Posted by DJ-nyc on January 20, 2007 at 06:55:19:
Shannette,
Sounds like your partner is offering you half of the equity in the house.
78k - 49k = 29k (equity)
29k split in two = 14.5k
Sounds fair to me.
good luck.
DJ-nyc
Buyout - Posted by Shannette J.
Posted by Shannette J. on January 19, 2007 at 13:33:35:
If somone is trying to buyout my half of a house that is not payed for, is the offer based on what is owed on the house or what the appraised value of the house is? Example the house is “said” to be appraised at $78K, we still owe $49K on the property. The other party is offering me $15K. Is that correct or should she be offering me half of the $78K.
Thank You
Re: Buyout - Posted by Natalie-VA
Posted by Natalie-VA on January 22, 2007 at 12:00:05:
I’m with DJ. If you’re really sure that the house is worth 78k, take the 15k and run. If you put it on the market for 78k, commissions and selling expenses would really cut into the profit. So, based on the numbers you’ve given, it sounds like a good deal. My only concern would be that whoever is buying from you gets their own financing and pays off that mortgage that has your name on it.
–Natalie