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  • June 23, 2008 at 1:49 AM #13106
    simonbart
    Participant

    Oh crap.
    I have a divorce coming up later this year and we will probably have to put our home on the market.
    It’s located in the El Cerrito area by SDSU.

    This is not a good time to be needing to sell.
    In 2005 we had a realter apprase it at aroung $725K.
    I have absolutly no idea what the current value would be. Houses in our neighbourhood that have come up for sale in the last year have not sold and have been taken off the market.

    I don’t know if I will be forced to sell or if my spouse who has already moved out will have to keep paying her share of the mortgage until this market eventually turns around (maybe late 2009).

    Anyone had to go through this situation recently???
    Any ideas on what our other options could be. I don’t think either one of us would qualify to buy the other party out (no kids involved).

    June 23, 2008 at 4:41 AM #226955
    Bugs
    Participant

    The property will sell if you price it agressively enough. Forget the $725k from 2005; your house probably isn’t worth that now and it probably won’t be worth that again any time soon. It could be 10 years before that $725k comes back, maybe even longer.

    If you can handle paying the existing mortgage you might be able to “buy” your spouse off with other investments, pulling cash out of your retirement accounts, borrowing from a parent or the like.

    Other than that you’ll probably be compelled sell.

    June 23, 2008 at 4:41 AM #227127
    Bugs
    Participant

    The property will sell if you price it agressively enough. Forget the $725k from 2005; your house probably isn’t worth that now and it probably won’t be worth that again any time soon. It could be 10 years before that $725k comes back, maybe even longer.

    If you can handle paying the existing mortgage you might be able to “buy” your spouse off with other investments, pulling cash out of your retirement accounts, borrowing from a parent or the like.

    Other than that you’ll probably be compelled sell.

    June 23, 2008 at 4:41 AM #227111
    Bugs
    Participant

    The property will sell if you price it agressively enough. Forget the $725k from 2005; your house probably isn’t worth that now and it probably won’t be worth that again any time soon. It could be 10 years before that $725k comes back, maybe even longer.

    If you can handle paying the existing mortgage you might be able to “buy” your spouse off with other investments, pulling cash out of your retirement accounts, borrowing from a parent or the like.

    Other than that you’ll probably be compelled sell.

    June 23, 2008 at 4:41 AM #227080
    Bugs
    Participant

    The property will sell if you price it agressively enough. Forget the $725k from 2005; your house probably isn’t worth that now and it probably won’t be worth that again any time soon. It could be 10 years before that $725k comes back, maybe even longer.

    If you can handle paying the existing mortgage you might be able to “buy” your spouse off with other investments, pulling cash out of your retirement accounts, borrowing from a parent or the like.

    Other than that you’ll probably be compelled sell.

    June 23, 2008 at 4:41 AM #227069
    Bugs
    Participant

    The property will sell if you price it agressively enough. Forget the $725k from 2005; your house probably isn’t worth that now and it probably won’t be worth that again any time soon. It could be 10 years before that $725k comes back, maybe even longer.

    If you can handle paying the existing mortgage you might be able to “buy” your spouse off with other investments, pulling cash out of your retirement accounts, borrowing from a parent or the like.

    Other than that you’ll probably be compelled sell.

    June 23, 2008 at 7:30 AM #227090
    Ex-SD
    Participant

    Listen to what Bugs said. He is an appraiser and knows what he’s talking about. If you don’t have any recent comps in your neighborhood, you can do a lot of research into what nearby, comparable houses have been selling for (Not listing for and sitting) or you can hire a competent appraiser and find out the true, present market value (which is going to get lower, the longer you wait). There are lots of sellers who want to sell but don’t have to sell at this time and many think that they can just ride out the storm for a couple of years and then values will jump back to 2005 values…………………They would be wrong! It’s going to be a minimum of 10 years before there’s going to be any possibility of returning to 2005 values. I think it’s closer to 15+ years.
    Good luck!

    June 23, 2008 at 7:30 AM #227100
    Ex-SD
    Participant

    Listen to what Bugs said. He is an appraiser and knows what he’s talking about. If you don’t have any recent comps in your neighborhood, you can do a lot of research into what nearby, comparable houses have been selling for (Not listing for and sitting) or you can hire a competent appraiser and find out the true, present market value (which is going to get lower, the longer you wait). There are lots of sellers who want to sell but don’t have to sell at this time and many think that they can just ride out the storm for a couple of years and then values will jump back to 2005 values…………………They would be wrong! It’s going to be a minimum of 10 years before there’s going to be any possibility of returning to 2005 values. I think it’s closer to 15+ years.
    Good luck!

    June 23, 2008 at 7:30 AM #227147
    Ex-SD
    Participant

    Listen to what Bugs said. He is an appraiser and knows what he’s talking about. If you don’t have any recent comps in your neighborhood, you can do a lot of research into what nearby, comparable houses have been selling for (Not listing for and sitting) or you can hire a competent appraiser and find out the true, present market value (which is going to get lower, the longer you wait). There are lots of sellers who want to sell but don’t have to sell at this time and many think that they can just ride out the storm for a couple of years and then values will jump back to 2005 values…………………They would be wrong! It’s going to be a minimum of 10 years before there’s going to be any possibility of returning to 2005 values. I think it’s closer to 15+ years.
    Good luck!

    June 23, 2008 at 7:30 AM #226973
    Ex-SD
    Participant

    Listen to what Bugs said. He is an appraiser and knows what he’s talking about. If you don’t have any recent comps in your neighborhood, you can do a lot of research into what nearby, comparable houses have been selling for (Not listing for and sitting) or you can hire a competent appraiser and find out the true, present market value (which is going to get lower, the longer you wait). There are lots of sellers who want to sell but don’t have to sell at this time and many think that they can just ride out the storm for a couple of years and then values will jump back to 2005 values…………………They would be wrong! It’s going to be a minimum of 10 years before there’s going to be any possibility of returning to 2005 values. I think it’s closer to 15+ years.
    Good luck!

    June 23, 2008 at 7:30 AM #227131
    Ex-SD
    Participant

    Listen to what Bugs said. He is an appraiser and knows what he’s talking about. If you don’t have any recent comps in your neighborhood, you can do a lot of research into what nearby, comparable houses have been selling for (Not listing for and sitting) or you can hire a competent appraiser and find out the true, present market value (which is going to get lower, the longer you wait). There are lots of sellers who want to sell but don’t have to sell at this time and many think that they can just ride out the storm for a couple of years and then values will jump back to 2005 values…………………They would be wrong! It’s going to be a minimum of 10 years before there’s going to be any possibility of returning to 2005 values. I think it’s closer to 15+ years.
    Good luck!

    June 23, 2008 at 8:15 AM #227095
    snail
    Participant

    The most important question is, how much you owe on the house currently? Second question is, could you afford the mortgage payment without your spouse income? Then you could compared your loan balance with the current appraisal of your house, and make decision to keep the house or sell it base on your ability to make the current payment. Good luck….

    June 23, 2008 at 8:15 AM #227152
    snail
    Participant

    The most important question is, how much you owe on the house currently? Second question is, could you afford the mortgage payment without your spouse income? Then you could compared your loan balance with the current appraisal of your house, and make decision to keep the house or sell it base on your ability to make the current payment. Good luck….

    June 23, 2008 at 8:15 AM #227105
    snail
    Participant

    The most important question is, how much you owe on the house currently? Second question is, could you afford the mortgage payment without your spouse income? Then you could compared your loan balance with the current appraisal of your house, and make decision to keep the house or sell it base on your ability to make the current payment. Good luck….

    June 23, 2008 at 8:15 AM #226978
    snail
    Participant

    The most important question is, how much you owe on the house currently? Second question is, could you afford the mortgage payment without your spouse income? Then you could compared your loan balance with the current appraisal of your house, and make decision to keep the house or sell it base on your ability to make the current payment. Good luck….

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