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Profile picture for LoriBronson

how do I buy out my mother?

My mother and I are both on the deed of my late grandmother's home which is paid for free and clear. My mother has now started seeing dollar signs and has decided she wants to sell it. But I live here and don't want to move. She is now threatening me with taking it to court so I will be forced to buy her out. How would I go about doing this if the house is paid for?
  • December 04 2012 - Paradise Valley
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Answers (7)

Profile picture for funds2
Your mother may not have the option of forcing you to buy her out. This is a legal matter, and you need to seek legal assistance from an attorney that practices real estate law in AZ.  Your city likely has a lawyer referral assistance program that you could utilize.
  • December 05 2012
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Dear Lori:

You should contact a real estate attorney to work out the many issues involved.

You may wish to ask your Realtor if you both have decided to sell for a referral or contact the Arizona Bar Association.

Jeff Masich, Realtor
HomeSmart Realy
Scottsdale, Arizona
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  • December 04 2012
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You may want to consult an attorney.  An option might be that you get a loan for the amount of her equity in the home.  Should you decide to sell the home, I am experienced Realtor and would be happy to work with you.
  • December 04 2012
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As Carl stated once you agree on a number you can do a cash out refinthe lender will have a title company take your mom off the feedback..good luck to you
  • December 04 2012
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Lori,

I also might add to buy her out with a necklace but that probably will not fly, right!  Easy way is the cash out refinance like the last two comments.  The title company will make sure to close this transaction smoothly to just have you as the owner of the house and your mother off. 

620 fico score is most likely what you will need, plus other factors.  Talk to a loan officer and get pre-qualified. 

  • December 04 2012
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You would need to refinance the home for the amount needed to pay off your mom for her interest in the property.  The first step is to come to an agreement on how much to pay your mom?  Then find a local lender who can assist you with the refinance.  The transaction will be considered a cash out refinance even though there is no loan to be paid off.
  • December 04 2012
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Profile picture for wetdawgs
The first step is to get an estimated market value of the home from an outside expert in a way that the two of you agree (such as hire an appraiser or get a couple of CMAs from agents).  Then you will need to arrange to get payment for your mother's share (50% (?) minus half the expenses).  If you have the cash reserves, you may be able to pay her cash, otherwise, you'll have to qualify for a mortgage.      Talk with a real estate lavvyer to get the contract in order, and make sure she signs a quit claim deed when she gets the payment so that  the title is in your name only.   Talk with lenders about the cash out refinance.

If you cannot qualify for a mortgage to buy out her portion, then you will need to plan on putting the property on the market and split the proceeds as described in the will.

It sounds perfectly reasonable that your mother wishes to have more flexibility with her inheritance so wishes her money out of the property.   While you are working this out, if you've not been paying her rent,  I'd recommend that you pay her 50% of market value  for use of her half of the property (as well as pay back rent).  This may help give you a few weeks to work it out, rather than have your mother force the issue.   Good luck!
  • December 04 2012
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