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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 01-22-2014, 11:31 PM
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Default To sell or not to sell -that is the question?

The housing market in my area is really in the toilet. At least half the homes on my street have FOR SALE signs and they are not moving. Is it ever advisable for divorcing couples to not sell the matrimonial home until later - after I've had a chance to repair and renovate - or after the economy hopefully improves? Would it not be to the benefit of both of parties that I try to get the best price possible?

As per our separation agreement, I have exclusive possession. The cost of maintaining the house is very reasonable compared to rentals in my area. Problem is the STBX has been pushing for a quick sale regardless of the home's evaluation estimate. He's not thinking straight - I don't want to sell the place at a ridiculous discount?

I suggested to him via my lawyer that I could rent the home to a mutual relative and split the proceeds with STBX, this would give me time to fix the place up and generate some cash flow - STBX refused, just wants to sell asap at whatever price.

I seem to be at an impasse, home's aren't selling unless drastically reduced, getting the home all prettied up will cost me more $$$ and STBX wants a quick fix ... now what?

I suppose this is more of a rant than a question, though I would appreciate input from those who have been there.

Thanks,
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Old 01-22-2014, 11:35 PM
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buy him out at the reduced price,you win

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Old 01-22-2014, 11:40 PM
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buy him out at the reduced price,you win

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Good suggestion sahibjee, but I can't handle it until division of assetts. A lot of our financials are bogged down for the time being.
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Old 01-22-2014, 11:41 PM
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I can tell you about a woman I knew some years back who had a very different arrangement with her ex.

They were in their 20's when they married. They had this agreement to not sell the property until he (then husband) had a career established and the house went up in value. I remember being quite astonished at hearing about this when she told me about it. When they were married the husband was a struggling young architect who had large student loans. So they agreed that the property division would be put off until he was established. Well I tell you it was a bonus for her in the end.

Fast forward 15 yrs and my friend wanted to move. The property had increased in value (5 x). She told me that she and her then-husband had agreed that rather than do the spousal support/property split thing, they would instead let my friend realize on the increased property value whenever she wanted to (after 10 yrs). At the same time she agreed to no spousal support. He paid as he could to help the child. In the end it was a win-win for both. That is just a gloss-over of everything.

The property was in one of those areas of the city that was zoned for future high-density.

I admire the creativeness of their separation agreement.

Last edited by arabian; 01-22-2014 at 11:46 PM.
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Old 01-22-2014, 11:49 PM
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That's the sort of arrangement that I would be happy to negociate with stbx. I'm confident that in a couple of years I could get a great price for the property. Also in a couple of years, he will be way better off financially and will not be in such a 'panic mode' to sell. It would clearly be a mistake to do it now.
Wish he would see it this way ...
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Old 01-22-2014, 11:49 PM
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Quote:
Originally Posted by Janibel View Post
Good suggestion sahibjee, but I can't handle it until division of assetts. A lot of our financials are bogged down for the time being.
I think a good mortgage broker could make it work for you Janibel.
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Old 01-22-2014, 11:54 PM
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If your ex has a new spouse then good luck on trying to negotiate this sort of thing. Logic and money seem to take a back seat to passion and ownership. You will always be perceived as the 'bad guy.'

So you'll have to get a good appraisal.
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Old 01-23-2014, 12:03 AM
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I think a good mortgage broker could make it work for you Janibel.
I've been in contact with one for a couple of months now MSMom, she was good enough to give me some FREE advice and suggested that I not sell at this time - she agrees that the home is very likely to increase in value because of expected zoning changes.

As far as options go, I've made several offers to settle with stbx, options that would free him from worrying about what to do with the property. He's being very stubborn ... work in progress (sigh)
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Old 01-23-2014, 12:07 AM
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If your ex has a new spouse then good luck on trying to negotiate this sort of thing. Logic and money seem to take a back seat to passion and ownership. You will always be perceived as the 'bad guy.'

So you'll have to get a good appraisal.
Nope, there's nobody, I wish there was, I'm certain that if he had a new lady in his life, he's have better things to do than aggravate me. This what bitterness can lead to - bad decision.

The property was appraised this summer and stbx wants to put in on the market for 25% less than estimate? No way ...
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Old 01-23-2014, 12:10 AM
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Quote:
Originally Posted by Janibel View Post
I've been in contact with one for a couple of months now MSMom, she was good enough to give me some FREE advice and suggested that I not sell at this time - she agrees that the home is very likely to increase in value because of expected zoning changes.

As far as options go, I've made several offers to settle with stbx, options that would free him from worrying about what to do with the property. He's being very stubborn ... work in progress (sigh)
Is it currently a mortgage free property? If it's currently mortgage free and you're getting a portion of the equity in addition to spousal support - you should be able to qualify for a mortgage.

A good broker can find you an outside lender, all sorts of options - if you want to keep the house.
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