Posted on: 01st Feb, 2011 05:16 pm
My sister wants to buy my house; however it is valued at more than she can afford per month. She is able to get a loan for it. I want to help her and can afford to help her but also dont want to lose the equity I could gain by selling it outright. Any ideas? I currently have a family in there on a lease to own but think they'd be okay with walking away. Thank you!
First step - clarify the situation with your lessee. If you are in some form of contract with those people that obligates you to sell them the home, then you're obligated to sell them the home - regardless of sis' ability or desire to purchase.
Presumably, selling to them would protect your equity, while selling to your sister will cause you to lose money. You cannot eat your cake and have it too (the correct usage, by the way, of the phrase).
Clarify your legal obligations and act accordingly.
Presumably, selling to them would protect your equity, while selling to your sister will cause you to lose money. You cannot eat your cake and have it too (the correct usage, by the way, of the phrase).
Clarify your legal obligations and act accordingly.