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Buying or Selling a Home/Should I find a lawyer? Questions about selling to my boyfriend
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Question
Almost two years ago (it will be two years in August, 07) my boyfriend and I bought a house together. The deed has both of our names, but the loan is completely in my name. We are now separating and he is going to be staying in the house. He plans to get a loan to "buy" the house from me so that my name is no longer on the loan.
There is not a lot of equity in the house and all I am asking for is my down payment back. I also don't want to pay any selling fees. Do you think I could take care of this by just visiting a mortgage agent or should I visit a real estate lawyer?
Also, any other information on the best way for me to go about dealing with this issue would be appreciated.
Thank you!
Dear Kim;
You will need to find an attorney to change the title. You will also need to have your ex-boyfriend qualify for a new loan and will have to go through the loan process. Since you were the only name on the loan there is no easy way of switching it over to his name only. Essentially, you are selling the home and he is buying it. You will pay off the debt on the mortgage and he will finance anew.
Good luck and best wishes.
Jessica Bryan
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Jessica 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.
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