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How do i cash out of this partnership?

We bought a home and property in 2000 for 115,000.Now the value is aprx. 200,000 with a principal balance of 80,000. If the equity is 120,000, how do I cash out my share at 60,000? What is the best loan option for my partner?    Any advice?
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October 04 2012 - Eastsound
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Thank you, that's where we're at. I was wondering about any type of creative financing,other than my carining a note. Would a home equity loan work as  a purchase or refinance loan with these type of numbers?
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October 04 2012
Profile picture for wetdawgs
Ideally  you and your partner have a document you drew up with the benefit of an attorney at when this property was purchased. 

Most likely you and your partner need to agree on fair market value (perhaps you have to pay for an appraisal), then your partner will need to cash out refinance in partner's name only and you will sign a quit claim deed.    If the partner is not currently eligible to get a loan in their own name as a cash out refinance, then you will have to agree upon a different strategy (such as selling the property).

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October 04 2012
 
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How do i cash out of this partnership?
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October 04 2012 | 2 answers
  • Asked by user4792670
  • In Mortgage
  • October 04 2012
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