Posted by Jimmy on October 18, 2005 at 07:32:10:
co-ownership is a drag. there is no easy way to untangle the situation until all three sisters agree on a single course of action. there is an expensive way to get the situation resolved, and that is a partition action. no fun, and the lawyers get a pile of your money.
What is your mom’s objection? Will she agree to a sale if you are the buyer? If yes, and if you can qualify (perhaps with mom and dad co-signing), you will enter the ranks of RE ownership a lot earlier than most folks.
unusual situation - Posted by Amy
Posted by Amy on October 17, 2005 at 20:34:59:
My mom and her two sisters own my grandmother’s old condo. My aunts are ready to sell it, but my mom is not so ready. However, my father, doesn’t want my mom to buy it. I also am not ready to sell it, so I thought that I would buy it from the three girls. I contacted a bank to see if I could get a loan and am just waiting to get all the paperwork together. I will be getting a loan to buy out my aunts and I will be paying my mom her portion back over several years’ time. My question is: How do we get the condo in my name? Also, I am still in college and have to file the FAFSA every year. Will I have to claim the condo as an asset? If you have any additonal info that you think might be helpful for me, I’d appreciate it. Thank you.