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Question
Buying someone out of a home?
I went into a house with my now ex boyfriend I put $20,000 into it now we split up...After he ruined my good credit...My name, his name and his mom names are on the Deed. My name is not on the mortage..The market value on the house is $565,000. they don't want or can't sell the house...My question is how much do they have to buy me out for? His mother said she only has to give the $20,000 back, but other people are saying no it should be much more...Can someone please help!!! I don't have money for an attorney and I can't borrow because he ruined all my credit...I'm stuck...Help.....Please... I am on the DEED to the house...I'm not on the mortage....The purchase price was $575,000 and the Mortage was for 485, 000... I did NOT live rent free I paid $1,900 a month for the past year...He pretty much lived rent free..
4 months ago - 7 answers
Best Answer
Chosen by Asker
You put $20,000 into the deal. That seems like a reasonable sum to get back out unless there is a reason for a bigger sum. For instance, if you have owned for 15 years, bought it for $290,000, and now have $375,000 in equity between the 3 of you then you should hold out for more money.($125,000 per person). Or perhaps you were the only one to come up with the down payment, or to put another way, the other 2 people did not come up with anything for the down payment. Legally, you are entitled to 1/3 of the proceeds from the sale of the property(assuming it were sold). How much would this differ from the $20,000? As you can see 'how much do they have to buy me out for?' is not an easy question to answer. Bear in mind that they don't have to buy you out because of a breakup or most any other reason either. Good luck!
by frak1a12345
4 months ago
Asker's Rating: 
Other Answers
you screwed yourself... NEVER buy into something as big as a house with a BOYFRIEND.. that is for married couples. unless you have proof of payment on the loan that is your only evidence, its your word vs his.. if he has a lawyer, i would advice you to do the same..
by Joe_know_it_all- 4 months ago
You don't say what the loan amount is. You don't say what the purchase price was. Really whatever the answers are you are likely without any rights on this so anything they give you is probably a gift.
by glenn- 4 months ago
If they are willing to give you the $20K, I say take it and run. Since the market value has gone down since the purchase, you're lucky to get back your full investment. It's not likely that you'd be able to get any more even with a lawyer or going to court. Don't sign a quit claim to the deed until you've gotten your money. A title company or lawyer can help you with the quit claim for not much money.
by PelMel- 4 months ago
you would be entitles to 50% of the net profit from a sale unless you put something in writing before hand - you may to go to court to force a sale
by Doctor Deth- 4 months ago
I would take the $20k - that means you lived rent free this whole time!!!! Take it! The value probably has gone down, and you are still going to get back every penny you put into it. Take the money!
by rookem123- 4 months ago
the current value is $10,000 less then it was purchased for. If they actually sold it now, you would have to come up with 1/3 of the loss. Even if it sold for 565,000, with commissions and expenses, the total cost would be 40,000 and with the additional loss in value of 10,000, the total net loss is 50,000. Your share of this would be around 23,000. So they are will to give you back your 20k??? TAKE IT AND TAKE IT QUICKLY. I'm guessing you feel that since there is equity in the house due to the downpayment that you are due this - WRONG. You only put in 20k.
by Real Estate Guy- 4 months ago