Refinance ? Maybe Not....

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

Divorce House

 

     Working in divorce as part of our practice in a marital property state..property is divided. This can mean that one spouse buys the other out of the property by refinancing it or it can mean the house is sold and proceeds...or sometimes, the shortfall is divided if the couple elects not to do a short sale. Every seller wants to believe there is equity in their home...it didn't sell because....the agent didn't do enough marketing,  the staging could have been better....the excuse list continues but the reality is still sometimes that the deficiency between what the price the market will bear and the amount owed is a number well into five figures.

  erasing a slate  The order from the court...the desire for people to move on with their lives...means refinancing or selling the former marital property.  There is no magic mortgage slate that wipes one spouse's name from the mortgage....only refinancing or selling does that.

 In several cases recently a divorcing/divorced homeowner  had lenders  very  willing to refinance...requiring an appraisal of course....with a five figure deficiency. ...and closing costs.   Refinancing is not always the best option....If you are in southeastern Wisconsin and want to explore the best options for the sale of your home, call the Hansons...we have a practice based on education and fostered by successful experience for all the best in real estate.

 

Posted by

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


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Rainmaker
1,792,271
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Now I wonder Sally, how can a lender even do that when the house is under water?  I have never seen anything like that in my realm...an appraisal has to be really high & I would see some fraud going on here if that was happening.

Nov 24, 2014 09:17 PM #1
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

When it comes to $$$$$, I'm the worlds worst....all I know how to do is spend it.

Nov 24, 2014 09:51 PM #2
Rainmaker
3,130,520
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great information and a wealth of helpful tips as usual guys!  thanks!

Nov 24, 2014 11:14 PM #3
Rainmaker
1,286,971
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

Sally K. & David L. Hanson ~ during difficult times more then ever folks going through a divorce need the very best help! And I am positive that team Hanson is the very best at providing it

Nov 25, 2014 01:24 AM #4
Rainmaker
2,913,499
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Letting the emotions override common sense is not a good thing.  If the marriage is over move on.  

Nov 25, 2014 07:27 PM #5
Rainmaker
4,797,261
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Sally and David, those folks facing a divorce and a sale or refinance of their home should call you for expert advice and guidance.  

Nov 25, 2014 07:40 PM #6
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Rainmaker
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Sally K. & David L. Hanson

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