SPARC Forums

In my divorce I have the option of refinancing the marital home abd buying out spouse.  house is for sale at this time and i reside there with by bio-kids. most offers on home are extremly low and broker says the market is bad "nobody is buying" note: my state an county has been in the news due to corrupt realestate brokers, mortgage brokers, appraisers, state attornies and even the county property appraiser along with other local gov. officials are coming under investigation.
I am at  a point were I can refinance the property.

1. question: how do i make a offer to buy out x.

2. how much info is needed to see if they are interested in the amount?

3. should i just send them and/or attorney a certified letter saying...." would you be willing to accept $xx,xxx as a buy out ?

4. how would you write a letter of buy out ?

5. what info should I include or exclude?

In general, you need to be very, very careful with wording of real estate transactions.

I would send a letter or email saying that you'll offer $xxx for a buyout. I don't think the wording of the offer letter is that critical (unless you do something really foolish). At this stage, you're just looking to get agreement on a number rather than lock down the details. Make sure you cover the basics (who's going to pay off the current mortgage, offer is contingent on your getting a mortgage, etc). Be sure to include copies of the offers you've received along with a broker's appraisal, if appropriate.

If they agree, then I would have an attorney draft the transfer documents. It shouldn't cost that much and it's very hard to get right on your own.

Thank you!!!
now to get started