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06.16.08, 14:30 PM General Topics
17 replies
Real estate-ish question: MIL is understandably upset. Is having money issues and is trying to sell her apt on UES. We know she loves the place and doesn't want to move, but are torn on whether or not we should pay off her mortgage so she can stay, or watching her sell it, have more cash, and so on... Is it the time to hold an apt, or the time to get rid of one ? [ Reply | Watch | Flag ]
General Topics 06.16.08, 02:30 PM Flag
 

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bad time to sell, if she can wait a couple of years. prices will go even lower throughout the next year or so. [ Reply | More
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General Topics 06.16.08, 02:30 PM Flag
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Thank you... she is in a bit of mental frenzy. She hates indecision and now I feel she is just saying "I'm selling" so she doesn't have to think abou tit again... [ Reply | More
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General Topics 06.16.08, 02:32 PM Flag
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yeah, get her out of the crisis first. then decide [ Reply | More
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General Topics 06.16.08, 02:32 PM Flag
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thanks... [ Reply | More
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General Topics 06.16.08, 02:39 PM Flag
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np: Might even be more than a few years. Depending on how much other money she has, MIL might be smarter to sell now with big (but not huge) profit. [ Reply | More
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General Topics 06.16.08, 02:42 PM Flag
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Don't sell right now. If you can swing it, help her out. Wait until the dust settles. [ Reply | More
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General Topics 06.16.08, 02:38 PM Flag
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thank you. we no longer live in NY and are hearing diff things from diff people. our acct here said that it would be an OK investment for us at this time while also helping her out - if she accepts the help... [ Reply | More
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General Topics 06.16.08, 02:40 PM Flag
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Is dh an only child? I would be really cautious about all the family stuff that can go along with a relationship like this. (Hate to be a buzz killer just, btdt.) [ Reply | More
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General Topics 06.16.08, 03:00 PM Flag
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no DH has two sisters... one able to help but I don't know how much and a younger without the ability to help financially... I assume everyting would be handled "legally" with regard to us paying off the mortgage and the family is very open and there are no divisions or jealousies that would get weird (Famouslast words)... It's really a matter right now of what makes the most sense for the economics of it and to give her peace of mind... [ Reply | More
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General Topics 06.16.08, 03:05 PM Flag
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But what about when you start paying it off now then X years from now, when she passes away, and the apt goes to the estate? And you guys want your "investment" to pay off/pay back. If you guys can afford to gift her the money, then do that. Otherwise maybe "buy" it from her and rent it back to her. [ Reply | More
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General Topics 06.16.08, 03:10 PM Flag
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My DH is a great son and also a smart guy... I assume (and will be sure) that if we pay the mortgage or do something like that our accountant and attorney would handle the legal aspects of that. [ Reply | More
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General Topics 06.16.08, 03:21 PM Flag
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I'm worried more about what happens between your dh and his sibs. A situation like this with my grandmother, which made perfect sense to my mom and dad and was nothing but generous on my folks' part turned siblings against each other. Had somebody before hand said, "Hey, if we dont' do this -- she's gonna loose the house." I think the aftermath would have been avoided. [ Reply | More
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General Topics 06.17.08, 06:12 AM Flag
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ita. don't sell now. [ Reply | More
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General Topics 06.16.08, 02:44 PM Flag
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Make the choice based solely on what is best for you/DH and your MIL. You are not real estate investors and cannot hope to market time the sale of this apartment. I am curious however how you intend to invest in this apt.? Will your MIL be paying you rent? Would she move out? [ Reply | More
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General Topics 06.16.08, 03:20 PM Flag
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I htink she will ive there as she does today and pay the maint. fees monthly and we will pay off the remainder of the mortgage and co-own the apt with her... Sort of take the mortgage off her plate and "invest" in the apt in such that eventually it will appreciate in value when the time comes to sell it... [ Reply | More
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General Topics 06.16.08, 03:22 PM Flag
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Well that is very generous of you and your DH. That sounds like a great reason to buy the apt. regardless of the 1 or 2 percentage points on either side of your investment [ Reply | More
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General Topics 06.16.08, 03:32 PM Flag
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My DH is the son every mom wants... although he never became a doctor ! I think if it gives her piece of mind and we can afford to do it (which is not 100% settled by above mentioned accountant) it's a no brainer... [ Reply | More
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General Topics 06.16.08, 03:35 PM Flag
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