Expert: Jessica Bryan - 6/2/2006

Question
I recently purchased a home with my boyfriend as joint tenants with the right of survivorship, and we have now broken up.  

He is going to attempt to buy me out.  We put 5% down and had to pay 9K in closing costs.  

I know that he has to refinance to get my name off of the loan, and then I will have quit claim it over to him.

My question is we have only owned the home for 2 mos.  Although, the house has gone up in value from 169K to 185K how much are we looking at for closing costs on his side?

Answer
Hello;
I am finally back online!  My computer crashed and I have a huge amount of email to answer.  However, if you would still like an answer to your question I will be happy to answer within a few days…trying to get to the earliest ones first.  Please understand and if you promise not to dock me on my "response time" scores I will be happy to help you.

Thanks for your understanding.

Jessica Bryan
Managing Broker
House to Home Realty Services
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Hello again:
The answer to your question is as follows; usually, closing costs can run about 3% of the purchase price with legal fees, appraisals, title search, surveys, inspections,etc.  Since all of that was already done the only fees now would be attorney fees, recording fees and refinance fees.  It would be approximately 1% of the loan amount plus whatever the attorney will charge. He can probably negotiate to lower the fees on all of the process since there is only paperwork and servicng being reworked (and of course re-qualifying). Tell him to call the lender and see if the fee can be negotiated.
Good luck! (And sorry again for the delay).
~Jessica Bryan
Managing Broker
House to Home Realty Services