 How much rent should this family pay? |
How much rent should this family of 7 pay?
Here's the family:
- A couple in their early 40s
- 4 kids (aged 4 - 13)
- 1 baby (5 months)
They're ... |
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 Want to put in a back up offer on a house that is pending sale now? |
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 Should i withdraw money from my 401k for closong costs? |
i need to come up with $4500 for closing costs and my only resource is my 401k. is it wise to do this and just deal with the penalties and fees that come along with it?
Additional Details<... |
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TheJoker | How much am I entiled to? |
My ex and I bought a house together a year ago. It is financed in her name alone, but both of us are listed on the deed. She broke up with my four months ago and we are in the process of sorting finances out so I can move out of the house.
We paid less than market value for the house and have done work on it. It is appraised at $50,000 more than we owe. Do I make her refinance it and give me half?
We have made the payment out of our joint account every month like we have all of our other bills. |
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Dawni Do Right
 |
It can be handled in 3 different ways:
1). She takes out an equity loan & gives you $25,000
2). Your equity in the home is established at $25,000 and when the time comes for the home to be sold, you receive this amount in equity. Home could go up in value or decrease, depending on your market.
3). If she can't afford the home on her own, the home sells & you both split the equity equally.
You may be able to force her to sell. It may take an attorney & court costs. |
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Dave87gn
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you're entitle to half the house, and if she doesnt have the money to buy your half out, the house gets sold |
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Roxy Foxy P J
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Your entitled to half because its for both of you! |
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Big Deal Maker
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If your ex wants to keep the home. She would be required to pay you off. However the 50k. would be at the appraised value and not the sale price. Real Estate fees would be taken out of this amount. So lets figure it this way. Your interest in the home would be $25,000. To be fair about it you would need to deduct the 6% commision off of the sale price. would leave you 23,500. less the $1500 commisions. It would be only fair to your ex. And there are other fees that would be dedected as well like escrow fees etc. So here is what i would recommend. Ask your ex. if they would like to give you $20k. and you would sign a quit claim deed over. If they are not agreeable to this then you can say. Then we will sell the home and split 50/50. End of story...Sorry you could not make it work.. |
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lrosado3435
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If she's the one that financed it, she can do the refi. Now since your name is on the deed you amy also be entitled to refi. Ask her to buy you out is the best way. Or, you can both hold on to the property as a business partnership and put the house up for rent until the market steadies. You both get a different place to live and you both profit off having a property. Even with the market the way it is, the best investment in the US may well still be real estate. Plus you may not get the full value of the house with todays market. Both of you move rent the house and reap the profits when the market settles... |
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Bernie K
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Together you have $50k equity according to the difference in the appraisal/market value and the pay-off on the mortgage.
If she has the cash, she can pay you $25k and record a quit claim deed for the property in her name only.
However, if she defaults on any payments, since your name is still on the mortgage, you will get dinged just like you were still living there, something to consider.
Will she qualify doing a re-fi on her own without your income?
If she does, it would be the best way for both parties involved. You can split the re-fi cost (or the "guilty" party pays) and everybody goes on their merry way.
Hope things work out for you! |
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Alterfemego
 |
You need an attorney to assist you in dividing up this property. She could refinance the loan and give you some of the equity, but you will need to sign the deed over to her, most likely a quit claim deed. But listen, use a professional to help you. A few hundred bucks is worth it not to screw it all up for both of you. I'm sure there are emotions running rampant and it doesn't mix well with a money transaction. Believe me. Been there, done that!
But be nice and work it out. |
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danny14551
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Your name is on the deed so you should get half of the houses current value and remove your name from the deed |
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US Army Soldier
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Sell the house and split the profit, it there is any.
She can re-finance the house but it doesn't mean she has to refinance it for what it's worth. Many people just re-finance for what they owe left on the house.
Good luck |
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