What to do with the house

Old-Macaroon8148 · 2023-08-03T22:00:20+00:00

Yes and yes. I’m not sure of your financial situation and income but have you ran the numbers and made sure keeping the house is in your best interest? Just saying don’t bite off more than you chew for sentimental reasons. A divorce is bad enough no need to add more financial stress.

If you’re going to keep the house here’s some tips:

For this purpose you want the house to appraise for as little as possible. Can you stall the appraisal till the winter? Typically home values are seasonal you may get a lower appraisal in 4 months.

Get a good home inspector, you’ll want the most meticulous one on the planet that will give you a very detailed report. Then get quotes for the repairs from high quality contractors.

life-is-short- · 2023-08-03T22:06:32+00:00

Also if it is still under mortgage and you both listed there refinance will be required to keep house. With current rates you may better sell it.

Gattsama · 2023-08-04T05:48:33+00:00

The house has two parts. Title and mortgage.

Changing the name on the title is as simple as a few forms and fees at the court house. It's not a big deal.

The mortgage, however, can not be changed without refinancing. So 3 choices: refinance loan, assumption loan, or sell the house. If you get a new loan, she still has to get her half of the equity. Either you buy her out (cash), an unequal distribution, or roll into spousal support. If you sell the house, it's a 50/50 split, or the equity can be used in lieu of support or to offset something else.

A refinance is a new loan. You have to be approved, pay closing costs (which can be rolled into the loan), you will get a new interest rate, and the clock starts over (eg, 30y).

An assumption loan is a new loan. You have to be approved, pay closing costs (which can NOT be rolled into the loan), you keep your current interest rate and time paid. Basically, you assume the old loan, but you have to pay closing again and be approved.

You both also have to come to an agreement. If no agreement can be reached, the house will be sold (ultimately by court order if need be).

tragicaddiction · 2023-08-04T12:49:17+00:00

you know the house well from living there..

if with the appraiser make sure to point out all the issues you know of, small or not.

ever had a leak in the roof? make sure they know.

is there a certain spot in the floor that always creaks.. make sure they step on it

any issues with plumbing? was something not done to code.. any electrical goblins.. any backyard draining issues? have pictures of the yard if it looks like crap from not being maintained

pk2at · 2023-08-04T16:29:48+00:00

Just talk to the appraiser and let him know the situation, typically you can show a value lower by at least 20%

Title	What to do with the house
Author	Vesperado611
Upvotes	3
Comments	5
Date	August 3, 2023 9:24 PM UTC (3 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/15hgie3/what_to_do_with_the_house/
Archive Link	https://theredarchive.com/r/Divorce_Men/what-to-do-with-the-house.1227382 https://theredarchive.com/post/1227382

Comments