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June 23, 2008 at 8:45 PM #227346June 23, 2008 at 9:09 PM #227513temeculaguyParticipant
Just thank your lucky stars that there are no kids involved, it’s just money. With regards to your comment about not knowing if your spouse will have to pay her share of the mortgage until the market turns around, the answer is NO! Get an honest appraisal from a real appraiser not a realtor, and if you can avoid getting a lawyer (by that I mean she doesn’t get one either) then use a paralegal, draft a marriage settlement agreement, and divide the assets. The diference between the appraisal and the loan is the value of that asset, lets say it has a value of 100k and you have another asset worth 100k, you each take one. It is better to refi and remove the other party’s name from the loan or get your lender to remove it which they probably won’t so you are stuck with a refi. You can buy her out or she can buy you out if the house has equity and that is all there is. I know at least 20 people who have gone through a divorce in recent years and not one person who bought the other out and kept the house is happy with their decision (including very recent ones) for quite a few it has been their undoing. My actual advice, list it yesterday for an agressive 20-50k below any recent comp, make it go away, divide the cash, get the divorce done sooner than the end of the year and start over. Go rent for a year or two and then buy back in when the market is worse. If you buy her out you are doing nothing more than buying today and I don’t think anyone here would advise you to do that in your area right now. Another tip, if you don’t sell, the appraisal you get today is worthless in 60 days, don’t base the MSA on an appraisal unless the ink on it is still wet.
June 23, 2008 at 9:09 PM #227528temeculaguyParticipantJust thank your lucky stars that there are no kids involved, it’s just money. With regards to your comment about not knowing if your spouse will have to pay her share of the mortgage until the market turns around, the answer is NO! Get an honest appraisal from a real appraiser not a realtor, and if you can avoid getting a lawyer (by that I mean she doesn’t get one either) then use a paralegal, draft a marriage settlement agreement, and divide the assets. The diference between the appraisal and the loan is the value of that asset, lets say it has a value of 100k and you have another asset worth 100k, you each take one. It is better to refi and remove the other party’s name from the loan or get your lender to remove it which they probably won’t so you are stuck with a refi. You can buy her out or she can buy you out if the house has equity and that is all there is. I know at least 20 people who have gone through a divorce in recent years and not one person who bought the other out and kept the house is happy with their decision (including very recent ones) for quite a few it has been their undoing. My actual advice, list it yesterday for an agressive 20-50k below any recent comp, make it go away, divide the cash, get the divorce done sooner than the end of the year and start over. Go rent for a year or two and then buy back in when the market is worse. If you buy her out you are doing nothing more than buying today and I don’t think anyone here would advise you to do that in your area right now. Another tip, if you don’t sell, the appraisal you get today is worthless in 60 days, don’t base the MSA on an appraisal unless the ink on it is still wet.
June 23, 2008 at 9:09 PM #227351temeculaguyParticipantJust thank your lucky stars that there are no kids involved, it’s just money. With regards to your comment about not knowing if your spouse will have to pay her share of the mortgage until the market turns around, the answer is NO! Get an honest appraisal from a real appraiser not a realtor, and if you can avoid getting a lawyer (by that I mean she doesn’t get one either) then use a paralegal, draft a marriage settlement agreement, and divide the assets. The diference between the appraisal and the loan is the value of that asset, lets say it has a value of 100k and you have another asset worth 100k, you each take one. It is better to refi and remove the other party’s name from the loan or get your lender to remove it which they probably won’t so you are stuck with a refi. You can buy her out or she can buy you out if the house has equity and that is all there is. I know at least 20 people who have gone through a divorce in recent years and not one person who bought the other out and kept the house is happy with their decision (including very recent ones) for quite a few it has been their undoing. My actual advice, list it yesterday for an agressive 20-50k below any recent comp, make it go away, divide the cash, get the divorce done sooner than the end of the year and start over. Go rent for a year or two and then buy back in when the market is worse. If you buy her out you are doing nothing more than buying today and I don’t think anyone here would advise you to do that in your area right now. Another tip, if you don’t sell, the appraisal you get today is worthless in 60 days, don’t base the MSA on an appraisal unless the ink on it is still wet.
June 23, 2008 at 9:09 PM #227476temeculaguyParticipantJust thank your lucky stars that there are no kids involved, it’s just money. With regards to your comment about not knowing if your spouse will have to pay her share of the mortgage until the market turns around, the answer is NO! Get an honest appraisal from a real appraiser not a realtor, and if you can avoid getting a lawyer (by that I mean she doesn’t get one either) then use a paralegal, draft a marriage settlement agreement, and divide the assets. The diference between the appraisal and the loan is the value of that asset, lets say it has a value of 100k and you have another asset worth 100k, you each take one. It is better to refi and remove the other party’s name from the loan or get your lender to remove it which they probably won’t so you are stuck with a refi. You can buy her out or she can buy you out if the house has equity and that is all there is. I know at least 20 people who have gone through a divorce in recent years and not one person who bought the other out and kept the house is happy with their decision (including very recent ones) for quite a few it has been their undoing. My actual advice, list it yesterday for an agressive 20-50k below any recent comp, make it go away, divide the cash, get the divorce done sooner than the end of the year and start over. Go rent for a year or two and then buy back in when the market is worse. If you buy her out you are doing nothing more than buying today and I don’t think anyone here would advise you to do that in your area right now. Another tip, if you don’t sell, the appraisal you get today is worthless in 60 days, don’t base the MSA on an appraisal unless the ink on it is still wet.
June 23, 2008 at 9:09 PM #227466temeculaguyParticipantJust thank your lucky stars that there are no kids involved, it’s just money. With regards to your comment about not knowing if your spouse will have to pay her share of the mortgage until the market turns around, the answer is NO! Get an honest appraisal from a real appraiser not a realtor, and if you can avoid getting a lawyer (by that I mean she doesn’t get one either) then use a paralegal, draft a marriage settlement agreement, and divide the assets. The diference between the appraisal and the loan is the value of that asset, lets say it has a value of 100k and you have another asset worth 100k, you each take one. It is better to refi and remove the other party’s name from the loan or get your lender to remove it which they probably won’t so you are stuck with a refi. You can buy her out or she can buy you out if the house has equity and that is all there is. I know at least 20 people who have gone through a divorce in recent years and not one person who bought the other out and kept the house is happy with their decision (including very recent ones) for quite a few it has been their undoing. My actual advice, list it yesterday for an agressive 20-50k below any recent comp, make it go away, divide the cash, get the divorce done sooner than the end of the year and start over. Go rent for a year or two and then buy back in when the market is worse. If you buy her out you are doing nothing more than buying today and I don’t think anyone here would advise you to do that in your area right now. Another tip, if you don’t sell, the appraisal you get today is worthless in 60 days, don’t base the MSA on an appraisal unless the ink on it is still wet.
June 23, 2008 at 9:18 PM #227471temeculaguyParticipantLast thing, if she buys you out, do not sign a claim deed, that only gets you off the deed but not the loan, so when she loses the house or misses payments, which is likely, your credit goes with it and you have no power to sell or do anything, it isn’t your house, just your debt, oldest trap in the book. She may try to get you to sign so she can refi and get the cash to buy you out, only sign with the actual refi lender, they have the forms and do it simultaneously in escrow, there is no need to deed it to her before hand. I wouldn’t mention it if I didn’t have buddies who fell for it. I am not sure how they all figure these things out but they either have secret meetings or there are manuals only available in the women’s bathroom, either way, switch to legal websites soon. “Marriage is grand, divorce is 40 grand.”
June 23, 2008 at 9:18 PM #227518temeculaguyParticipantLast thing, if she buys you out, do not sign a claim deed, that only gets you off the deed but not the loan, so when she loses the house or misses payments, which is likely, your credit goes with it and you have no power to sell or do anything, it isn’t your house, just your debt, oldest trap in the book. She may try to get you to sign so she can refi and get the cash to buy you out, only sign with the actual refi lender, they have the forms and do it simultaneously in escrow, there is no need to deed it to her before hand. I wouldn’t mention it if I didn’t have buddies who fell for it. I am not sure how they all figure these things out but they either have secret meetings or there are manuals only available in the women’s bathroom, either way, switch to legal websites soon. “Marriage is grand, divorce is 40 grand.”
June 23, 2008 at 9:18 PM #227356temeculaguyParticipantLast thing, if she buys you out, do not sign a claim deed, that only gets you off the deed but not the loan, so when she loses the house or misses payments, which is likely, your credit goes with it and you have no power to sell or do anything, it isn’t your house, just your debt, oldest trap in the book. She may try to get you to sign so she can refi and get the cash to buy you out, only sign with the actual refi lender, they have the forms and do it simultaneously in escrow, there is no need to deed it to her before hand. I wouldn’t mention it if I didn’t have buddies who fell for it. I am not sure how they all figure these things out but they either have secret meetings or there are manuals only available in the women’s bathroom, either way, switch to legal websites soon. “Marriage is grand, divorce is 40 grand.”
June 23, 2008 at 9:18 PM #227533temeculaguyParticipantLast thing, if she buys you out, do not sign a claim deed, that only gets you off the deed but not the loan, so when she loses the house or misses payments, which is likely, your credit goes with it and you have no power to sell or do anything, it isn’t your house, just your debt, oldest trap in the book. She may try to get you to sign so she can refi and get the cash to buy you out, only sign with the actual refi lender, they have the forms and do it simultaneously in escrow, there is no need to deed it to her before hand. I wouldn’t mention it if I didn’t have buddies who fell for it. I am not sure how they all figure these things out but they either have secret meetings or there are manuals only available in the women’s bathroom, either way, switch to legal websites soon. “Marriage is grand, divorce is 40 grand.”
June 23, 2008 at 9:18 PM #227483temeculaguyParticipantLast thing, if she buys you out, do not sign a claim deed, that only gets you off the deed but not the loan, so when she loses the house or misses payments, which is likely, your credit goes with it and you have no power to sell or do anything, it isn’t your house, just your debt, oldest trap in the book. She may try to get you to sign so she can refi and get the cash to buy you out, only sign with the actual refi lender, they have the forms and do it simultaneously in escrow, there is no need to deed it to her before hand. I wouldn’t mention it if I didn’t have buddies who fell for it. I am not sure how they all figure these things out but they either have secret meetings or there are manuals only available in the women’s bathroom, either way, switch to legal websites soon. “Marriage is grand, divorce is 40 grand.”
June 23, 2008 at 10:02 PM #227515SD RealtorParticipantHi pw –
Yepp I just submitted an offer to the Caminito Calor home here in Scripps. It is a fixer of sorts, but it is south of Pomerado where we really want to be. Yard wise it is just okay, the lot is a bit more then 1/4 acre but the orientation is not great. The privacy is really good though… Housewise the sf is good and the layout is pretty good as well. However it could use about 150k in work inside to get into the ballpark of being decent.
I think you may have mistook optimism for my defense of people making offers. I know we had that one stretch over the past few months in the spring where it seems like we had ALOT of people posting asking about buying and even starting off posts with “forgive me but I am submitting an offer…”
I don’t think I have ever said or even tried to imply the market is turning around or even close to it. What I have tried to do is defend those who are buying for other reasons besides trying to find the bottom of the market. It also seems that my statements about many short sales having offers on them, as well as fairly robust levels of activity for REOs in Mira Mesa and PQ, as well as quality properties in other areas may have left an implication that I was more “positive” on the market. If it did that was not the intent. The intent was to give a snapshot of the frustration that buyers have had of late. Right now I have several different offers in (from a few different buyers) on properties right now. Also another reservation for a 4S new home but to me that doesn’t count.
In all those cases the buyers know my stance 100% but they have weighed the factors involved and made thier choice accordingly. Now, on all of those properties, the buyers are prudently coming in aggressively but the properties are all short sales and very frustrating to deal with.
Anyways as far as my own offer goes it looks like I have been outbid by a few other people so looks like I am sol and am standing firm on my spot.
June 23, 2008 at 10:02 PM #227522SD RealtorParticipantHi pw –
Yepp I just submitted an offer to the Caminito Calor home here in Scripps. It is a fixer of sorts, but it is south of Pomerado where we really want to be. Yard wise it is just okay, the lot is a bit more then 1/4 acre but the orientation is not great. The privacy is really good though… Housewise the sf is good and the layout is pretty good as well. However it could use about 150k in work inside to get into the ballpark of being decent.
I think you may have mistook optimism for my defense of people making offers. I know we had that one stretch over the past few months in the spring where it seems like we had ALOT of people posting asking about buying and even starting off posts with “forgive me but I am submitting an offer…”
I don’t think I have ever said or even tried to imply the market is turning around or even close to it. What I have tried to do is defend those who are buying for other reasons besides trying to find the bottom of the market. It also seems that my statements about many short sales having offers on them, as well as fairly robust levels of activity for REOs in Mira Mesa and PQ, as well as quality properties in other areas may have left an implication that I was more “positive” on the market. If it did that was not the intent. The intent was to give a snapshot of the frustration that buyers have had of late. Right now I have several different offers in (from a few different buyers) on properties right now. Also another reservation for a 4S new home but to me that doesn’t count.
In all those cases the buyers know my stance 100% but they have weighed the factors involved and made thier choice accordingly. Now, on all of those properties, the buyers are prudently coming in aggressively but the properties are all short sales and very frustrating to deal with.
Anyways as far as my own offer goes it looks like I have been outbid by a few other people so looks like I am sol and am standing firm on my spot.
June 23, 2008 at 10:02 PM #227396SD RealtorParticipantHi pw –
Yepp I just submitted an offer to the Caminito Calor home here in Scripps. It is a fixer of sorts, but it is south of Pomerado where we really want to be. Yard wise it is just okay, the lot is a bit more then 1/4 acre but the orientation is not great. The privacy is really good though… Housewise the sf is good and the layout is pretty good as well. However it could use about 150k in work inside to get into the ballpark of being decent.
I think you may have mistook optimism for my defense of people making offers. I know we had that one stretch over the past few months in the spring where it seems like we had ALOT of people posting asking about buying and even starting off posts with “forgive me but I am submitting an offer…”
I don’t think I have ever said or even tried to imply the market is turning around or even close to it. What I have tried to do is defend those who are buying for other reasons besides trying to find the bottom of the market. It also seems that my statements about many short sales having offers on them, as well as fairly robust levels of activity for REOs in Mira Mesa and PQ, as well as quality properties in other areas may have left an implication that I was more “positive” on the market. If it did that was not the intent. The intent was to give a snapshot of the frustration that buyers have had of late. Right now I have several different offers in (from a few different buyers) on properties right now. Also another reservation for a 4S new home but to me that doesn’t count.
In all those cases the buyers know my stance 100% but they have weighed the factors involved and made thier choice accordingly. Now, on all of those properties, the buyers are prudently coming in aggressively but the properties are all short sales and very frustrating to deal with.
Anyways as far as my own offer goes it looks like I have been outbid by a few other people so looks like I am sol and am standing firm on my spot.
June 23, 2008 at 10:02 PM #227559SD RealtorParticipantHi pw –
Yepp I just submitted an offer to the Caminito Calor home here in Scripps. It is a fixer of sorts, but it is south of Pomerado where we really want to be. Yard wise it is just okay, the lot is a bit more then 1/4 acre but the orientation is not great. The privacy is really good though… Housewise the sf is good and the layout is pretty good as well. However it could use about 150k in work inside to get into the ballpark of being decent.
I think you may have mistook optimism for my defense of people making offers. I know we had that one stretch over the past few months in the spring where it seems like we had ALOT of people posting asking about buying and even starting off posts with “forgive me but I am submitting an offer…”
I don’t think I have ever said or even tried to imply the market is turning around or even close to it. What I have tried to do is defend those who are buying for other reasons besides trying to find the bottom of the market. It also seems that my statements about many short sales having offers on them, as well as fairly robust levels of activity for REOs in Mira Mesa and PQ, as well as quality properties in other areas may have left an implication that I was more “positive” on the market. If it did that was not the intent. The intent was to give a snapshot of the frustration that buyers have had of late. Right now I have several different offers in (from a few different buyers) on properties right now. Also another reservation for a 4S new home but to me that doesn’t count.
In all those cases the buyers know my stance 100% but they have weighed the factors involved and made thier choice accordingly. Now, on all of those properties, the buyers are prudently coming in aggressively but the properties are all short sales and very frustrating to deal with.
Anyways as far as my own offer goes it looks like I have been outbid by a few other people so looks like I am sol and am standing firm on my spot.
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