Updated over 6 years ago on . Most recent reply
Need Advice on How to Finance this Transaction
This is a townhome in Phoenix. I bought this in conjunction with my stepson.
The property is in my name. There is 50K equity in the property - half mine and half his.
He would like to buy this property from me. The appraisal will come in about $210,000
I am assuming the bank will want him to come up with $40K or 20% down which he will not have - he will have only the $25K of current equity which is sitting there now.
Is there a way to finance this transaction so 1) he can buy this property and 2) where I can get my equity out ?