Finance options to buy out siblings of our inherited ihouse

allroundgoodguy

Myself and 2 younger brothers have inherited our mothers house. We disagree on selling strategy, one wants to wait till the market improves, one lives there wants to sell but not cheap and I'm prepared to take a bit of a hit to get it sold. 
We're in our early to late 50's, mortgate not an option, I got one quote for bridging loan for 12 months but it was extrontionate rate (may not be typical). All 3 of us are administators.
I am looking to buy them out.
Edit: I tried to get suggestions in another thread but no suggestions.
What are the finance options?

propertyrental

Why is mortgage not an option> Certainly it's not your age? Do you already own a property?

Are there other assets in your mother's Estate?

Brie

asked and answered?

Buying out siblings — MoneySavingExpert Forum

propertyrental

Brie said:

asked and answered?

Buying out siblings — MoneySavingExpert Forum

How annoying!

allroundgoodguy

Brie said:

asked and answered?

Buying out siblings — MoneySavingExpert Forum

Thanks, because I didn't get any suggestions. Just lots of queries about my circumstances and the wording i used.

allroundgoodguy

propertyrental said:

Why is mortgage not an option> Certainly it's not your age? Do you already own a property?

Are there other assets in your mother's Estate?

Thanks, My age I feel and my wife doesn't want another mortgate and we've just paid ours off so I can't really afford on my own. There was nothing else in the Estate apart from the property. Are they my only options?

BarelySentientAI

There aren't really many options for raising a 6-figure sum in those circumstances:

Other money in the estate - you say there isn't any.
Unsecured loan - already dismissed as too expensive.
Secured loan - you have decided that you don't want one.

There isn't much left to suggest.  Win the lottery?  Crowdfunding?  Hold a raffle?

allroundgoodguy

BarelySentientAI said:

There aren't really many options for raising a 6-figure sum in those circumstances:

Other money in the estate - you say there isn't any.
Unsecured loan - already dismissed as too expensive.
Secured loan - you have decided that you don't want one.

There isn't much left to suggest.  Win the lottery?  Crowdfunding?  Hold a raffle?

Thanks, it's what I feared.

I guess I'd only looked at one bridging loan and wondered if it was pretty standard terms.
They offered £250k, £10k fees, 1.05% per month over 12 months. It meant approx £30k cost to me.
I don't begrudge them making money though.
Is that average cost?

user1977

Why not just sell now and haggle with brothers about how it's split?

theoretica

If both your siblings are willing to sell, but disagree over the price - wouldn't it be simpler to give the money to your siblings rather than to a bank? Eg If sale completes in 9 months I will give you £12k each? 

allroundgoodguy

user1977 said:

Why not just sell now and haggle with brothers about how it's split?

Thanks.
It's been on the market a year. We're 3 equal administrators.
They're pretty stubborn. The middle  brother is blocking and happy to wait it out, doesn't need the money, (maybe there is a grief thing about dealing with it too), probably deluded about the market value and won't reduce the price much etc. So far, we've tried to get all agreement but it's been 3 years in October. We've actually sold it twice but the buyers could not raise all the funds.
It's incredibly frustrating.