Legal Question in Real Estate Law in Washington
real estate law
I own a home with a former friend. I have decided that we need to part ways and sell the house. We have it on the market but it is priced too high and the other partner is being extremely uncooperative. She has refused lower price offers on the house and will not sit down and talk about some sort of deal. I need to get out this house and she is unable to buy me out. I also do not believe she wants to sell. I do not have anyone that is willing to buy me out either and no one will get involved with a business proposal with her. What can I do? I am desperate!
1 Answer from Attorneys
Re: real estate law
If after telling your friend that you think the home is overpriced, and I would try talk with them about entering a contract to settle your dispute. The idea is to agree that you both hire an appraiser that you both agree upon, and that you stipulate to use their listing price.
In addition, I would add provisions that deal with setting up a lowering of the home's price if it does not sell within a certain period of time. Things like, how much must the price be reduced, etc.
Depending on how much equity is in this home, I highly suggest that you have an attorney structure the language of such a settlement or contract for you. If you spend a couple thousand dollars on an attorney now, that will save you tens of thousands from losses at a later date.
If you need further consultation on this issue, feel free to contact me by clicking on my name below for the rest of my contact information.
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