AboutJessica Bryan Expertise buying and selling process such as: General questions from first time buyers How to market a home Why choose a REALTOR How do I find a REALTOR Should I consider buying or selling without a REALTOR--how much can I save Should I remodel or move How much can I expect to gain by fixing up my home before selling Helpful tips when selling Helpful tips when buying finding a good mortgage loan what is the difference between banks, mortgage bankers, and mortgage brokers Questions from the general public, people thinking about getting their real estate license, newly licensed. Fellow professionals who have interests in networking and how to get started What is a market evaluation and how does it differ from an appraisal what are the different loan programs services a REALTOR can perform when to use a lawyer when to use escrow what are the regional differences in the buying and selling process what is the MLS and how does it work how can the layman access information on the web--listings and other information These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
Question Approximately 2 years ago me and my buddy bought a house together. Both of our names are on the mortgage and for the last 2 years everything has been split exactly 50/50. Now we are both engaged and heading in different directions. I am wanting to keep the house and buy out his portion of the mortgage. What is the best way to figure out how much money I give to him to pay out his half. I understand that the house needs to be appraised. Do I add in half of what the Realtor fees would be so that he is basically not getting rid of his half for free? Do I take the new appraised house price, minus the remaining amount on the mortgage, subtract 50% of what legal fees would be and come up with a number? I know once a price is agreed on then a lawyer must be consulted regarding changing the names on the land titles etc. If you got any advice regarding buying out a roommate please let me know!!
Answer Dear Alistair;
You are absolutely correct in your thinking. The only thing that I can add to this is that there should be a home inspection with anything that is wrong with the home today repaired so you won't be faced with additional costs that come up in the near future. Buying out your roommate's half is very much like buying a home by yourself. It should be done the same way so that you know that what you are buying at that moment is functioning correctly and your costs are clear and understood. All fees at that point of purchase should be split fifty/fifty. An attorney can help with the agreement to make sure that everything is clearly defined and titles are transferred legally.
