I want to buy a house for me and my daughter. I am still legally married so in the state of Texas I have to have my "husband" sign with me. I can't qualify for the house without the help of his credit. He is thinking that since he is signing with me and he vowed to lend me some of the cost for the repairs that when we sell the house it should be split to him 70-30% in his favor. He will be out of the country for 2 years and I am paying for the mortgage and doing all of the repair work. Why should he get the higher cut? If anything, he is only entitled to 50% and his repair costs right?
2007-07-29 03:27:51 · 7 answers · asked by Meece E 1 in Business & Finance ➔ Renting & Real Estate
In the state of Texas, if you are legally married you can not buy a house with out the spouse being involved because they are automatically entitled to 50%. My credit will get me a house just fine. His additional income added to the loan helps me and my daughter stay out of the ghetto. He has to be involved. How much do you think he should get out of this.
2007-07-29 03:54:07 · update #1
So I guess saying i need his credit is not accurate. I need the showment of his income even though it won't be used.
2007-07-29 03:57:11 · update #2
Sign nothing but the papers to buy the home with him, DO NOT sign anything else like a promisary note or any type of document so as to when you have to sell the home ,he is only intitled to 50% of the ''profit'' on the sale. Keep all reciepts for labor and materials from home improvement endeavers and he'll be responsible for 50% of that when you sell the house.Do not worry, you'll come out on top in the end.Good Luck.
2007-07-29 04:20:59 · answer #1 · answered by Anonymous · 0⤊ 1⤋
TX is a community property state. Since you are still legally married, it's 50-50 all the way.
For at least half a dozen reasons, this is NOT a good idea! If you can't afford to buy in your own right then do not buy at all. And don't even think of buying until your divorce becomes final!
2007-07-29 10:55:58 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
He should get the higher cut because according to you, without him, you wouldn't be buying the house at all. He's using it for leverage....because he CAN.
Regardless of what my fellow posters have said (in all due respect)...he isn't going to sign for you to buy a house and using his credit unless you agree in writing to the 70-30 split...so you are back at square one.
If I were you, I would wait until I was totally divorced, and in a financial position to buy a house on my own and that way you don't have to consult with anyone on anything and you can make your own decisions.
There is no way I would agree to what he is offering...I would elect to wait it out. No way would I allow someone to be that involved in a real estate deal that I was divorcing!
2007-07-29 11:53:27 · answer #3 · answered by Expert8675309 7 · 0⤊ 1⤋
If your credit is too bad to get a loan by yourself, then why don't you rent a house? You get all the options of a home with a yard but no property taxes.
Could you rent until your credit is patched?
Good luck.
2007-07-29 10:48:54 · answer #4 · answered by jforrest46221 2 · 0⤊ 0⤋
If you buy the house with him, you should have a written contract. I think that the percentage he owns would be based on his financial contribution. If he puts down $20,000 at the closing, and then you pay $24000 in monthly payments, I think you would be the bigger owner. You might want to take time and interest rates into the calculation. Just so you have an agreed upon, written deal.
2007-07-29 10:44:45 · answer #5 · answered by hottotrot1_usa 7 · 0⤊ 1⤋
Definitely not a good idea to get tied up in finances with someone you dont want to be with. It will only create problems in the future. Please explore other options!
2007-07-29 10:36:46 · answer #6 · answered by Anonymous · 1⤊ 0⤋
um not no but HELL NO! I would keep trying to get financing on your own. I don't like the sound of this at all. Keep him away.
2007-07-29 10:31:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋