Debt to Income Doesn't Matter...Say WHAT ?

By
Real Estate Agent with Keller Williams 414-525-0563 57026-90 Broker

   We believe when you include divorce in your practice to

whatever degree....there is no substitute for practical experience.  We not only have taken courses in divorce...we also take the same courses Family Lawyers in Wisconsin take for their continuing legal education credits....we want to understand what we do....and teach in our Dream Course 

exactly the reality of the inner workings of divorce...not just gloss over the "high poitns."

Dream It's not because you were/are divorced...because you know someone who is (who doesn't) or read a book....the day to day interaction with both the divorcing couples and their legal counsels is much more what prepares you to be a Real estate agent in a transaction which involves divorces.

   We have had clients that  have had a good six figure income but also had a considerable amount of debt.  Life happens....there are medical expenses and divorces that 

cripple budgets....the lifestyle, the home, the car, the "extras" that one came to think of as normal expenses are  no longer affordable. .....reality is a shock. All the "things" have become part of their identity....that address, car, country club membership....a personna that can no longer afford to exist....at least for the present time.

accountant     There are professionals who are trained as CDFA's.... Certified Divorce Financial Analysts. These are the experts that look at all aspects of the divorcing

 couples financial picture. It is not a service just for people who "have money"...It is to determine the division of income and  expenses...pensions and credit cards...maintenance and  child support...there is a lot to consider when a two income family becomes onedebt income and varying incomes by each spouse are only part of the picture.

   Many times lawyers choose not to bring a CDFA into the financial discussion...and the results can sometimes be disasterous.  One Counsel told his client "debt to income doesn't matter....your soon to be ex makes a lot of money."  Making a lot can mean owing a lot....whether it has been on what one person may consider "necessary" things and another may consider it frivolous. 

      If you are considering making divorce a part of your real estate practice....we suggest training and education to support that area is the best way to prepare yourself....and be a service to you clients.  You can  call or email us....Sally@HansonRealEstate.Net with the subject line Divorce Course; it's not the drama you imagine 24/7.....and it's also not a service to represent someone in this situation without an education foundation.

    This has been a professional service post brought to you by  Sally K. & David L. Hanson, Broker Associates iwth Keller Wlliwams Realty honored to be serving Southeastern Wisconsn.

 

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
3,914,303
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Sally K. & David L. Hanson healthy income plus heavy debt equates to problems, whether divorce is in the picture or not.... "stuff" happens to throw that equation off kilter....

Jul 16, 2017 03:47 AM #2
Rainmaker
2,218,558
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Sally.  I mentioned that niche at our last meeting.  It didn't go over well, their loss.

Jul 16, 2017 03:52 AM #3
Rainmaker
1,726,785
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

And people wonder why they can't qualify for a loan, or get a decent interest rate.  I know somebody who "qualified" for a car loan recently, who's credit worthiness got him a great 22% interest.  I call his car, "The Loan Shark."

Jul 16, 2017 03:57 AM #4
Rainmaker
2,074,542
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

An excellent point, Sally and David. As with running a business, it's not how much you make, but how much you keep at the end of the day.

Jul 16, 2017 04:08 AM #5
Rainmaker
4,233,272
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thank you very much for sharing your experience and your successful business practices.

Jul 16, 2017 04:39 AM #6
Rainmaker
2,761,877
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Good morning, Sally and David -- there are some valuable lessons to be learned by following the advice in this post.  I'm sure your clients and associates you work with appreciate your approach to staying on top of the educational opportunities and life experiences that make you successful. 

Jul 16, 2017 06:20 AM #7
Rainmaker
2,347,455
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Sally and David. Sometimes you need to double check the advice you are getting! Enjoy your day!

Jul 16, 2017 07:13 AM #8
Rainmaker
1,701,430
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Divorce certainly makes things a lot more difficult for everyone involved, whatever happened to "til death do us part", seems like it has become a thing of the past.

Jul 16, 2017 07:30 AM #9
Rainmaker
2,646,553
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Yes, it's true. Making a lot, can mean owing a lot too. Debt can happen to those that you may think are doing well!

Jul 16, 2017 07:34 AM #10
Rainmaker
3,194,130
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sally & David, a divorce does usually cause more debt, and we see it frequently.  GREAT post.

Jul 16, 2017 07:35 AM #11
Rainmaker
1,321,235
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

It's sad that people give advice when they don't know what they're talking about - especially when they are supposed experts that people can trust.

Jul 16, 2017 09:20 AM #12
Rainmaker
2,462,017
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Sally & David, along the same lines I often  seeing my market the income is just amazing, but so is their life style and they are forced to lease, because they can not get a loan....

Jul 16, 2017 11:54 AM #13
Ambassador
3,040,880
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Sally and David- it's not as simple as it would seem, is it? This is when hiring a professional who knows what they're doing is so important. 

Jul 16, 2017 05:02 PM #14
Ambassador
2,492,190
Paul S. Henderson, CRS, REALTOR®,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I have only worked in this realm a couple of times in my career and I enjoyed your insight Sally K. & David L. Hanson 

Jul 16, 2017 05:18 PM #15
Ambassador
3,326,555
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Heavy debt can sink the boat of trying to buy. Specialized agents like you two know how to guide couples into buying again.

Jul 16, 2017 07:02 PM #16
Ambassador
2,196,611
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I always enjoy your expert insight in real estate and divorcing clients and this is another piece of great advice! I also love the acronym for your course - clever indeed, Hansons both!

Have a great week!

Jul 17, 2017 05:33 AM #17
Rainmaker
3,895,293
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Sally and David.  We all need to be careful of getting advice from those who may not be fully aware of the realities of the situation.

Jul 17, 2017 05:40 AM #18
Rainmaker
1,390,787
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

I think Nina Hollander said it best. Some people are not good candidates for a mortgage despite having a lot of assets.

Jul 17, 2017 12:57 PM #19
Rainmaker
1,351,114
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

There are so many moving pieces Sally K. & David L. Hanson .  You have a good handle on this. 

Jul 17, 2017 03:49 PM #20
Ambassador
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Wanda Kubat-Nerdin
Residential, Referrals & Relocation REALTOR at PK Real Estate Utah South - St. George, UT
St. George Area Preferred Residential REALTOR®

Another reason to consult a professional or a few before moving forward toward more disappointment. Thank you very much for your valuable insight and the information to use Sally and David.

Jul 17, 2017 06:17 PM #21
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce - Short Sale
For All Things Wisconsin Real Estate...Call the Hansons
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