| Selling half a house - Click HERE for Original Thread |
| bluSRT |
Any realestate guru's?
Here's the situation, a buddy and I bought a house together and I am ready to move on. Now if I want to sell my half, but he cant afford to buy me out how can it be done? Is there anyway to do it? |
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| Mobius |
| Forge a will leaving his half of the house to you, then kick his ass down the stairs. |
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| diesekiel |
quote:
Originally posted by Mobius
Forge a will leaving his half of the house to you, then kick his ass down the stairs.
:lol:
x2 |
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| bluSRT |
quote:
Originally posted by Mobius
Forge a will leaving his half of the house to you, then kick his ass down the stairs.
Hmmm, not a bad idea. :D |
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| BigTrucker |
I think you may be screwewd. Your either gonna have to both sell and split the equity or you just have to deal with an 'investment' property.
Worse case scenario is that you could rent out the basement and continue to pay your mortage while taking in the income that the rental is bringing in and just wait until your buddy is ready to move on also. |
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| ehos |
| Does he want to sell? Is there decent equity in the house? |
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| GOT BOOST |
Do an equity draw to pay out your part. Then have him assume the mortgage when it is all done.
There problem solved.
Mike |
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| ehos |
This could get really really messy.
For example, I'm sure you're both on the title right? Well, if he's on the title, I don't think he will let you draw out your equity.
His mortgage will go way way up. Can he afford doubling his payment? All he has to do is, nothing. If he doesn't sign the papers (for the re - finance) you can't do much.
Don't let it get ugly at all. |
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| ChromeDragon |
How long ago did you buy? Chances are you've built some equity in the place that you'll want to take with you, so that makes the situation tougher.
Does this guy not want to sell at all? |
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| STiPWR |
| Rick, just sell and use your profit to buy a new place. |
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| TrevorK |
You won't be able to split a single house in half with both your names on the title.
Mike's suggestion of refinancing the house based on the equity you've received will work, however that's under the assumption that the equity in the place in enough to pay you out.
But there is nothing you can do on your own, he will need to sign everything and acknowledge it. I would really advise trying to reach a solution between the two of you rather than going behind his back. |
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| STiPWR |
| on second thought.... just pm trevork. |
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| GOT BOOST |
quote:
Originally posted by TrevorK
You won't be able to split a single house in half with both your names on the title.
Mike's suggestion of refinancing the house based on the equity you've received will work, however that's under the assumption that the equity in the place in enough to pay you out.
But there is nothing you can do on your own, he will need to sign everything and acknowledge it. I would really advise trying to reach a solution between the two of you rather than going behind his back.
Correct,
Just re amortize to 40 years to drop the payment for your "friend". Friends are friends but business is business! :D
Either that or go see a lawyer. It is your equity and now you want it. I am sure this is not the first time this has come across a lawyers desk!
Since both names are on the title you both need to agree to something.
He can not have it all his way. :D
Mike |
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| ehos |
quote:
Originally posted by GOT BOOST
He can not have it all his way. :D
Mike
In Canada, yes he can. (Well, he can keep the status quo very very easily). |
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| GOT BOOST |
quote:
Originally posted by ehos
In Canada, yes he can. (Well, he can keep the status quo very very easily).
Then put out a contract hit and then you have it all. :lol:
I would still seek the advice of a lawyer. They are quite good at getting stuff done. Especially the high priced ones. :D
If he is no longer in the house why can he not sue for what is rightfully his?
Mike |
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| stealth |
quote:
Originally posted by GOT BOOST
Correct,
Just re amortize to 40 years to drop the payment for your "friend". Friends are friends but business is business! :D
Either that or go see a lawyer. It is your equity and now you want it. I am sure this is not the first time this has come across a lawyers desk!
Since both names are on the title you both need to agree to something.
He can not have it all his way. :D
Mike
Going to a 40 year mortgage would only reduce payments roughly ~200 a month. |
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| ehos |
quote:
Originally posted by GOT BOOST
If he is no longer in the house why can he not sue for what is rightfully his?
Mike
Because, rightfully, he already has what's his. :) He owns half the title, that's all he owns.
Nowhere does it say he can 'cash out half of a house whenever he feels like it'.
The best bet would be to sell his half to a private party/investor. That would be the simplest thing for all involved. Draw up a legal agreement, switch his name for the new investors name on the title, and done.
This way he (poster of thread) deals with the investor and not his buddy at all. His buddy doesn't lose out, and the poster gets his money.
The investor could buy out his buddy later or deal with the issue himself. |
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| GOT BOOST |
quote:
Originally posted by ehos
Because, rightfully, he already has what's his. :) He owns half the title, that's all he owns.
Nowhere does it say he can 'cash out half of a house whenever he feels like it'.
The best bet would be to sell his half to a private party/investor. That would be the simplest thing for all involved. Draw up a legal agreement, switch his name for the new investors name on the title, and done.
This way he (poster of thread) deals with the investor and not his buddy at all. His buddy doesn't lose out, and the poster gets his money.
The investor could buy out his buddy later or deal with the issue himself.
Screw that. I would try to be civil about it, but if he still refuses to sell his half then I would still drop the big dollars and have a chat with a good lawyer.
Failing that I would then make my soon to be x-friends life a living hell until he decides to sell. If he refuses to settle and I own 1/2 the house, I am free to do what ever I want with the house except sell it. That includes having big parties with people staying until the early hours of the morning or not leaving, playing my music as loud as I want at 3:00 am with out receiving noise complaints, leaving the place a huge mess.... :D
I am willing to make peoples lives miserable for money owed to me and they are not willing to negotiate.
As for the poster who mentioned $200.00 payment reduction over 40 years...well maybe that is what he needs to make the payments with his or her shoe string budget. I do not care if the payments are affordable for them or not as long as I have my money. They want to keep the house, they should be willing to pay for it. Otherwise sell it, get out and give me my share.
Mike |
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| accord90 |
[QUOTE]Originally posted by GOT BOOST
[B]Then put out a contract hit and then you have it all. :lol:
for $3000 I could make him disapear, It may come back to haunt you though.:lol: |
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