Prudential CA Realty
858-248-0863 or email@example.com
Windermere Real Estate SoCAL
Your options have been outlined below:
1. Sell it
2. One buys the other out
If doing either 1 or 2 find 2 or 3 neutral real estate people to give you an idea of market value - appraisals are usually useless for real world value - then decide if selling makes sense.
3. Keep and rent it out - if you do this make certain you have an agreement moving forward.
4. If it's not worth selling, you want to keep it but you can't live there together, perhaps one of you stays and you make an agreement on how/when to sell.
Best of luck
Sorry it is not working out. I would first of all recommend that you get a market evaluation of the house to determine your financial situation. You may be under water on this home based on the time when you purchased it.
After the value is determined, you can decide whether or not it is best to sell or hold the property. One of you may want to continue to live in the home, you may want to rent it out or it may be best to sell it and completely remove any connections that the two of you have to this property and each other.
If you would like for me to prepare a market analysis on this home, please contact me.
Best of luck
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Unfortunately, you've found the dangers of buying with a friend. As Laura points out, there are lots of options, and what will work best for you will depend heavily on the situation. Is the house worth less than you owe? Is the market moving in your neighborhood? Do either of you want to keep the house? If so, can you afford to? Lots to consider. Figure out the answers to these types of questions and then you'll be ready to start figuring out how best to proceed. Best of luck...
You can both agree to sell it. Or, you can both agree to keep it and rent it out. Or, you can both agree that one of you will live in it and the other one move out. If you decide to sell it and it's worth less than what you owe on it, you will have to see if you qualify for a short sale - your lender will have to approve the short sale. You should contact a Realtor to assist you - they will be able to give you a better idea on what your options are once they have more information from you on your situation.