Legal Question in Real Estate Law in Illinois
how to buy out siblings
there are 4 siblings, three want to be bought out. I am staying in the home, do I try to obtain a personal loan or a loan based on the value of the house. they have made no major contributions to the maintenance, upkeep, etc. to the house. the house is in a land trust.
Asked on 4/16/07, 6:11 pm
2 Answers from Attorneys
Mary McDonagh
McDonagh-Faherty Law Offices
Re: how to buy out siblings
What kind of loan you go for is your business but your best and easiest bet is probably a mortgage. To value the house, you can either hire an appraiser or have a few realtors value it for you which many do for free.
Answered on 4/16/07, 7:23 pm
Re: how to buy out siblings
Either, but mortgages are usually less expensive over the long haul.
Answered on 4/16/07, 10:53 pm
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