Where would be the best place to get some needed financial advice?

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We called our tax preparer, but he is really bad about returning phone calls. We need some information to help us make an informed decision now, not 2 weeks from now. This is not for debt consolidation or anything like that. It is about whether we can afford to buy someone out of their half of property they own jointly with my husband. It is an inheritance. The other half wants to sell it quickly and cheap, and we’d like to hang onto it and either keep it or get what it’s worth. We just aren’t sure how selling it now or buying the other half out will affect our entire financial situation as it’s complicated. Anyone have any good suggestions for us?
We can afford the cost of buying out the other half owner, but it’s the other costs associated with owning the property over the next year or two. This is also more complicated for us due to our current financial situation and it’s affects on both that and our taxes.
The other owner is my husband’s brother and he wants the money fast! He expects us to have a decision yesterday. (lol) My husband doesn’t want to just let the property go fast and cheap. He’d rather we keep it or at least wait until we find a buyer willing to pay closer to what it’s worth.

4 Comments
  1. Reply
    mister ed
    November 10, 2011 at 5:20 pm

    the way the question is worded – i take it you do not have the cash to buy them out — so i would go to the loan officer at the bank where you have your accuonts and ask him about figures if you decide to buy there half — the land will cover the loan and so the interest rate should be fairly low!!!

  2. Reply
    Sharon T
    November 10, 2011 at 5:54 pm

    Your tax preparer should return your calls promptly. If he/she doesn’t, find a new one.

    Ask a trusted friend to recommend someone.

  3. Reply
    Edaphos
    November 10, 2011 at 6:41 pm

    I’m confused, is it a tax issue, or is it a financial issue?

    Are you concerned about how you will fund the purchase or how the purchase will affect your taxes?

  4. Reply
    Jeanne R
    November 10, 2011 at 7:01 pm

    Perhaps you could set up a mortgage with the other owner to buy him/her out. If you go through Virgin Money( it is not very expensive, check out the website), they will draw up the papers for the loan with any terms that the two parties agree to. Perhaps the mortgage could be 5 years at 5% interest, or 4 years at 5% interest (whatever you agree to) and that would solve your cash flow problem. It is a real mortgage with the other party holding the mortgage and able to foreclose if you default but you can set whatever terms you like. That buys you time, gives you a tax deduction, and protects the seller against default. It can be a win-win for all involved.

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