buying someone out of their share of a mortgage

[dublin123456]

Hi, I am starting the process of buying someone out of their share of a mortgage (50% share) on a residential mortgage.

My question is : Would it be better to formally put the house on the market and let the market dictate the value of the house or just get an average of four estimates from four different auctioneers?

Thank you.

 

[mf1]

The actual market value can only be determined if the property does actually go on the market but won't you/they be liable for the Auctioneers costs? The average mechanism is easier and less costly.

Just to clarify also what is happening - you do not buy someone out of their share of a mortgage. You buy their interest in the property, which is subject to a mortgage, and it is a condition of purchase that either the mortgage is discharged entirely or that you assume responsibility for their share of the mortgage and they are freed from any liability.

mf

 

[dublin123456]

Thank you.