divorced several years ago, both kept the house...live in the house together....one is ready to get rid of the house and move on. the other refuses to sell. what can the person who wants out do???
2007-12-17 05:22:02 · 7 answers · asked by intelligentbooklady 4 in Business & Finance ➔ Renting & Real Estate
you can sell your share of the interest in the house. for instance, your ex can "buy out" your share by paying you 1/2 of the fair market value.
2007-12-17 05:26:18 · answer #1 · answered by Heather Honey 4 · 1⤊ 0⤋
You can obtain a court order forcing the owner who wants to stay to either buy out the one who wants to leave or to have the house sell entirely and have the equity split based upon how the deed is titled.
2007-12-17 05:39:57 · answer #2 · answered by Matt K 4 · 1⤊ 0⤋
Basically there are 2 options, the first and most obvious is the one that refuses to sell buys out the other. The second is more contentious and that is what is called a partition suit, what that basically amounts to is the co-owner who wants to sell goes to court to force the sale.
2007-12-17 06:40:26 · answer #3 · answered by Craig T 6 · 2⤊ 0⤋
There should have been something stated in the divorce decree about who gets the house or if the equity is to be split. If it is to be split, the person who wants out is going to have to get a court order forcing the person who wants to stay to refinance in their name only. If equity is to be split, then the person refinancing would have to pay the person who wants out their share of the equity when the refinance is done.
2007-12-17 05:28:18 · answer #4 · answered by HEATHER 6 · 2⤊ 0⤋
you could technically sell your share to some one else, but in reality who is going to buy into the situation? plus valuation will be less most likely for less, unless a relative might want in
the other recourse might be to go into court and seek for the court to order a sell and division of the profits
2007-12-17 05:38:24 · answer #5 · answered by goz1111 7 · 1⤊ 0⤋
Ask the other to refi and pay you 1/2 of the equity. If that fails nothing
2007-12-17 05:25:52 · answer #6 · answered by golferwhoworks 7 · 0⤊ 0⤋
not much if they won't cooperate
2007-12-17 05:28:56 · answer #7 · answered by Anonymous · 0⤊ 2⤋