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12-01-2008, 08:35 PM #1
Renter
- Join Date
- Dec 2008
- Posts
- 1
Property Question
Hi I am new to this forum. I hope it's okay to post on here. I would really appreciate any thoughts anyone has.
My parents would like to sell their building in 2-3 years. It's an apartment building that was built in the 30's, it's a 3 flat. There are three people who co-own the building. My dad and his siblings. The problem is one of those siblings (the one who lives there with my dad, the other does not live there) does not want to move out in 2-3 years. In fact, she is quite adamant about never moving. Additionally, it does not help that her kids who are in their early twenties would not have a place to go (they live upstairs with their kids and they pay what they can, they don't make enough to live somewhere else).
My parents really want to move (not a great neighborhood, somewhat dangerous and they're getting older) but they feel unsure of what to do because it's family.
Who can I recommend to my parents to talk to? I told my dad he should look into buying out his sibling but I nor my dad knows how to go about that. I think the building needs to be fixed up a little bit as well. So I'm guessing he should talk to a lawyer and maybe a real estate agent?
Thank you,
John
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12-02-2008, 02:13 AM #2
Condominium
- Join Date
- Sep 2007
- Location
- Indianapolis
- Posts
- 302
John, you also might to add a mortgage broker to that list. It sounds like what you need to have happen is to have his sibling buy him out of the property. What you need to do is have the sibling talk to a mortgage broker to see if they can qualify for a loan.
Mike Taylor
Broker/Owner
Red Door Real Estate
Indianapolis Real Estate| Indianapolis Homes | Indianapolis New Homes | Carmel Real Estate | Fishers Real Estate |Noblesville Real Estate | Greenwood Real Estate | Zionsville Real Estate | Westfield Real Estate | My Real Estate Blog
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