Asked by Gill2058@aol.com, Bloomfield, NJ • Mon Dec 15, 2008
I currently own a two family house equally with another person. In our contract, it states that if one wants to sell the other has 60 days to buy the other person's share at 50% of an independant appraisal or must also sell. With the current market decline, I would probably pay less for his share then what I did originally for mine but unsure if I have the funds to take on the whole house. Since I don't want to sell, one other option would be to convert into 2 condo units. There would be details to work out and set up costs involved, but would allow me to keep ownership without further investment. I am worried of the resell value in a couple years when I'm ready to sell. Would a condo be worth more than half a house? Would there be another option I'm not thinking of?
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