Home Buying in 33436>Question Details

Clh, Home Buyer in Boynton Beach, FL

A friend and I bought a house together and now I want out of the deal. Can I force him to buy me out?

Asked by Clh, Boynton Beach, FL Sun Dec 30, 2007

I want to sell but he does not. How can I get out of this deal?

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Answers

8
Clh,

Do yourself a favor, as some of the other pro's recomended your question is legal in nature and you should get legal advice.

Juan
0 votes Thank Flag Link Sat Jun 7, 2008
The only answer to that question is to seek the advice of a Real Estate Attorney as this is a legal question and as a Real Estate Agent I can not give you legal advise.
0 votes Thank Flag Link Wed May 21, 2008
It is always a good idea to have a mediator and an attorney to help you resolve the matter.
Web Reference: http://www.karinaleal.com
0 votes Thank Flag Link Tue Apr 15, 2008
Maybe you could explore the possibilities of selling your share to somebody else?
0 votes Thank Flag Link Mon Dec 31, 2007
Maybe , depending on the way you vested and how title reads, you can sell your 1/2 to another party.
That way your friend stays your friend and keeps his half of the house!


Best,
Lisa and Goran
Web Reference: http://www.LisaForss.com
0 votes Thank Flag Link Mon Dec 31, 2007
Force is a fighting word. I would try to talk to the other owner and see if they will buy you out. Maybe you can sell and split the equity. I would contact an Attorney or try Mediation to get this problem solved.
Web Reference: http://www.kennaandco.com
0 votes Thank Flag Link Mon Dec 31, 2007
It would really depend on what sort of a contract you signed. For an in depth examination of just what your agreement says, it would be wise to consult a real estate attorney. Without looking closely at the contract, it would be impossible for a realtor to answer your question--and a realtor can only "read you the contract"--to do anything else would be practicing law without a license.
Web Reference: http://www.myketriebold.com
0 votes Thank Flag Link Sun Dec 30, 2007
If he doesn't want to sell, you don't have much of a choice. If you have enough equity in the property, you could refinance. With the proceeds, your friend could buy you out, the new mortgage would be in his name only, and he retains the property. Of course, your friend would have to be able to qualify for and afford the payment on his own.
You may want to contact a real estate attorney...the initial consultation may be free of charge.
Is this an investment property or do you both live in the home?
0 votes Thank Flag Link Sun Dec 30, 2007
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