Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for user7504876

My brother and I inherited my Moms home recently. I want to keep it and he wants to sell. I live t

  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.
April 01 2013 - Fremont
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 (4)

To be fair, your brother may want to get a market valuation of the property before he consents to any amount you want to give him.

So engage a realtor to prepare a comparable market analysis of the property to get a price range of how much it could sell for on the open market.  I can help you in this regard, I just need to know the property address.

After that, if he's entitled to half, then determine if you can afford to buy him out.  Is the property paid off, or is there a balance?

Talk with a mortgage broker and see how much you qualify for a new loan if you can't pay cash. Contact me directly -- and I can give you at least two lenders you can talk with regarding getting preapproved for a loan so that you'll know how much you can afford.

Factor in how much you can save if you don't sell (i.e., selling commissions) and reduce the price accordingly. Just remember that any type of transfer of property is still subject to county/city transfer taxes and other recording fees.

But if you can't afford to get a new loan to buy out your brother, you may not have a choice but to sell it.

Contact me directly so we can talk about your options. Your brother should probably be brought in since the property is half his, too

Thanks
  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.
April 04 2013
Profile picture for wetdawgs
You can find lenders in your area by clicking on "Find a Pro" in the top line and then putting in the appropriate search terms.  It makes sense to talk with someone in person about the situation as it isn't a plain old refinance and you may need some creative thinking.
  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.
April 01 2013
Profile picture for user7504876
Thank so much.  Good guess.   What got cut off was the part where I wanted to give him about 100K in cash and finance the rest.  Approx a 150K.  I just don't know if I qualify to do that.  I don't make as much as I used to but I also have no debt.  I paid cash for my car last year and have next to nothing in regard to credit card debt.  Didn't know who I would contact in regard to a lender.
  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.
April 01 2013
Profile picture for wetdawgs
Your question was cut short.  Click on "post reply" to provide the rest of the story.  

Just guessing:

When a house is inherited by siblings, it is common for there to be a difference of opinion on what to do.

Common options:

1.  Buy him out.   The two of you need to determine how to identify fair market value (appraisal? CMAs?).   Then, split the costs and you pay him for his half by getting a mortgage (or paying from cash in the bank). 

2. Can't get a loan to buy him out? 
a.  Sell the house, no matter how it breaks your heart and split the proceeds.
b.  See if he will allow you to pay him slowly.  See an attorney to come up with a contract.

  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.
April 01 2013
 
Related Questions
Should I wait to pay property tax at refinance closing
Profile picture for Omar Khamisa
Latest answer by Omar Khamisa
November 21 2013 | 11 answers
  • Asked by FremontResident
  • In Refinance
  • November 12 2013
My brother and I inherited my Moms home recently. I want to keep it and he wants to sell. I live t
Profile picture for Pacita Dimacali
Latest answer by Pacita Dimacali
April 04 2013 | 4 answers
  • Asked by user7504876
  • In Refinance
  • April 01 2013
Can I refinance my main loan alone?
Profile picture for Leslie Raymond
Latest answer by Leslie Raymond
September 20 2012 | 2 answers
  • Asked by mugundv
  • In Refinance
  • September 20 2012
What can I do to get more (or better) quotes for my loan request ZR-KHBYRGJ
Profile picture for AndreaSmolin
Latest answer by AndreaSmolin
May 03 2012 | 1 answers
Refinancing in california bay area
Profile picture for Rudi Hofmann
Latest answer by Rudi Hofmann
October 07 2011 | 6 answers
  • Asked by gettoknow123
  • In Refinance
  • October 07 2011
Mortgage Rates
 
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. 34324 Auckland Ct, Fremont, CA Home For Sale
    34324 Auckland Ct, Fremont, CA 94555

     For Sale: $695,000

    • Beds: 3
    • Sqft: 1390
    • Baths: 2.0
    • Lot: 5800
  2. 2529 Silsby Ave, Union City, CA Home For Sale
    2529 Silsby Ave, Union City, CA 94587

     For Sale: $699,900

    • Beds: 0
    • Sqft: 2188
    • Baths: --
    • Lot: 6098
  3. 222 Autrey St, Milpitas, CA Home For Sale
    222 Autrey St, Milpitas, CA 95035

     For Sale: $549,000

    • Beds: 3
    • Sqft: 1122
    • Baths: 1.0
    • Lot: 5922