Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
If you and your brother/sister are close enough to consider buying a home together, why would you allow professionals outside your family to undermind your decision?
That being said, were you considering buying together because you want to live together or was it a decision based on you needing the other perosn's income?
If your main reason for buying together was just because you needed the extra income, but now you have learned you can do it on your own, where does that leave your sibling?
Changeing your mind to buy with your sibling because they may one day want to sale is like saying a married couple should not buy a home together because they may one day want to split up.
Seach your heart and do what you feel is best.
Best of luck to BOTH of you!
Kawain Payne, Realtor
Hopefully I have been helpful,
Barbara Robbins-Olexa, Broker,e-Pro(R), SRES(R)
L B Brokerage
Servicing Long Beach and Neighboring Commubities for 33+ years
Let's say you buy this home together. How does the sib disengage? Typically, the remaining partner would refinance alone so that the other partner would be free, but - what if you couldn't qualify for a loan at that time? Suppose you miss a couple of payments and they have to cough it up? Suppose they get married, and something happens to them - the spouse, who you may not be on good terms with, could very well have a claim to your sib's share of "your" property!
Attorneys deal with this allatime; I strongly urge you and the sib to draw up a formal partnership agreement if you decide to pursue this together.
All the best,.
Shoot me an email directly if you'd like to talk to me some more. I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
Long Beach, CA