Here's the situation. A couple of years ago two friends bought a condominium together with an adjustable-rate mortgage (ARM), and where they live, the condo market is flat.

One of them just got engaged, so staying in the condo with the friend is not an option.

So they wonder if they should sell or rent and hang on until better times. They also wonder whether they should use a real-estate agent if they do sell, knowing they would have to pay a commission.

How do they decide what to do? Here are some basic questions they or anyone in that situation needs to answer, followed by suggestions by real-estate experts.

How much can you get renting it? Do you want to be a landlord? Can you afford to wait? Will you be able to afford the mortgage when it adjusts? Does one of you want to buy out the other?

Tackle the decisions one by one. If it's not an option for you and your fiancé to live in the condo, then your choices are to rent it out or sell.

If renting draws enough cash for your payments, that's a good option. Determine the going rent for that type of unit in that building. If you're going to keep the condo, do your best to get out of that interest-only mortgage. Figure what your payments are likely to be over the next three years. Your rent should cover that.

If you sell without an agent, you are not required to pay the commission for a buyer's agent. You never signed a contract with that agent. But if the price is high enough, you could pick up the commission out of the sales proceeds — it's all a wash. Bear in mind that agents might avoid your unit, though.