Being Bought Out of Home

sicrm · 2021-03-12T20:31:22+00:00

say you want half of the fair market value in a one time payment or sell the house

dday_throwaway3 · 2021-03-12T20:37:35+00:00

How did you get divorced without divvying up the financial assets? Considering a home tends to be one of the more substantial assets, what other assets haven't been addressed?

One of the primary goals of divorce is to eliminate all financial entanglements from each other.

brownsound2019 · 2021-03-12T20:04:27+00:00

She technically owes you half of the fair market value, however what is typically done is your half that is owed to you is offset by how much you owe her in support and the like. Usually what this does is reduces you value of what you owe her. If you move forward get an appraisal (as high as possible) as well as comparable that show the house being worth as much as possible. I would make sure you add up any new thing added to the house etc.

Important_Entrance_7 · 2021-03-12T22:21:01+00:00

One would assume that she'd re-mortgage the house to pay you off. In this instance get an independent valuation as she will no doubt try and lowball you. If she has no income then I doubt any mortgage supplier would touch her with a barge pole. Stop paying the mortgage immediately unless it's in your divorce settlement. Also make sure that if you do sell you have no more liabilities towards either her or the house and get a lawyer to verify it.

sc1617 · 2021-03-12T23:21:14+00:00

If you're getting bought out, you want as high an appraisal as possible, subtract what you two owe on the mortgage, then split that equity. She also has to get a mortgage on the house in her own name. That's it. Don't do any kind of "deal " with her.

sexytimeinseattle · 2021-03-12T23:23:34+00:00

Could mean that she wishes to rent it from you.

Or, that she has a new boyfriend that intends to pay it off for her.

No_more_BPD_2020 · 2021-03-12T21:27:39+00:00

My friend's wife asked him to put the whole house in her name, and keep paying the mortgage, and she'll buy him out when she gets a job.

What a great deal.

WartimeDad · 2021-03-12T23:58:22+00:00

What I don’t understand is that houses in this market are on fire. Not literally, but they almost always get sold well above appraiser value because time has past since the last “comparable.” People buying homes often pay more than the asking price which is more than the appraise value. So why should he only get half of the amount between appraisal and principle? The house should be sold in my opinion. Or, she should pay more than half the equity. Ultimately a judge could decide for you but it bothers me that the price of an appraisal is absolutely not the price that a buyer will pay, especially if there are multiple people who want to buy and they bid eachother up.

SlickReed · 2021-03-14T14:50:26+00:00

I used a cash out refi to buy my ex wife out of our house, paid her over $50k. She then bought a condo, but hasn’t closed on it yet.

A month later during a verbal argument, she got a protection order on me and got got me kicked out of the house I paid her out of.

Title	Being Bought Out of Home
Author	banguitar
Upvotes	8
Comments	17
Date	March 12, 2021 7:58 PM UTC (5 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/m3pprh/being_bought_out_of_home/
Archive Link	https://theredarchive.com/r/Divorce_Men/being-bought-out-of-home.817340 https://theredarchive.com/post/817340

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