Should I buy my brother and sisters' share of mom's unencumbered house and keep it or should we just sell the house and split the proceeds?

Asked by Kcbrowncoat, Kansas City, MO Mon Aug 6, 2012

My mom recently passed and my brother, two sisters and I have inherited her house; both my parents had our names put on the deed so it would go directly to us. I moved in with our mom a few years ago to care for her and still live in the house. When mom passed it was proposed to me by my siblings that I stay put, but I'm not sure if I want to do that or even how to do it. If I move out we sell the house and split the proceeds and I buy another house, but what if I take their advice and stay? Would I pay them each their share of the house based on its FMV? Would I be able to get financing for this if I do? Also, the house has a new roof, furnace and air conditioner, plus the structure, electrical, plumbing and foundation are good, but it needs new siding and some serious cosmetic updating on the inside. With this in mind would I be better off just using my share from the sale and buy a turnkey home? What are my options if I stay put?

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