My husband and I own a condo that we bought as an investment when my brother-in-law moved here 3 years ago. The main reason we bought it was because when my husband went looking for apartments with his brother, he saw that his brother could not really afford anything decent. So he lives in the condo. I did agree to the purchase since I had no idea that he real estate market would crash like it has. Brother has been paying us rent but not enough to cover the mortgage.
Now that my bipolar II husband wants a divorce, we need to sell the thing so tha I can refinance the house and give him (husband) his equity.
He wants to sell the condo to his brother who lives there now and is Bipolar I. This is fine with me except for the fact that brother is 49 years old and has absolutely no savings, in large part due to going on lavish spending sprees when he was improperly medicated. And he's one of those people who simply must eat out for three meals a day. He has a full time job (doesn't make great money but makes decent money)and I have no idea what he spends all of his money on. So what my husband is proposing is that we pay for his brother's down payment and closing costs since he cannot qualify for a no money down mortgage. Their mother (or should I say mommy) will also help with the costs. I really do not want to pay for anything for that family! He and mommy have always felt sorry for the brother and really have not held him accountable for anything since he has a mental disorder. They are afraid that he will kill himself if confronted with too many truths and unpleasantries. So he basically gets away with acting like a spoiled brat. I do get tired of the bipolar excuse!
So now I have to decide if it's worth it to me to cough up $2000.00 so that dear brother can buy the condo. Mommy is fairly well off and could buy the whole thing for him, if she wanted but my husband will not let that happen. The way I look at it, they are no longer my family. Why should I be giving money to them? On the other hand, at least we have a buyer and will not have to pay realtor fees. What do you all think I should do? We would be selling the condo at a loss but in today's market we could never get what we paid for it. The whole reason we have to sell it at this time is because my damn husband wants a divorce.