Someone wants to buy me out on my house in a year. I am 100% ok with that but I am not sure about the process. Can someone walk me through it?
Yes, the person wanting to buy it from me is on the mortgage but walked away from the property earlier this year. This person is now back on their feet and I am moving next year for a job anyways. I just don't want to get screwed because I do have equity in this house.
2007-05-31 17:53:17 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Just have an attorney handle it for you. It won't cost any more than any other closing agent and he or she will represent you and nobody else.
In short, they'll get a new mortgage in their name alone and pay you your share of the equity in cash. You'll give them a deed, probably quitclaim, and that's that.
2007-05-31 17:59:01 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Talk to a real estate lawyer. The house has probably increased in value so you'll need to make sure you get what it's worth, not just what you've paid.
2007-05-31 17:56:17 · answer #2 · answered by Shawna P 2 · 0⤊ 0⤋