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Buying or Selling a Home/Selling 49% of my mountain home

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Expert: - 10/20/2010


Question
I want to sell 49% of my mountain home for $300K. The half to be sold include the months of Nov. Thru April. I live in a ski resort in New Mexico. The home is 2600 sq ft, 3 &1/2baths, 3bedrooms, 2 lofts, wbfr place, all the amenities and fully furnished.

Answer
Hello David,
I'm not exactly sure what your question is?  Of course, you can sell an interest in your property.  That's no problem. But I wonder if you have thought this through.  You are talking about going into partnership with someone you don't know.  Let's say they hand the keys to a friend of theirs who trashes the place.  Your insurance goes up.  Who pays the utility bills, when? What kind of partnership are you talking about?  Joint, Tenants in Common?  What happens if one of the two of you decides they want to sell out?  Will someone want to put out that kind of money while you still hold control?  How do you pay for upkeep and cleaning? There are a lot of things you need to consider carefully.  I would suggest you speak with a Real Estate Attorney and your CPA before you put it up for sale.  The Real Estate part of this is the easy part.

Good luck to you and it sounds like a great house!

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Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO

Expertise

A lot of people who want to move to the mountains don't really realize what it might involve. For instance, here in North Georgia, if you want a mountain view, you may have to drive up very steep roads. Will you have well water (That's usually good!)? Do you speak septic tanks? Have you considered that if you want really want to get away from it all, you'll do it on a gravel road? What's difference between a Log home and a Log Sided home? How can I tell? Who takes care of the house when you're not there? Where can you stay to check it out? This is a very popular area for second homes and investment properties or when you finally decide to get way from it all, I can find your perfect property. I can answer questions on North Georgia Mountain living, housing, land, amenities, and activities. We handle a lot of foreclosed properties in our office so I have become a Certified REO Specialist. REO means Real Estate Owned and is the industry name for a Foreclosure. It refers to "owned by a bank or other corporate entity". If it involves an area of expertise I don't have, I can probably tell you what kind of an expert you do need.

Experience

We've had property in the Ellijay area for over 10 years. My husband, who is a Civil Engineer and Appraiser, and I built our own log home. We researched log homes and North Georgia for three years before choosing Ellijay. Because of the building experience and being married to an engineer/appraiser, my real estate experience is a bit more extensive than average. I also am an education freak believing that the more you know, the better off you are. My husband and I both like photography, so we drive and hike all over the mountains looking for pictures.

Education/Credentials
MHA, CMA, Licensed Realtor, Associate Broker, e-PRO, GRI, Certified REO Specialist. Realtors are required to have 24 hours of continuing education every 4 years. In the last three years, I have 180 hours so far!

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