My partner and I purchased a home in October for $68,000.00 with his parents as co-signers. We have rehabbed the home under a construction loan totaling $250,000.00. I would like to be bought out of the home due to the escalated mortgage costs. The home is now worth $350K +... Can I ask for a new appraisal of the home and get 50% of its value?
1 Answer from Attorneys
If the coowner agrees, you can get your 50%. But, based upon the facts you describe, there seems no mechanism for you to force the other owner to give you a certain amount. You can petition the court to partition the property. Basically, the property would be sold at auction, and you and the other owner would split the remaining debt (if it sells for less than the totla owed) or the proceeds. this would also give theother owner the option tobuy you out, if you two can agree at an amount. Be aware, tha t even if you agree to take some money from the other owner in exchange for a deed of your interest, it probably will not release you from your obligation on the loans