I want to sell my house.?

Question

I want to sell my house that I bought with a friend 6 years ago. He claims he can't or won't sell. We both pay equal amounts on the mortgage (under his name) and both names are on the deed as joint tenants. What are my options and consequences? Can I force a sale of the house against his wishes?

Answer 1

Let me make sure I understand the situation correctly:
1. Both of you are on the Title as Joint Tenants
2. The mortgage loan in under his name.

Well actually, I wouldn't involve courts here, since the costs may eat a big chunk of equity that both of you accumulated over the years. You need a fair and attractive solution to this issue.
1. Get a reasonable (not overstated) estimate of the property value as of today.
2. Subtract 5-6% for RE agent's fees that you would have to incurr should you deside to sell
3. Subtract another 10% from the value just to make it interesting for your friend;

Based on the above calculations ask him to buy you out. This should be an attractive proposition for him. Why should you "lose" 10% of your share? Well perhaps because you are partners and it is your intiative to disolve the partnership. But trust me you are losing nothing, because there is nothing better than a quick resolution to a dispute.
Now if he sais no, ask him what does he want, and he if he basically doesn't want to do anything, than use your Ace.
STOP making mortgage payments. The loan is on his name, he will get stuck having to make payments himself or default and ruin his credit. He will not be able to refinance, sell or do anything with the house without your signature -- you are a joint tenant, you own this house as much as he does.
It is possible he will quickly change his mind.

Now, one detail, I am not sure of your age and other sircumstances. In case of joint tenancy if one of the owners dies, his share goes to the other owners. What you want to do is convert this joint tenancy into "tenants in common", so in case something happens to you, your heirs are getting the interest in the property. Consult your attorney about this, but it may be enough to just execute a quit claim deed to give your share in this property to yourself or someone you trust, so joint tenancy gets converted into tenancy in common. Just record the deed with county clerk or county recorder of deeds.
I hope this helps.

Good luck.

Answer 2

See if the friend will agree to buy your equity out. Failing that you have legal recourse. Yes you can force a sale, and I'd also re-evaluate the friendship if they want to hold you captive. Forcing a sale will likely cause the frayed friendship to end. Under the circumstances, that may not be all bad.

The legal course may cost you both the equity you have built up in this property. You can also sell your half interest to another party but if you are on the mortgage you will need to get a release or you will still be liable for any default that may occur. If you allow the other party to assume your position on the mortgage then you are good to go.

This very situation is also why I advise- strongly that unmarried people to not buy real estate togeher.

Answer 3

Options are: 1) Sell your equity to your "friend" or a third party; 2) file suit in a court of competent juristiction and force a sale.

In the later you will be out the costs- both of you for an attorney, but the winner may collect their fees back via the court award. It can also eat up all the equity, with only the attorney and real estate agent winning.

***It is a good idea to not buy real estate with other than a spouse. The previous suggestion was right on.

Good luck

Answer 4

Not sure if this would help. Usually, a housing market correction last for years. It is unlikely things will brighten up in a few months, afterall, this bubble took 5 years for form.

It might be better to give some discount so you unload the house quickly and can use the gain of the home to make money elsewhere quickly. At the same time, you will save money by not paying mortgage for the next 5 months.

For example, if mortgage is $2500/mo. and you have $300,000 gain sitting in the house, by selling it now rather than 5 months later will save you $12500. It will also earn you as much as $7000 from interests (Assuming CD are paying 5.5% or higher).

Total financial benefit for selling early would be $20,000. I would give buyer some discount just because of that.

Finally, keeping a house in selling condition is a lot of work. If your realtor does staging, it costs extra to rent furnitures. If you are living in the unit, it takes extra effort to keep it clean. So, sell it fast!


http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

Answer 5

See an attorney about filing an action in court for "partition." A partition will result in a court ordered forced sale. You & your partner and any third party can bid. You & your partner will have "free" bids up to your half interest. After that the highest bidder takes it & the "loser" get the excess. That is the only way to force dissolution of your partnership in the house. In most cases the parties settle before the case gets to a partition judgment.

Answer 6

it extremely is achieveable to sell offering that the valuables would be vacant on ending touch i.e. the tenant has already long previous. I as quickly as appeared at a belongings which had a tenant in it, and he or she substitute into approximately to go out. don't be attentive to if there will be any added workplace work however. you could desire to contemplate how long the tenant has and element whether its short sufficient for a sale to conflict via. If there are 6 months to pass, then it would be a difficulty if the customer is in a chain, as maximum chains won't wait that long. additionally, you could desire to get a often happening time shopper, or money shopper, who may be waiting to go right now.

Answer 7

One way to get out from under it is to see if he would buy your part out. If you had your deed as "tenants in common", I think you could sell your part to someone else. Some states have different laws. You need to call an attorney who specializes in real estate transactions. You could also call the State Real Commission. They have all the laws on it.

Answer 8

Your question should be examined in more detail when it comes to the consequences. There are relational and potential tax consequences that are beyond the scope of help here. I can answer your bigger question. Yes, you can sever the Joint Tenancy by either selling your interest or recording a deed with the county recorders office. Your partner can either accept his new owner/partner as a tenant-in-common in the property or work with you to buy out your interest. Of course, a legal battle can ensue if he wants to fight you along the way, but you will most likely be granted relief from the Joint Tenancy if he chooses to take it that far. To follow is the California Legal codes that govern Joint Tenants for your review. If you are not in California, you may want to check with your own states regulations, however, most follow some similar language. If you need answers to the tax consequences, please feel free to contact me via my website www.slarson.com/contact

Good luck to you. Was this helpful?

CALIFORNIA CODES
CIVIL CODE
SECTION 678-703

683. (a) A joint interest is one owned by two or more persons in
equal shares, by a title created by a single will or transfer, when
expressly declared in the will or transfer to be a joint tenancy, or
by transfer from a sole owner to himself or herself and others, or
from tenants in common or joint tenants to themselves or some of
them, or to themselves or any of them and others, or from a husband
and wife, when holding title as community property or otherwise to
themselves or to themselves and others or to one of them and to
another or others, when expressly declared in the transfer to be a
joint tenancy, or when granted or devised to executors or trustees as
joint tenants. A joint tenancy in personal property may be created
by a written transfer, instrument, or agreement.
(b) Provisions of this section do not apply to a joint account in
a financial institution if Part 2 (commencing with Section 5100) of
Division 5 of the Probate Code applies to such account.

683.2. (a) Subject to the limitations and requirements of this
section, in addition to any other means by which a joint tenancy may
be severed, a joint tenant may sever a joint tenancy in real property
as to the joint tenant's interest without the joinder or consent of
the other joint tenants by any of the following means:
(1) Execution and delivery of a deed that conveys legal title to
the joint tenant's interest to a third person, whether or not
pursuant to an agreement that requires the third person to reconvey
legal title to the joint tenant.
(2) Execution of a written instrument that evidences the intent to
sever the joint tenancy, including a deed that names the joint
tenant as transferee, or of a written declaration that, as to the
interest of the joint tenant, the joint tenancy is severed.
(b) Nothing in this section authorizes severance of a joint
tenancy contrary to a written agreement of the joint tenants, but a
severance contrary to a written agreement does not defeat the rights
of a purchaser or encumbrancer for value in good faith and without
knowledge of the written agreement.
(c) Severance of a joint tenancy of record by deed, written
declaration, or other written instrument pursuant to subdivision (a)
is not effective to terminate the right of survivorship of the other
joint tenants as to the severing joint tenant's interest unless one
of the following requirements is satisfied:
(1) Before the death of the severing joint tenant, the deed,
written declaration, or other written instrument effecting the
severance is recorded in the county where the real property is
located.
(2) The deed, written declaration, or other written instrument
effecting the severance is executed and acknowledged before a notary
public by the severing joint tenant not earlier than three days
before the death of that joint tenant and is recorded in the county
where the real property is located not later than seven days after
the death of the severing joint tenant.
(d) Nothing in subdivision (c) limits the manner or effect of:
(1) A written instrument executed by all the joint tenants that
severs the joint tenancy.
(2) A severance made by or pursuant to a written agreement of all
the joint tenants.
(3) A deed from a joint tenant to another joint tenant.
(e) Subdivisions (a) and (b) apply to all joint tenancies in real
property, whether the joint tenancy was created before, on, or after
January 1, 1985, except that in the case of the death of a joint
tenant before January 1, 1985, the validity of a severance under
subdivisions (a) and (b) is determined by the law in effect at the
time of death. Subdivisions (c) and (d) do not apply to or affect a
severance made before January 1, 1986, of a joint tenancy.

Answer 9

Sometimes, timing is everything.

http://www.dougbarry.com/SellingTips.htm

This seems to be a good resource website for you.

Answer 10

You could sell him your half...