? I plan to see a lawyer, but I was hoping to go into the appointment with at least a few ideas under my belt.
Thanks for your help.What is the name of your state (only U.S. law)?
I am POA (and named Personal Representative for when the time comes) for my 99 yo aunt, who is blind and suffers from moderate dementia. Since she went blind last August, my aunt has been living with me. Prior to that, she lived independently in her own home (about an hour away from me) with lots of help from neighbors and me.
She has always wanted to sell her home to the next door neighbor, who has mowed her lawn, done numerous odd jobs, and many kindnesses for her over the past 20+ years. Phil helped his father build her house in 1951, and my aunt and uncle were the only owners. Phil has always refused money for his labor, saying that my aunt could take care of it later (with the selling of the house to him). My aunt has said that she would like to give Phil ample consideration, without giving away the ranch, so to speak.
So I had the house appraised in March by a licensed appraiser. He said the house is worth $184,000. In April, I told Phil he could have it for $140,000 (23.9% reduction). Phil said he really wants the house, but needed time to figure things out (his wife was dx with cancer in the spring, and has been undergoing treatments.) One thing he wanted to do was to get some contractors in to quote him what it would cost to make the repairs and improvements that he wanted. Some jobs he can do himself -- although he is 86, he is still fairly robust.
In May, Phil said that he and his son would probably buy the house together. He said the money was no problem, but that he still wasn't 100% sure, not knowing what the future would bring, and that I wasn't in any hurry was I? I said that I was hoping to empty the house out over the summer (my aunt and uncle were major packrats), and have things settled by Labor Day. I said that I was concerned about maintaining a property an hour away. (I also help my mother who has dementia, and another relative who is disabled, so I have my hands full.) He said that he would keep an eye on the place, and that he had helped my aunt & uncle for many years.
Although Phil used to be a realtor, he has not made any counter offers either in price, or in process. My aunt delayed routine maintainance for years, and with each passing month, the house deteriorates further. This past spring the basement flooded, and my husband and I had to drive over two nights after work to deal with it. The annual property taxes are about $2700. If it turns out that Phil does not ultimately buy the house, then it will have to go on the market, which has been pretty weak, and who knows when it would sell.
At this time, my aunt is in pretty good shape physically (except for the eyesight). The only medicine she takes is one aspirin a day. She may have to go into assisted living if she becomes totally blind, or a lot worse cognitively. So she may need to realize some cash from the sale of her home sooner rather than later.
So my dilemma is that while I want to repay Phil for his many years of kindness and help, (not to mention being compassionate of his wife's illness and the uncertainty that that must create in their lives), I have the gnawing feeling that I am not acting in my aunt's best fiduciary interest to let this drag on indefinitely. It would be different if I were just representing her estate, but I am not -- I am representing her.
So what are the possibilities? Maybe something called an option to buy? Is there anything else? I plan to see a lawyer, but I was hoping to go into the appointment with at least a few ideas under my belt.
Thanks for your help.What is the name of your state (only U.S. law)?