Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Is there any hope here?
I had to edit this post...this is where my husband and I are at right now:
We are joint tenants with my parents on a townhome that was purchased at the height of the market.
We were young, quite unaware of the predicament that would put ourselves into by going into this. We are a family of 3, of whom, without the assistance of family cannot afford to float the home we currently live in. Family was willing to purchase this home, whereby we pay "rent" to them, and the home continues to be in our name (jointly). Fine.
Now, I am itching at the ceilings to get out of this home. Its quite small, and not in an area I wish for my family to grow in anymore. We have lived here six years, and although it was what we wanted six years ago, its time for a change. There is zero storage, we cannot put any money into the home because of the cost we are paying out to the family...we just need to move.
According to Zillow, the market prices are the suck, and we would be loosing a substantial amount of money. My parents are not willing to sell this home at a loss.
I'm not sure what entails renting out the home, maybe that would be an option though...WWYD in this situation? There seems to be no need to get us out of this home on their end. I keep telling them how its time to leave...and my concerns/voice goes unnoticed.
Is there any hope here?
I want to fix this situation, having us live independently. At the same time I do not want to give my extended family the shaft. I want to have us leave this situation with a nice learning experience and our entire relationship still intact.
.
Re: Is there any hope here?
I'm really sorry, but you're basically stuck unless you're willing to completely screw your parents. Hindsight is 20/20, and this was a terrible deal to begin with, but you did agree to it.
Your parents tried to do something really nice for you. This was obviously misguided, but they were helping you get into a home when the market was on the upswing, and "prices could only go up."
Now you want out, and if you leave, they'll be left holding the bag. Not fair.
If you really want out, you could sublet the home with the understanding that:
- you'll pay the difference in the rent, if it rents for less than you're paying now
- you're on the hook for any months it's vacant
- you provide the same maintenance you would if you were still living there
Or, you could sell now and YOU pay your parents' loss.
This way, your parents won't lose any money. Hopefully, the home will increase in value so that you can sell it and break even, at least. Sorry
Talk with a realtor and get recent local comps and the average days on market for sales in the last 3 months--- Zillow is not accurate.
Sit down and have a discussion with your parents about what they are willing and not willing to do. If you sell will you split the loss (money brought to the table to close), if they want to keep it, how much notice do they want before you move out, etc.
Are you financially ready to buy another place with downpayment, closing costs, moving costs, start up costs etc?
Learn your lesson - intermingling money and family is not a good idea.
If it is SOLD for 130,000 less than what it was purchased for, we would pay my parents 130,000. Which is fine...if we could.
Feasably, we can't pay that and support a family in an additional home (I think that's almost our MAX home budget allowance).
Am I correct to think the answer to this prediciment would be to sublet until we sell at an even price point or greater?
Are you saying that your home budget is 130K? If so, can you really purchase a bigger place for that amount in Jersey?
Yes, I would sublet and RENT a bigger place. This way, you're not locked into another house longterm in the event that you need to move back into the town home. You'll still be homeowners, you just won't be living in the home you (jointly with your parents) own.
Thank you.
I know hindsight is 20/20, and I don't want anyone to walk from this situation or have massive resentment. I want to leave with a learning experience...and a relationship intact. I don't think anyone (not even my parents) forsaw the market crumbling the way it did - and the slow repair now. We are all just trying to keep our heads afloat right now.
You have three options at this point. The two outlined above are valid. The third is just stay where you're at. Hit up Ikea and organize the hell out of the house. Throw out or donate anything that you don't need. It might not be ideal, but at this time most of the country is doing that which is not ideal.
I guess there's the fourth option to sell and screw the parents. But since both names are on the mortgage, they'll have to sign off of it and I have a feeling that they're not going to willingly sign off to lose their asses.
http://pandce.proboards.com/index.cgi#general
I wouldn't do something like that to them. Looking back I think everyone in the "party" see's it as not the best idea...but hindsight right?