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Bought a house with my best friend of 22 years…

And yes, the story is ending exactly like you think it would. I am seeking opinions about the following:

Person A put all of the initial money in, down payment and closing costs.

Person B committed to putting in sweat equity

1 year later Person B decided to move away to be with their new partner

Person A&B decide it’s best to sell, friendship had already suffered irreparable ruptures.

Person B hung sheet rock in basement after 3 floods caused moisture issues

Home is currently under contract and person A is set to lose $20k of initial investment

This means that not only was there not any equity gained, but in fact equity decreased. Do I have that right?

Person B wants Person A to pay them for the work in the basement, arguing sweat equity.

Should person A pay person B for their labor? Or, since there was no equity realized, Person B’s sweat equity contribution is null? Person A verbally agreed to pay Person B before the house was under contract and we thought there would be profit.

What say you?

submitted by /u/Wonderful-Radio-3032
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1heo2ad/bought_a_house_with_my_best_friend_of_22_years/
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