Location: Pennsylvania
Submitted 07/02/12 10:18 AM

Q. 2 people buy a house together 3 yrs ago for $360,000. 1 person puts down payment of $180,000. They get mortgage together and the 2nd person pays it. Now the 2nd person wants to buy out the 1st person. If the house is only worth $300,000 on today's market, how much should the first person get from the deal: the original $180,000 or half of what it's worth today, $150,000

 

Answer #1
Submitted 07/02/12 06:37 PM
Brennan Tomasetti (www.WomenGetWealthy.com): Services in Philadelphia, PA Brennan Tomasetti (www.WomenGetWealthy.com)
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Philadelphia, PA

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A. Market value. May be worthwhile to have a few independent professionals come in to give you an opinion on price. Keep in mind, you would also incur settlement costs, if/when selling the property.

Answer #2
Submitted 07/02/12 10:15 PM
Joe Kaelin (American Honey Homes): Services in Valley Forge, PA Joe Kaelin (American Honey Homes)
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Valley Forge, PA

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A.

OK, you are digging yourself into a whole with this question. First, I am not giving LEGAL OR FINANCIAL advice. If you are the Realtor with the listing, consider asking the owners to get a lawyer to figure this out. As a Realtor you don't want to give legal advise...EVER (practicing law without a license is not looked upon well by any State Real Estate Commission). Consider this; maybe a pre-existing arrangement exists? I wonder why the 1st person is on the mortgage and not just the title? How about the 1st person askes for their $180,000 back, then the balance value is split between the two parties. Wow, we could play "what ifs" all night. Sellers; get a listing agent, then get a lawyer!
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