- Jan 3, 2001
I need help. Here is the situation. In 1997 my sister and I purchase a home together for the price of $92k which appraised for $97k. We both occupied the home for the six 6 years. I then moved out. My sister continued to occupy the home solely for 1yr afterwards. At the end of that 1 year living on her own my sister moved out and my wife and I took over the home. No upgrades were made to the home prior to my wife and I taking it over. We spent roughly 15k in upgrades including a full kitchen remodel. My wife and I then refinanced the home which now appraises for 140k. Now we want to pay off my sister. How do I calculate her payoff?