Asked by Mary Lee, 1000 allison dr., vacaville • Sun Nov 25, 2007
The question is this basically - I have the opportunity to buy all the equity in the house (I am a tenant in common) for 159K . The appraised value two months ago was only 850 even with a few problems and a loud pool behind it. It is a huge yard for one person to keep and I keep telling myself - keep it keep it. I paid over 100K down on it myself and my friend did the same. If we sell the house right now I just don't think it will sell well. The two tenants in common don't really want the Orinda home. However, an offer has been made from one tenant to the other - give me 159K and you can just take over payments of $3200 a month and of course our really big taxes go along with that. My attorney said that buying out the other tenant at a selling price of 600K, getting all equity for 159K, and no hassles, just keep my name on the loan and move back in. Of course it is a gamble. Do all home improvements have to be done by a liscensed contractpr in Orinda?
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