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01-29-2008, 05:06 PM #1
Renter
- Join Date
- Jan 2008
- Posts
- 2
Family Divided
If someone could please find time to input their 2 cents on this 'issue', please feel free to do so. I can't stand being stuck in the middle/mediator, in such a dispute. Here's how it goes:
My mom, aunt and cousin, decided to purchase a home together. They found a home for just over 300k, each put 30k as a down payment. This was back in '99, the house is now valued by the city @ 725k and probably go for about 800k, even in this market. There is still about 150k or so on the mortgage.
My mom & aunt can't seem to get along, bad blood, bad attitudes. My mom has wanted out for quite sometime now. My aunt & cousin, offered to buy my mom out for 70k. My mom refuses & as of lately found someone who offered to buy her share for 130k. Now, she is aware of the fact that she can force the sale of the house. But, that is a slow & expensive process, as the lawyers have told her.
This is all in the the city of NY, if that helps anyone. & my question is, what are my moms options? Force the sale? Find a buyer, if so, where do you list such a sale? Is there any other alternatives or info, we should be aware of? I just want this to be over, it's a great stress to my mom, and she passes it on to me. Thank you if you read through all this.
C.
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02-09-2008, 08:39 PM #2
Renter
- Join Date
- Feb 2008
- Posts
- 9
A friend of mine just went thur this. He had to force the sale, pay the property taxes each year (for a property he only owned part of) or let it go to Tax Sale (cheap).
So he forced the sale thur the court. A Sheriff's Deputy actually does our court sales here in Alabama at the court houses steps.
He went thru a lot of the same stressful thoughts.
GOOD LUCK
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02-26-2008, 05:26 AM #3
Condominium
- Join Date
- Feb 2008
- Location
- Tampa, FL
- Posts
- 234
This is never a good problem as emotions always get in the way. It sometimes causes a lot of expense just to get out of it. Your mom needs to put emotions aside, think it thru logically so that the loss is minimal.
Get the property appraised. Hire an attorney to draw up documents to sell her third of the appraised value to remaining two owners.
Whatever solution you present, make it as win,win as you can for everyone concerned so to keep out of pocket expenses minimal. The more heated the battle (based on emotions), the more money you spend to "win", but in the end it costs you a lot more than you bargin for!Search the Tampa Florida Real Estate MLS
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