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Hi Richard,I've gotten myself more...
Hi Richard,I've gotten myself more organized since the last time I asked a question. Here's the situation:I am on the mortgage of a two family Rhode Island house with my parents. My parents want me to take on the mortgage while splitting the equity with my brother. My brother is a complete aside in this situation, he has had no financial input or interest in the house for over ten years. I have also maintained the house and the tenants for over four years without input from my parents.My parents and my brother are under the impression that my brother will somehow get 25-30 thousand out of this deal. I'm told by the bank's pre-approval process that that is not reasonable. However, I am working with some cutthroat family dynamics and I would like to get out of the situation with minimal scarring.I am told that the house is appraised for approximately 170,000 and we have a mortgage of 114,000 left. I am pre-approved for approximately $8000 above the cost of the current mortgage. I'm willing to give all $8000 to my brother if that's what it takes, but I have no idea how I could get him more than that.My question really is in the process. What questions should I ask? What do I need to know? What options do I have? I'm trusting one bank and one lawyer with this, but I'm flying blind and I wouldn't know if they are only looking out for their own interests or mine as well. I'm also aware that they are only doing the work that I ask. There may be a different way entirely, but I just don't know it exists.In the end, I want my parents off the mortgage, I'd like to give my brother something, but not all of what he's asking for, and I want something in writing that makes all of this ironclad legal so they can't come after me for more money later.Help!
Thanks again for any information you can share.
Sarah
Submitted: 3 months ago.Category: Real Estate Law
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1/3/2018
Real Estate Lawyer: Richard, Lawyer replied 3 months ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,585
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Real Estate Lawyer: Richard, Lawyer replied 3 months ago

Hi there. The first question is....what net proceeds would be available if you were to sell the property to a third party after all costs involved....i.e., costs of getting the house ready to sell, closing costs, and payment of the mortgage in full. Typical closing costs are 7% of the sales price. And, even though appraised at $170,000, it's not likely to actually sell for that. So, if you presume it costs you $5,000 to get it ready to sell (due to repainting, repair, etc.), you list it for $170,000 and get an offer for $160,000, and there are 7% in closing costs, you have $143,800 before paying the mortgage; then once you pay the mortgage, you have only $28,200 left. So, if your parents want you to split the equity, the most your brother should get is $14,100 because that's all he would get if you sold it to a third party. For that, he should not be on the title and he should be entitled to nothing further as you have all the risk going forward.

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Real Estate Lawyer: Richard, Lawyer replied 3 months ago

Just following up. My screen indicates that you have not reviewed my response. Please let me know if you did not receive it so I can re-send it if necessary. Thank you! Richard

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