Spouse who left the matrimonial home, always indicated that the home should be sold due to financial situations. Presently I live in the home with the children since separation which occured 7 mths ago. Spouse who left, continue to support financially since there is no agreement as of yet. Now spouse indicates he wants to buy me out of the house. I also want the house. What happens next? What are my chances of buying my spouse out? Any info or advice is greatly appreciated.
Question regarding buying matrimonial home
- Thread starter music99
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standing on the sidelines
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i had to get a certified appraiser in to see how much the house was worth. Then I went to a mortgage broker to see if I could get preapproved for the amount left on the mortgage and the amount to buy out his share. With those facts in hand I had the lawyer write his lawyer a letter with the offer to buy the house and at what price. Now im just waiting for the signed separation agreement (both signed but he needs to intial one change for a date) get my mortgage and he gets his money. Your ex could counter your offer with a higher one and maybe that is something you may have look at closely. My ex didnt but if he did I already knew how much money I could get for a mortgage plus whatever he would give me on top of what was my half of the house value. I could have made an offer on another house move myself.
Matrimonial house was appraised by a certified appraiser. Ex is not happy with the appraisal value. Ex is insisting to put the house on the market even though I have offered to buy my Ex out at the appraisal value. What can happen next? I understand Ex cannot list the house without my consent. Will we have to go to Court? And if so, what are the possible outcomes? Ex left the marriage and moved out of the matrimonial home without a separation agreement. I have been living with children in the matrimonial home for over 14 mths. We both contribute (still) to the home financially. Ex is not interested in purchasing the matrimonial home. EX simple wants more money for it.
Any input would be appreciated.
Any input would be appreciated.
blinkandimgone
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If your ex is unhappy with the appraisal then invite your ex to have an appraisal done by an appraiser of their choosing and split the difference. Or have a few appraisals done and use the average number.
As Blink said, allow him to get it appraised and split the difference.
He cannot cause the sale of the house if you are willing to buy him out. Use the appraised value and give him offers to purchase the house at fair market value, less the outstanding mortgage and 1/2 of realtor fees. If he balks at that, it would be on him to file a motion in court to have the house sold, which would more then likely fail if you've offered to buy him out at a fair amount.
Note that when the appraisor comes over, the house must be fit for appraisal. Meaning, it should be clean and not in unreasonable disrepair.
He cannot cause the sale of the house if you are willing to buy him out. Use the appraised value and give him offers to purchase the house at fair market value, less the outstanding mortgage and 1/2 of realtor fees. If he balks at that, it would be on him to file a motion in court to have the house sold, which would more then likely fail if you've offered to buy him out at a fair amount.
Note that when the appraisor comes over, the house must be fit for appraisal. Meaning, it should be clean and not in unreasonable disrepair.
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