What is the best way to go about buying an ex out of a house that needs repairs?
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What is the best way to go about buying an ex out of a house that needs repairs?
In our divorce decree we are to sell house. I am living in it with our 2 girls. It needs a lot of work to sell or sell at a low price to make up for repairs needed. I am entitled to a specific amount from equity as is he. Mine is a lot more. What is my best way to go about trying to buy him out at a low cost due to repairs needed. How does that work with what I am to get out of the equity versus him?
Asked on January 4, 2012 under Family Law, Wisconsin
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
This is a difficult question to answer without being ablt to see all the documents involved and with out knowing the actual value as is. Does the divorce decree give a percentage to go to you and a percentage to go to him? Or does it give you an amount off the top and then split the rest and was it based on what the value was thought to be at the time of the divorce? What I think may be an option is to put all shares in to percentages. Then have the house looked at by a realtor to give you an idea what the fair market value is "as is." Once that is done then make him an offer to buy him out based on the reduced value. I would also get an idea - and I mean an actual estimate - of what the cost would be to make th repairs to sell it for a higher value. Present him with the estimate and ask for half of the cost - or the percentage if applicable. When he balks then offer to buy him out at the lower price. Good luck.
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