InLimbo

Does anyone know how it works to be bought out? What are the calculations

Janitw

How ironic that you asked???? I just went through buying my ex out a week and a half ago. An appraisal will be necessary. He would have to refinance the home or have the bank remove your name from the loan, and he simply crunches a check to you for half of the equity. Thats it. Short and sweet. If I remember correctly the 2 of you were not married correct? So whatever else there is to split shouldn't be a battle - hopefully.

I feel badly for you honey. There are no winners when 2 people split up are there. (((HUGS)))

Janit

InLimbo

That is how I thought it worked. I'm just trying to have a plan.
No we are not married so hopefully it wont be messy.. I'm not sure he is very serious or has given much thought to buying me out, I don't think he can afford it on his salary alone. I think he is just quacking because he believes it bothers me.
Either way I will be ready..

elizabeth1979

[QUOTE][There are no winners when 2 people split up are there/QUOTE]

In my opinion, there can be winners.
I am a winner because I choose to be.
Things do get better and its moving on and letting myself enjoy my life that makes me a winner. With him or without him, should not dictate how I feel about myself.

Janitw

Elizabeth - I need to follow your line of thinking.....good response.

Janit

mazey

Really ironic 2 of us have bought out in past couple weeks! That is exactly how it works, you sign off on a Quit claim when he gives you the chek. If either of you have more equity in house, then it may not be half, this is where problems can arise! Good luck, and it is always good to have your ducks in a row BEFORE time comes.

gelfling

It might be a good idea to get 2 appraisals. Or he may decide to get his own. We had our house appraised and the figure came in very low. Several years later I ran into the realtor and he said, that was a mistake because it was worth much more than that. Use a realtor and a licensed appraiser. If you have cancelled checks, etc., use those too. I saw a case where wifey got hubby for half equity in the house and was reimbursed for all the home improvements she did using an inheritance.

I know some states acknowledge common law marriage after a period of time. You might want to check that out too.

InLimbo

2 appraisals is a good idea. Yeah AF already mentioned he wants $ for the bathroom remodel "he" did.. He seems to forget it was tax return $ that was used. This past tax return seemed to disappear (7k) from the checking acct. Seems him working 4 days a week (usually Thurs he would be to hung over or still drunk and couldn't go to work) took a toll on the $$

The more I think about it I dont see this going as smooth as it should.