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Brother Wants To Sell |
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Dear Ms. Lank:My husband and I own a rental property with his brother and wife. All four of our names are on deed.His brother now after 17 years wants to sell the house because he is having financial difficulties. My husband and I do not want to sell. Do you know of a way where we could buy him out without it being a large risk for us? |
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Your question is similar to one that often comes up in divorces. Sometimes each partner hires an appraiser to estimate market value, with the agreement that the buy-out price will be half the average of the two appraisals, with adjustments for any mortgage debt.
Perhaps you could put a new loan on the place and use the money to buy out your partners.
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Edith
Originally published on April 6, 2006 |
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