[michelle34Member@michelle34Join Date: 2006Post Count: 10]

January 8, 2007 - 11:26 pm

also, when you suggest going to the open market, do you mean attempting to sell our 50%?

many thanks

[michelle34Member@michelle34Join Date: 2006Post Count: 10]

January 8, 2007 - 11:24 pm

thanks for your input. i have had three real estate appraisals now, of which i worked out an average value .. our partner refuses to accept this so i suppose the next step would be a sworn valuation. fingers crossed we get things sorted soon as it is becoming quite stressful. [confused2]

[michelle34Member@michelle34Join Date: 2006Post Count: 10]

January 8, 2007 - 11:10 am

okay, we own half the property and our partner wants to buy us out because we now want to sell (which was our agreed plan in the beginning). problem is our partner will not accept our totally reasonable buy out figure. second problem is that we are owner occupiers so until an agreement is made … we’re stuck because all our cash is tied up in the property. very sticky!!

[michelle34Member@michelle34Join Date: 2006Post Count: 10]

June 27, 2006 - 1:09 am

Thank you all so much, this information is exactly what I needed. [biggrin]

[michelle34Member@michelle34Join Date: 2006Post Count: 10]

June 26, 2006 - 5:56 am

Thanks for your feedback Craig. we split all costs associated with the property (mortgage, expenses, renovation costs) 50/50 with the intention of splitting any profit in the same way when the house sold. my buyout calculations so far have included 50% of all closing costs and renovations costs plus 50% of the difference between purchase price and current valuation price. not sure if what we’ve paid off the mortgage is to be taken into consideration?

[michelle34Member@michelle34Join Date: 2006Post Count: 10]

February 28, 2006 - 9:36 am

thanks for your input guys, i’m with you … i think it’s probably best to hold onto it.. just hoping the house won’t be too hard to rent out … its a two story (ocean glimpses from upstairs) 3br with 3 living areas, 2 bathrooms, double garage and inground pool. we’re even thinking about adding another room so we’re able to ask more rent.