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Set up a Legal agreement with the sister that she pays you 50% of €205 (Or whatever figure you can agree you will allow a sale on) no matter what the place sells for as she is the one desperate to sell, she will get her cash fast but take a big hit on it for being desperate to sell.
 
Cut your losses and sell out and buy another house or two or invest the money? I am in similar situation my mom 60 owns a house in South Africa and we don't know whether to sell it or keep renting it out. Only needs another £5000 to pay it off. My mom wants to sell it because just got a council house and worried she get in trouble, she unemployed as just moved and struggle to get a job and bought the house with money she got from her mom when they sold her house in England. Exchange rate is bad at the moment so house is worth less in £ than it has been in recent years. I want to sell at some point and buy two properties as I think that is way to do it, get the houses paying for themselves. Not without risk or trouble but that's better than blowing the money. If you can get cash flow coming in every month that can help my mom in her pension years and remove unemployment risk and so on.
 
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Buy the sister out at a fair price that all parties are happy with. Or rent it out as a holiday let if it's in a good area and take 50% profit each until the market improves.
 
Get it re-valued, and then get an angreement drawn up to accept half of whatever that figure is? If it's 200k, you still get 100k from the sale, whether it sells for 150k or 200k..? She gets her instant cash (albeit less than half), and you get what you're hoping for?
 
Your wife is already paying more than her fair share to maintain this situation so from your perspective there is an incentive to get this resolved. Have a look at the absolute minimum amount of rent you would need to cover a mortgage and upkeep costs. Compare that to local rents and work out if it's something that can just 'tick over' for a decade or two and pay for itself in the long run.

I'll ask one question about buying out your sister in law's portion of the property;
If you had been given €100k cash (half of the value of the property, ish) would you invest your money in owning a property to speculate on in that particular area of Spain? (versus any other investment)

If the answer is no, write off the idea of buying your sister in law out of her half of the property. Sell up, cut your losses in dealing with her sister and put the money to work elsewhere.

If the answer is yes, look into buying out her half of the property for an amount she's happy with and that is fair and bring the saga to a close. Do not give her a preferential deal. You're doing her a favour by getting cash into her hands.
 
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I wouldn't put any faith in the Spanish property prices improving any time in the next couple of years.

Get it valued now, and move forwards from there
 
I'm with the 'sell & split at her loss and not your loss' crowd. She wants the fast sale.

Unless you can afford to buy her share for as little as possible. Risk vs reward, etc.
 
Or.. Lowball her an offer? Say you'll give her 75k cash straight into her bank.. Sell it (as in the idea) to her and how many of her problems this could sort out, but how much of a hassle it'll be for you coming up with the cash. 75k is a hell of a lot either way. If she'll go for 85k, she'll probably go for 75k.
 
MY view is that it would be madness to buy her out. Put it this way if you did not own the place in Spain would you really mortgage your house to the hilt to buy a flat in Spain for 85K???

There is so so much property owned by the bank and being sold of in spain it could take some time to see your money back. I now a guy who is buying 100 + apartments from the bank at a stupid price and selling them on or 50 to 60k which where up for 250k pre crash.

If say you think you will get 200k in 2 years and 170k now, you are taking a 15k hit but you could use that money now to pay off your mortgage which assuming you pat 4% interest would = a 5.5k saving in interest, then take off the 2k you save in upkeep so now you are only 7500 euro richer by holding it for another 2 years. Maybe you can say to the sister she give up an extra 7500 euro from her side which would more or less make you even
 
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When Spanish property prices are moving up AND down by about 1% per year, or £2k on your property, paying £2k per year of maintenance, as well as the opportunity cost of what you can do with the cash - pay of your home mortgage and save the interest there, for example - is just misguided.

Plus, your jam tomorrow stance seems to be causing hardship to the other party in this property, which seems pretty selfish given that you're actually gaining nothing from the holding.
 
Is it worth falling out with your family for the sake of a few grand? Is that what the deceased would have wanted when they left your wife half of the apartment? Either buy her out or get it sold imo.
 
anything I don't mind said:
Cut your losses and sell out and buy another house or two or invest the money? I am in similar situation my mom 60 owns a house in South Africa and we don't know whether to sell it or keep renting it out. Only needs another £5000 to pay it off. My mom wants to sell it because just got a council house and worried she get in trouble, she unemployed as just moved and struggle to get a job and bought the house with money she got from her mom when they sold her house in England. Exchange rate is bad at the moment so house is worth less in £ than it has been in recent years. I want to sell at some point and buy two properties as I think that is way to do it, get the houses paying for themselves. Not without risk or trouble but that's better than blowing the money. If you can get cash flow coming in every month that can help my mom in her pension years and remove unemployment risk and so on.
Click to expand...

So you're at least partially South African? Explains a lot. And your mum has a council house and a holiday home; that's despicable.

To the OP, just don't agree to anything...surely she can't do anything without your agreement?
 
e: dirtychinchilla:

You know that's groen, right? The groen who doesn't believe man landed on the moon but does believe in every conspiracy theory going? He takes the ribbing with good humour but he's off the chart in terms of being anything close to normal, by his own admission.
 
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