I was wondering what's standard for determining the value of house if one spouse plans to keep the house (the other spouse doesn't have the financial capability pay the mortgage if they were to want it). A buyout of the equity would be required.
For example, house is jointly determined to be worth $500,000. Remaining morgage is $300,000. Is it as simple as a $100,000 buyout to the other spouse. Or can realtor fees (as if the house would have been sold to get the equity out) be included in the mix to reduce the buyout amount. So, if the realtor fees were $27,500 (standard 7.5/5 realtor fee) could you say the $200,000 equity would have been reduced by $27,500 for a remaining equity of $172,500 which is then split in half. This would result in a buyout of $86,250.
Thanks for any advice.
For example, house is jointly determined to be worth $500,000. Remaining morgage is $300,000. Is it as simple as a $100,000 buyout to the other spouse. Or can realtor fees (as if the house would have been sold to get the equity out) be included in the mix to reduce the buyout amount. So, if the realtor fees were $27,500 (standard 7.5/5 realtor fee) could you say the $200,000 equity would have been reduced by $27,500 for a remaining equity of $172,500 which is then split in half. This would result in a buyout of $86,250.
Thanks for any advice.
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