Home Buying in 97123>Question Details

Ramilton Fra…, Renter in Hillsboro, OR

I'd like to buy a condo/town home in the $100,000 on my own without my wife involved so property will be mine once we divorce. can i do that?

Asked by Ramilton Franco, Hillsboro, OR Wed May 4, 2011

my credit score is 940 and both of us own a property that is underwater. We will be divorcing in the next 6 months and I want to take advantage of the market and my high credit score to get a condo around $100,000 and put 10% from my personal savings not hers.

Help the community by answering this question:

Answers

7
That could be a little tricky. You will want to speak with your attorney, to make sure that will work.
0 votes Thank Flag Link Fri May 2, 2014
Are you still searching for a condo? If so, Call/text us for help in your search.

Jennifer Peterson and Mandy Lewis
http://www.PDXRockstars.com
503-888-3180
503-522-5803
Keller Williams
0 votes Thank Flag Link Fri May 2, 2014
I see that you are in OR, however it depends on where your going to purchase your townhome/condo. Example: The state of Georgia is a "equitable distribution state" which means that all marital property acquired during the marriage is subject to division. Marital property includes all property that was acquired during the marriage, regardless of HOW IT IS TITLED (in whose name it is).

To make sure that you are covered, seek legal counsel on marital property law FIRST and just don't move to quick. A great deal in today's market, just might be an even greater deal 6 months from now.
0 votes Thank Flag Link Wed May 4, 2011
Does your wife's financial situation show up on your credit report? If you are NOT divorced, your wife will have to "quit claim" the deed to you. Will she be willing to do that?

David Cooper. Bank Owned Foreclosure Investor in Bank Owned REOs with Cash Flow. email or call for FREE daily list. +1-7024997037 not a real estate agent
0 votes Thank Flag Link Wed May 4, 2011
Hi Ramilton,

There are many details to be considered in your case that I would highly recommend you consult with an attorney on this. There may be a way to do this if you are able to show your money was always separate and that the divorce process was already started at the time you put an offer on a house. However, as Todd mentioned below there can be a lot of tricky areas here that really only an attorney can help with.

I am a Realtor in the Portland area. Please do not hesitate to contact me if you need anything or have additional questions. I would be happy to help you.

Sincerely,

Mandy Lewis
Realtor, Windermere
503-522-5803 direct
0 votes Thank Flag Link Wed May 4, 2011
If it is here in Oregon, you should be able to do that just fine. All you need to do is ask that the property be put in your name alone. That shouldn't be too hard. I am sorry to hear of the divorce but hope you find some home that will work for you.
0 votes Thank Flag Link Wed May 4, 2011
Hello,

It depends on the laws in your state. Where I live in Arizona, it would be as simple as having the soon to be ex wife sign off on the deal that she has no interest in the property and that you are going to own it as your sole and separate property. Before you do that, consult with your divorce attorney because if you buy an income producing property, that might effect your income for the purpose of calculating child support and alimony. Be very, very careful here. I would also point out that financing might be an issue depending on what you mean by owning property that is "underwater." If that means that you are behind on payments a new potential lender might consider that in their decision to lend you any money for the 90% you need financing on. Long story short, you need to have a conversation with your divorce attorney first, then a local Realtor and Lender before you write any contracts to buy anything.

Good luck, Todd Hurst
0 votes Thank Flag Link Wed May 4, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer