Buying a foreclosure - what if ?

[nalnk]

What is the name of your state (only U.S. law)? Pennsylvania

Question for the forum... My brother is married. He is not working (disabled). His wife works.

He is interested in buying a foreclosure in Pennsylvania / Pike County.

Our mom and dad will gift him approximately $19,000 which is the asking price of this property.

The stipulation by our mom and dad are... The $19K is to stay with my brother if the marriage should end.

Mom and Dad are likely going to ask him to go to a lawyer and have this drawn up to protect his assets.

My parents are also going to want her to sign a document stating that this money will stay with my brother. My brother mentioned this to her (I believe my mom said so) and that she was not happy about that.. hmmmmmmm. no surprise there).

I am looking out only for my brother. So, is this correct in what i'm thinking.

House is purchased for $19K
House is assessed at $50,000 (just saying)
Marital money (she is the only one working)..is used to fix up the property.
House is worth $100K at time of a divorce.

Without saying, my brother gets the first 19,000 or does he get what the house was appraised for at time of possession (since it's his/our parents money) that paid for it outright.
So would the capital gain be either 50,000 or 80,000 which will get divided 50/50?

So, let's start with this.

Thank you!

 

[Zigner]

Is his marriage really that shaky?

 

[Just Blue]

What is the name of your state (only U.S. law)? Pennsylvania

Question for the forum... My brother is married. He is not working (disabled). His wife works.

He is interested in buying a foreclosure in Pennsylvania / Pike County.

Our mom and dad will gift him approximately $19,000 which is the asking price of this property.

The stipulation by our mom and dad are... The $19K is to stay with my brother if the marriage should end.

Mom and Dad are likely going to ask him to go to a lawyer and have this drawn up to protect his assets.

My parents are also going to want her to sign a document stating that this money will stay with my brother. My brother mentioned this to her (I believe my mom said so) and that she was not happy about that.. hmmmmmmm. no surprise there).

I am looking out only for my brother. So, is this correct in what i'm thinking.

House is purchased for $19K
House is assessed at $50,000 (just saying)
Marital money (she is the only one working)..is used to fix up the property.
House is worth $100K at time of a divorce.

Without saying, my brother gets the first 19,000 or does he get what the house was appraised for at time of possession (since it's his/our parents money) that paid for it outright.
So would the capital gain be either 50,000 or 80,000 which will get divided 50/50?

So, let's start with this.

Thank you!

My advice would be to your SIL. She should RUN very fast from you all.

 

[nalnk]

She comes from nothing and my parents have $

We (my parents and I) think she's in it for the loot and will run.

She hasn't gotten tempered when my brother suggested the $19K gifted from my parents stay with him.

Just an example... my husband and I are purchasing a second investment property in Charleston. His father is helping us out with the 2nd one... He has given my husband $25,000 to put towards the purchase.
I will have to sign a piece of paper stating that if we divorce and sell the townhouse, that 25,000 goes right back to my husband. I have no problem with that.. it's not my money.. Very simple.

 

[STEPHAN]

If I was her I would not want the house.

And if I would be the brother I would have to decide if I love my wife and stay with her or if I go with my family that is trying to do dirty deals and does not even trust her with $19000.

 

[nalnk]

My advice would be to your SIL. She should RUN very fast from you all.

To say something like that without knowing the situation... SMH!

She rode the gravy train for years before my brother became disabled.

There are individuals that know what they are marrying into and play the game. If my family senses that and looking out for my brother who can be quite naive sometimes , why the heck not!
It's not her money, never was and never will be. My parents worked hard all their lives..... my brother can't work anymore... why should someone run away with something that wasn't intended for them.

 

[nalnk]

If I was her I would not want the house.

And if I would be the brother I would have to decide if I love my wife and stay with her or if I go with my family who is trying to do dirty deals and does not even trust her with $19000.

Let me just say that the trust was broken the day they got married...

I was behind her and her two daughters. After the ceremony... she high fived her kids and said.... and i quote .....WE FINALLY NAILED NORM"...OMG....

If that doesn't say something.

I have never confronted my brother.. he wouldn't believe it or he would turn a deaf ear to it. sad!!!

 

[Zigner]

A gift with strings is no gift at all. At this point, your brother's family (you included) is trying their darndest to interfere which will only make things tougher for your brother. Your parents ought to stop meddling (as should you.)

 

[STEPHAN]

WE FINALLY NAILED NORM"...OMG....

If that doesn't say something.

Does not have to mean anything.

I have never confronted my brother.. he wouldn't believe it or he would turn a deaf ear to it. sad!!!

What kind of a brother are you that you are concerned but don't tell him? You even write things about his wife in a public forum to help her family against her, but do not give your brother a chance to clear it up? What if he is simply happy and does not need your bs?

 

[nalnk]

A gift with strings is no gift at all. At this point, your brother's family (you included) is trying their darndest to interfere which will only make things tougher for your brother. Your parents ought to stop meddling (as should you.)

My brother has told her that the $19K wouldn't belong to her prior to my parents and I chiming in... She went balistic. What does that tell you... If she loves him for him it wouldn't matter to her. If she's in it for what is forthcoming.. that's a different story.. I'm in the same situation... my husband's father gives him cash and it's clear that it's not for me... i didn't marry him for what is forthcoming...

The writing is on the wall with this woman.... we all see it.. my brother might see it... he has to live with her he has foolishly co-mingled so many things already at this point in time, if he were to divorce her, he'd be living under a bridge. We are looking out for him... what is so wrong with that.

Let me give you another classic example of what she does to my brother.. and what goes on up there.

Her ex hubby left her (with her best friend YIKES)... they have two kids... she gets support from him. The kids wear braces. Doesn't child support pay for that sort of stuff ... to some degree..

My brother pays the bills (prior to him becoming disabled... he had a high pay job). He got after them to brush the teeth. They gave him crap over that.. that they didn't want to.. he said.. you will, i pay for the braces and the bride of his said to butt out... and mind his own. So his money is good but his step parenting skills are not. Hmmmmmmmm!

 

[Zigner]

My brother has told her that the $19K wouldn't belong to her prior to my parents and I chiming in... She went balistic. What does that tell you... If she loves him for him it wouldn't matter to her. If she's in it for what is forthcoming.. that's a different story.. I'm in the same situation... my husband's father gives him cash and it's clear that it's not for me... i didn't marry him for what is forthcoming...

The writing is on the wall with this woman.... we all see it.. my brother might see it... he has to live with her he has foolishly co-mingled so many things already at this point in time, if he were to divorce her, he'd be living under a bridge. We are looking out for him... what is so wrong with that.

Let me give you another classic example of what she does to my brother.. and what goes on up there.

Her ex hubby left her (with her best friend YIKES)... they have two kids... she gets support from him. The kids wear braces. Doesn't child support pay for that sort of stuff ... to some degree..

My brother pays the bills (prior to him becoming disabled... he had a high pay job). He got after them to brush the teeth. They gave him crap over that.. that they didn't want to.. he said.. you will, i pay for the braces and the bride of his said to butt out... and mind his own. So his money is good but his step parenting skills are not. Hmmmmmmmm!

Interestingly enough, mom is right. They are not his kids. It is his choice to remain in the relationship.

Honestly, my suggestion would be for your parents to not "gift" the $19,000. They should loan it to the son. That way, if the marriage doesn't work out, they can decide afterwards whether or not they wish to seek repayment of the loan or to simply forgive it.


Beyond that, I would suggest that you step way back and let your brother make his own decisions. You may not like it, but they are his to make. I would give the same advice to your parents.

 

[nalnk]

Does not have to mean anything.



What kind of a brother are you that you are concerned but don't tell him? You even write things about his wife in a public forum to help her family against her, but do not give your brother a chance to clear it up? What if he is simply happy and does not need your bs?

I'm the sister... I have spoken to him about his mess... He knows he is screwed... he doesn't want to hear it. If he left her, she'd clean his clocks.. He foolishly put her name on everything two days after they were married.. but i would be willing to bet that it was done under duress.

 

[Zigner]

He foolishly put her name on everything two days after they were married.. but i would be willing to bet that it was done under duress.

Do you have any clue what "duress" means?

 

[nalnk]

Do you have any clue what "duress" means?

Yup sure do. The intimidation of a victim to compel the individual to do some act against his or her will by the use of psychological pressure.

But perhaps I should have used a simpler word for y'all.... i.e. arm-twisting, coercion, pressure and they all have similar meaning to the word duress.

 

[nalnk]

Interestingly enough, mom is right. They are not his kids. It is his choice to remain in the relationship.



Honestly, my suggestion would be for your parents to not "gift" the $19,000. They should loan it to the son. That way, if the marriage doesn't work out, they can decide afterwards whether or not they wish to seek repayment of the loan or to simply forgive it.


Beyond that, I would suggest that you step way back and let your brother make his own decisions. You may not like it, but they are his to make. I would give the same advice to your parents.

Why is it that someone else's money is always good enuf????? Just saying. If she wasn't in this for my family's $, she'd step up to the plate and take care of these things from her own wallet and he ex hubbies wallet. Geez!