Posted by dutch on May 23, 2006 at 24:19:38:
there are always closing costs, ie title insurance, pre-paids etc., UNLESS you do a kitchen close, which doesn’t sound feasable. You COULD sell it to him OWNER CARRY if you think he would pay you.
A local title or closing company could give you a pretty good idea of the fees for both the buyer (your Cousin) and the seller (you). He would also have loan costs on a new loan, yes?
He has agreed to refi and get you out? Friends or not, I’m not sure I would undertake that extra costs just because you don’t love each other any more. Understand, you entered into a business relationship and are now under your state’s partnership laws. I’m not sure you can force him to sell.
Best of luck
Dutch
OKHomesavers
Need advice – Please help - Posted by Bret
Posted by Bret on May 17, 2006 at 20:23:22:
I bought a house with a cousin about 2 years ago. We are 50/50 partners in the house and are both on the mortgage. We have not been getting along and have been trying to sell the house for almost a year (with no luck).
Here are the facts:
Purchase Price: $360,000 (New Construction)
Invested into house: $40,000 (completing the basement, upgrades)
If my cousin buys me out for $390,000, what extra costs will be incurred (i.e. Closing Costs? Lawyer fees?, etc.)? I am trying to get to a bottom number and am not familiar with the process.
I was also wondering what other paths I can take if he refuses to buy me out? I am not in the financial situation to buy him out and the house doesn’t seem to be selling, but I can no longer live with him. Any advice would be greatly appreciated.