Profile picture for Mishyrn74

I am 1/3 owner of an inherited home. I would like to buy out the co owners. What is the process?

The co owners are my siblings and there is no mortgage owed on the home.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 31 2013 - Elmwood Park
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

You have received some great feedback already on this post.  I do recommend an appraisal to determine the value that all of the siblings agree to.  (Avoid double appraisal fees-if you order an appraisal on your own, that will not be sufficient for most of the mortgage companies out there since we have to order through our approved Appraisal Management Companies)

Once you have chosen a mortgage company, they will order the appraisal, based on this value you can determine the amount you will need to pay off your other two siblings.  If you are going to owner occupy the property, you can refinance for 80% of that value, depending on your qualifications. 

After you have paid out the 66% to the other two, your remaing 14% can be applied towards the renovation (cash-out refinance). 

if you just want to pay off siblings now, you can refinance the 66% (non-cash-out since your are merely paying off heirs). 

Lastly, if the remaing 14% is not enough fund to cover your renovation costs, you will need to consider a construction loan (fha 203k) or a combo 2nd mortgage or heloc.

I hope this helped.  You have a lot of moving parts and really need to discuss this with a mortgage professional.  I would love to help.  you can contact me through my profile.  Best of luck!!

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 01 2013
Ask the others if they will sell to you and then ask them to hold the paper. Regards,
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 31 2013
Hire a certified appraiser to provide a market value, this is better than a realtor CMA for legal purposes. Once you get the amount negotiate with your siblings an agreed upon amount for the buyout. Since you should have 33% equity in the house you could get a first mortgage for 66% and an equity line to make repairs. Or you could look into an FHA 203k loan, where the repair amount is rolled into the first mortgage. Talk to a local mortgage professional about your options.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 31 2013
Your first step to have a real estate professional prepare a fair market analysis on the home.  Once you know what the value is you will then proceed to a bank or mortgage company that you feel comfortable with.  They will probably recommend a "refinancing program" since you are already part owner.  Depending on your income and qualifications you can usually refinance for up to 80% of the value of the home.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 31 2013
Profile picture for Mishyrn74
Thank you.  Yes it is in all 3 names.  There is no loan/mortgage on the home.  But what type of loan/mortgage/refinance would I need to buy them out plus do repairs and construction on the existing home?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 31 2013
Step # 1 = Has it been put in all three names and is there a loan. If there is a loan it needs to be dealt with.

Step # 2 = come to an agreement with the others what they want from you to buy them out.

Step # 3 = talk with a lawyer that will draw up any agreement and change the deed and record it.



  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 31 2013
 
Related Questions
I am 1/3 owner of an inherited home. I would like to buy out the co owners. What is the process?
Profile picture for Joseph Cordova
Latest answer by Joseph Cordova
September 01 2013 | 6 answers
How do I contact seller of this property?
Profile picture for peakhollow
Latest answer by peakhollow
January 28 2011 | 1 answers
house is 2 & half fam registered hom where u got that info it is 1 fmly home? app. 440000/
Profile picture for ksbhalla
Latest answer by ksbhalla
November 12 2009 | 1 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 14 14th Ave, Elmwood Park, NJ Home For Sale
    14 14th Ave, Elmwood Park, NJ 07407

     For Sale: $479,000

    • Beds: 3
    • Sqft: --
    • Baths: 2.0
    • Lot: 12501
  2. 5 Norris St, Elmwood Park, NJ Home For Sale
    5 Norris St, Elmwood Park, NJ 07407

     For Sale: $499,900

    • Beds: 3
    • Sqft: --
    • Baths: 3.5
    • Lot: --
  3. 146 Hillman Dr, Elmwood Park, NJ Home For Sale
    146 Hillman Dr, Elmwood Park, NJ 07407

     For Sale: $279,000

    • Beds: 3
    • Sqft: 5000
    • Baths: 2.0
    • Lot: 5001