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How to Avoid Conflict When Investing In Real Estate with Siblings or Friends

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Terry Story

With Terry Story, 25-year Veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL

As part of her Real Estate Survival Guide, Terry facetiously cautions listeners against buying a home with a sibling and, on a more serious note, says having a written agreement is key when buying a home with a sibling or friend. Many of us love our siblings and close friends, and are often tempted to jointly buy real estate with them – things such as vacation rentals or small commercial properties. Terry acknowledges this reality but dips into her experience to warn you of things that can and do go wrong, and what you need to think of and clearly have in writing before you jump into these joint deals – issues such as property Title, who’s going to be responsible for maintenance and upgrade costs and supervision, etc. She helps you think it through and tells you what to discuss beforehand, which could make you decide against buying property jointly or protect you in a manner where expectations and responsibilities are well documented so as to prevent conflict down the road.

Terry answers a renter’s question on damage to a condo through no fault of his, and lays out this renter’s options while also offering precautions all renters should take to protect themselves.

And, it appears, property bidding wars are back! 33% of all recent home sales were above asking price – driven by a lack of inventory and low mortgage rates. Terry gives us tips on how buyers can negotiate these ‘wars’ to improve their chances of winning a property without being the highest bidder.