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Buyout Other Owner’s Equity
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What is a mortgage buyout?
A mortgage buyout is when one owner of a joint ownership property purchases the other owner’s share of the property’s equity. Now this allows the co-owner to be relieved from the mortgage as well as removed from the deed as an owner.
A Buyout Situation
This situation is very beneficial when there are either a divorced couple, business partners, or children inheriting a property that need to find a fair way to split the value when one of the parties intends to keep the home. All parties must be in full agreement, and if one party refuses to cooperate you will have to petition the court. This is automatic for divorced couples, but a partition will have to be filed in order to sever the joint ownership in other circumstances. The court can then order one party to buy the other out, or sell the property.
Determining Value
In order to determine the buyout amount you just need to figure out the difference between the mortgage balance and what the property is worth. However, it is always recommended to get an accurate appraisal for the worth of the property in order to make sure that one party doesn’t end up with the short end of the stick.
What's Your Buyout Situation?
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Testimonials
Donald Kung was the listing agent for my house in Cupertino. Even though it was during the pandemic he was able to generate strong interest in the house. But most importantly were his relationships that brought many other agents as well as his negotiating skill. We priced the house very aggressively. It was the HIGHEST price/sq. ft on the market in the whole city. We still got $100,000 over ask in just 8 days! I couldn’t be more pleased.
Sandy S. Cupertino, CAI would like to say that your real estate consortium was a blessing for our family. You were able to help save my home from the foreclosure sale. Plus, you allowed our family to stay in the home for another year! The stress of possibly losing our equity, and having no where to live, was just too much. Your unique solution was the answer to our prayers!
Thank you so much for helping us!!! The kids are finishing school, and my credit is getting better by the month. The time you have given me has been a blessing.
Virgina T. and Family Hayward, CAThank you for saving the equity in my home after our terrible home fire. The fire destroyed everything we had, and we had to live in our car for several days after the Red Cross ran out of money for shelter. You were able to help our family save the remaining equity, and found another home for us to movie too.
Thank you for your creative thinking, and for the care you have shown our family.
Sharon R. San Francisco, CA