How can I buy a house ifI am disabled and live on limited income?
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How can I buy a house ifI am disabled and live on limited income?
My sister and I own a house equally. I would very much like to buy her out because I live in the house and do not want to sell it so she can get its half of the value. My problem is that I am permanently disabled and live on a fixed income. Assuming that she will want half of the current value, are there any avenues that I can explore in order to pay her what shes entitled to? My age is 51.
Asked on July 11, 2011 under Real Estate Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
First of all you need to get the property appraised by a reputable appraiser if you are to look further in buying out your sister's interest in it. Most appraisers would in all likelihood value your sister's share in the property at less than 50% of the current fair market value because of fractionalized ownership interest by two people who are not married.
When you get a value for the property ask your sister if she wouldsell her interest to you and for how much and under what terms. I assume that there are no mortgages on the property. If you can agee to a price to pay your sister and at an interest rate that you can make payments on over a certain period of time (30 year fixed loan, principle and interest) you can go over your finances and see if you can make the deal work.
If your sister agrees to sell out, she might remain on the premises as a renter and her rental payments to you could be offset by the buy out of her interst in the property where your total pay off would be less.
Any buy out needs to have written documents setting the terms and signed/dated by you and your sister. Hope the above is of assistance to you.
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