Home Equity Distribution
in [Divorce]
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From: jon.carr2 on 20 Oct 2005 12:37 I am considering buying wife out of my house if we go forward with divorce. i had figured id pay her the equity less 6% of appraised value. but someone told me it should be closer to 10%. Is there a standard of some kind that I can use? Why would it be 10% and not just the realtor fees? Pleas don't tell me to go talk to a lawyer, i am just trying to do preliminary planning and am hoping to resolve as much as possible in counseling. thanks. also, my charge was given a 2-year deferred finding, so it will be dismissed in 10/2007 and i will be clear to apply to law school again.
From: barry on 20 Oct 2005 13:05 jon.carr2(a)gmail.com wrote: : I am considering buying wife out of my house if we go forward with : divorce. i had figured id pay her the equity less 6% of appraised : value. but someone told me it should be closer to 10%. Is there a : standard of some kind that I can use? Why would it be 10% and not : just the realtor fees? Pleas don't tell me to go talk to a lawyer, i am : just trying to do preliminary planning and am hoping to resolve as : much as possible in counseling. : thanks. Theoretically you would split the realtor fees so I'd take 3% off the appraised value. I don't see why you'd take 10% off. It makes no sense to me. b.
From: stilllearning on 20 Oct 2005 13:43 jon.carr2(a)gmail.com wrote: > I am considering buying wife out of my house if we go forward with > divorce. i had figured id pay her the equity less 6% of appraised > value. but someone told me it should be closer to 10%. Is there a > standard of some kind that I can use? Why would it be 10% and not > just the realtor fees? Pleas don't tell me to go talk to a lawyer, i am > just trying to do preliminary planning and am hoping to resolve as > much as possible in counseling. > > thanks. > > also, my charge was given a 2-year deferred finding, so it will be > dismissed in 10/2007 and i will be clear to apply to law school again. Wife should get 50% of appraised value. If she uses the money to buy an equivalent house, after adding her own 50% from, say, savings, she will be in the same situation you are in. So then why would you keep 6%?
From: jon.carr2 on 20 Oct 2005 13:48 when you sell a house you pay 6% to realtor. so you would first subtract that off the top of appraised value.
From: hiccupu on 20 Oct 2005 14:49
I am not a realtor, but I am going through selling my house. 1. Appraised value does not equate to selling price. May be higher or lower, or right on. For sake of argument, let's go with appraised value. 2. 6-8% is selling realtor fee. There are other fees involved in selling the house when it comes to settlement. And it comes out of the seller (you and your wife). This may be where the total of 10% come in. 3. The selling realtor gives up portion of his 6-8% to the buying realtor. Generally half. However, if you were selling old home and buying new home from same realtor (giving him another business), you can generally negotiate a lower fee % because the realtor does not share with another buying realtor. Don't call a lawyer. But do call a realtor to ask what the seller realtor's fee is and find out what other fees are involved in settlement. jon.carr2(a)gmail.com wrote: > when you sell a house you pay 6% to realtor. so you would first > subtract that off the top of appraised value. |