Seeking financial advice.
I own a property in joint tenancy with my brothers. I don’t live there but they both do and the house has fallen into disrepair, causing some friction.
Recently, they both offered to buy me out. My part would come out to 200,000 (I would be taking less than fmv since it’s family)
I have thought about and I am wondering what is the best path going forward.
If I am willing to sell, two possibilities are …
A) they can get a mortgage loan (I’m not sure how difficult this would be for them). Would the tax implications of receiving that amount be severe?
B) I’d be willing to act as the bank and offer a lower interest rate (thinking 4%) and spread payments out over 30 years.
are there any other better ideas.
Posted by robertpod