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To sell or not to sell -that is the question?

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  • 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,

  • #2
    buy him out at the reduced price,you win

    Sent from my HTC_Amaze_4G using Tapatalk

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    • #3
      Originally posted by sahibjee View Post
      buy him out at the reduced price,you win

      Sent from my HTC_Amaze_4G using Tapatalk
      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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      • #4
        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, 11:46 PM.

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        • #5
          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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          • #6
            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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            • #7
              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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              • #8
                Originally posted by MS Mom View Post
                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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                • #9
                  Originally posted by arabian View Post
                  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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                  • #10
                    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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                    • #11
                      I'd say dump the place then.

                      new beginning?

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                      • #12
                        Yes it's mortgage free and we will be doing the 50/50 equity wise. I have no problems with putting it up for sale, just not at this time. It would represent too big a loss for both of us.

                        Stbx has serious legal debts, (his own doing btw, seems to be litigation-happy) so selling off our property is looking real good to him.
                        I will be taking your advice about finding an outside lender, I buy off his share and then it's off to deal with the next quarrel.

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                        • #13
                          Originally posted by arabian View Post
                          I'd say dump the place then.

                          new beginning?
                          I'm really tempted lol! getting sick of this neverending ___

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                          • #14
                            Originally posted by Janibel View Post
                            Yes it's mortgage free and we will be doing the 50/50 equity wise. I have no problems with putting it up for sale, just not at this time. It would represent too big a loss for both of us.

                            Stbx has serious legal debts, (his own doing btw, seems to be litigation-happy) so selling off our property is looking real good to him.
                            I will be taking your advice about finding an outside lender, I buy off his share and then it's off to deal with the next quarrel.
                            You can buy it from under him. Put on the market at the agreed price and then find an agent to put in an offer on it. If you qualify with just your name, it's yours at the cost of commission to the agent.

                            Your interest in a mortgage free property should be enough to qualify for a mortgage - that and your spousal support. If you were selling to buy a new home, you're still counting on the equity for the money for the next place, right? The only difference is - it's the same place.

                            Maybe that's underhanded, I dunno. Seems logical to me.

                            Comment


                            • #15
                              Originally posted by MS Mom View Post
                              You can buy it from under him. Put on the market at the agreed price and then find an agent to put in an offer on it. If you qualify with just your name, it's yours at the cost of commission to the agent.

                              Your interest in a mortgage free property should be enough to qualify for a mortgage - that and your spousal support. If you were selling to buy a new home, you're still counting on the equity for the money for the next place, right? The only difference is - it's the same place.

                              Maybe that's underhanded, I dunno. Seems logical to me.
                              Oh I don't mind if it's underhanded, just so long as it's legal - Thanks for all the suggestions, least now I have some new ideas.

                              Comment

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