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Buying or Selling a Home/residential buy-out
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Question
4 owners on a property with 2 homes (myself, my husband in one; mom and her partner in other). My mom and I have been here for 7 years. 50/50 ownership. They have moved out and we are trying to figure out the buy-out. We have had 5 real estate appraisals done - 4 of them are between 270,000-300,000 and the 5th is 360,000. My husband and I averaged this to $300,000, less costs that we would incur if we sold (real estate costs $12,000, lawyer fees $1000, misc. $1000). That leaves buy out at 143,5000. They owe 110,000 mortgage and are upset with us, feeling like we are only offering them $33,000 for the house. They don't want to include real estate costs and want to include two assessment done over 2 years ago (325,000 and 334,000 - we live in bc, canada and that was the absolute peak of real estate values). Are we out of line? They feel like values will likely go up (which they may), but this isn't prospecting for us, and we feel like they are asking us for more because they have a large debt. Some guidance would be greatly appreciated.
Note: we have not at this point included/deducted costs for immediate work that would have to be done/or disclosed: $1500 to fix flooding basement; deck that needs to be finished (no railing); leaking plumbing in crawl space; rotting posts on 2nd deck; leaking single pane windows in a front room; leak over entrance door.
Thank you.
Real estate and family NEVER MIX, it is like oil and water.
The problem is the 50/50 ownership, nobody has 51%.
Appraisals will always vary, if you get 10 all 10 will be different, consider the highest and lowest and go from there. You have enough appraisals stop getting them.
The fees you would incur are called closing cost, everybody gets them if you buy.
My suggestion is if you cant buy them out, have them buy you out, other than that consider a forced court sale. Other than that consider an as is purchase, either way.
Remember you are the one wanting to buy, not mom or partner. Next time only you or your spouse buy property.
Good luck.
mb
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Marvin G. Bobbitt, III
Expertise
Can answer questions about Real Estate in North Carolina. Professional Real Estate Broker,REALTOR Residential Real Estate,Professional Advising,Commercial Real Estate, Estates, Issues regarding real estate and the County Tax system,Bank owned properties, REO/Foreclosures and Investment properties,New homes & re-sale home sales,Management of Investment properties,1031 tax deferred exchanges, Profit enhancement within investments,Investment property advisor,North Carolina agency and required forms and disclosure.
Experience
Have 20+ years Professional experience.Experianced in property estates and real estate transactions primarly in the Durham,RTP,North Carolina area.Residential Real Estate, Professional Advising,Commercial Real Estate, Estates, My experience covers a vast range of real estate services.Due to my personal training by Frank Ward for over 20+ years everyday.In residential,commercial,sales and leases, I have had the opportunity to work and learn with some of the best in the business. Estates have become a specialty to me, including the personal property side of things and how to handle things and what to do with what you got.Hire me and forget about it..
Organizations
Active Member of the Durham Association of REALTORS.
Past BOD for Durham Regional Association of REALTORS.
Active Member of North Carolina Association of REALTORS.
Active Member of the National Association of REALTORS.
Active Member of Triangle Multiple Listing Service.
Past member Durham Jaycees, Durham Sales and Marketing and Durham Rotary Club.
Publications
Durham Herald
Education/Credentials
Graduate; Durham Public Schools
Graduate; North Carolina Central University.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Completion of the following North Carolina Real Estate Courses.
North Carolina Real Estate School Fundamentals.
North Carolina Real Estate Broker Classes.
Completes Continuing Education classes annually as directed by the State of North Carolina Real Estate Commission.
Completion of the following North Carolina Appraisal Courses.
R-1 Real Estate Appraisal.
R-2 Valuation & Principles & Procedures.
R-3 Applied Residential Property Valuation.
G-1 Income Property Appraisal & Valuation.
Completion of Notary Public Classes for the State Of North Carolina.
Active Notary Public for Durham City/County, North Carolina. Active until; 06/16/2015
Awards and Honors
20+ YEARS EVERYDAY PERSONAL TRAINING BY;FRANK WARD.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Past/Present Clients
Given upon request
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