I am a joint tenant in common in a condo. How do I determine a fair 'buy out' price?
My fiance and I purchased a condo together last March. It was a short sale, and we used an FHA loan to purchase the place at 270K. We used first time homebuyers tax credit of 8k to make upgrades to the place. The relationship ended and we need to divide our assets. I know we have to pay back the 8k first time home buyers tax credit, realtor fees, closing costs, and possible FHA penalties for selling the condo so quickly. Comparables in our area are selling for 300k - 330k.
He made me an offer of 10k to walk away (I can stop paying my half mortgage and he will refinance me out of the loan within 24 months.). How do I determine if it would be more profitable to sell and split the profit or to take the 10K offer and walk away?]
Thank you for any advice!
My fiance and I purchased a condo together last March. It was a short sale, and we used an FHA loan to purchase the place at 270K. We used first time homebuyers tax credit of 8k to make upgrades to the place. The relationship ended and we need to divide our assets. I know we have to pay back the 8k first time home buyers tax credit, realtor fees, closing costs, and possible FHA penalties for selling the condo so quickly. Comparables in our area are selling for 300k - 330k.
He made me an offer of 10k to walk away (I can stop paying my half mortgage and he will refinance me out of the loan within 24 months.). How do I determine if it would be more profitable to sell and split the profit or to take the 10K offer and walk away?]
Thank you for any advice!
