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joint ownership - buying co-owner out (question)

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pai

Junior Member
What is the name of your state?What is the name of your state? California

My co-owner would like to buy me out of my share of the mortgage. We both put in an equal amount of money into the house when buying it. We've also made equal mortgage payments. We will not be using a broker. We will get the house appraised, and then he will refinance accordingly.

What should I expect to receive when selling my half to him? Do I get the (appraised amount minus the balance of the mortgage) divided by 2...half of the equity. Or do I take into account broker fees & closing costs he will pay later when he sells the house?

Thanks in advance.
 


HomeGuru

Senior Member
pai said:
What is the name of your state?What is the name of your state? California

My co-owner would like to buy me out of my share of the mortgage. We both put in an equal amount of money into the house when buying it. We've also made equal mortgage payments. We will not be using a broker. We will get the house appraised, and then he will refinance accordingly.

What should I expect to receive when selling my half to him? Do I get the (appraised amount minus the balance of the mortgage) divided by 2...half of the equity. Or do I take into account broker fees & closing costs he will pay later when he sells the house?

Thanks in advance.

**A: everything is subject to negotiation.........so start.
 

seniorjudge

Senior Member
HomeGuru said:
**A: everything is subject to negotiation.........so start.
I agree. You might start with the appraised value and then figure out what the loan amount is and all the expenses involved in selling the place.
 

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