What to do if the co-owner of our house wants to put it in a short sale?
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What to do if the co-owner of our house wants to put it in a short sale?
We had a total downpayment of $16,000 but the goverment gave us back $8,000 as an incentive for 1st time buyers. So we had $4,000 each that went back to our pockets. I told him I want to continue the ownership but he wants me to pay him back his downpayment and the amount that he wants is $8000. Is this right? Our downpayment is $16,000 ($8,000 each of us), government gave us back $8,000 back ($4,000 each of us back), so our total out of the pocket was $8,000 ($4,000 each of us). Is it right to pay him back the whole $8,000 well in fact he is willing to put the house on short sale? He doesn’t want to put it in standard sale for the reason that it will be too long.
Asked on February 15, 2013 under Real Estate Law, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I think that you had best speak with an attorney in your area on the matter as soon as you can. First of all I do not think that he understands what a "short sale" necessarily is. It is a sale for less than the mortgage presently held on the home and it generally results in a deficiency and a deficiency judgement against the owners (unless waived). That is not what you want. You do not have to consent to the sale but the co owner can then file an action for "partition" that requests that the house be "split in two" which generally results in a sale for obvious reasons. Good luck.
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