buying out a co-owned propertyabout 6 years ago my wife bought a duplex with friends. the property is co-owned, not a TIC. The loan consisted of a 10 year interest only period so no one has any equity in the place at this point and it is underwater. our best estimate is that it would go for 700k at the most right now and was purchased for 800k. we would like to get the whole building from them and believe that, due to their circumstances, they might be willing to entertain a buy out. my question is how would that work? if we offer them, say, $10,000 to walk away how can we get them free of the loan in the process? i'm sure there are more details that are needed to answer this and i'm no expert and will answer any questions that help. I'm guessing that we will have to talk it over with a real estate attorney to make sure that our proposal is rock solid before we bring it to them but i'm hoping to get some initial direction here. thanks in advance.November 12 2012 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.