Home Buying in Sebastopol>Question Details

Bill Parks, Home Owner in Sebastopol, CA

My wife & I getting divorced and it will be final in December. My ex wife moved to an apartment, I am living in our family home in Sebastopol that we

Asked by Bill Parks, Sebastopol, CA Sun Jul 7, 2013

Have owned since 1985. My intentions are to stay in the family home & buy out my ex-wife, however, this must be done before December when the divorce is final. I make over $100.000 a year & have excellent credit. Please tell me what steps I need to do so that this can happen. An appraisal would be first?

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We can definitely help you out with a loan. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options
0 votes Thank Flag Link Thu Jul 11, 2013
Hi Bill,

To remain in the home in Sebastopol, you're right, you'll need to either buy your wife out or give her your interest in some other investment equal to the value of her interest in the Sebasopol house. Your attorney will be the best one to discuss the steps needed.

If, after talking to your attorney, you decide to buy her out by refinancing look for a good, experienced loan officer who can help you. The good news is rates are fantastic now and you have plenty of time to accomplish this, but I would do it sooner rather than later because the market is moving up and higher comparable market sales could raise your house's valuation and increase the amount you need to finance.

Divorce is a difficult time, it is hard to think straight, but finding out what your options are and getting good advise will help a lot in the transition.

Here are three reputable loan brokers I would suggest...
Elise Groves / First Priority Lending / 546-0440
Mark Huisking / Stearns Lending / 524-4840
George Elloitt / Mission Hills Mortgage / 303-2935

Best wishes,
Sheila Lawrence
0 votes Thank Flag Link Mon Jul 8, 2013
Hello Bill,

Depending on the agreement with your wife, it sounds like you would want to get an independent appraisal to determine the value for splitting the equity in the home. If there is enough equity in the home, you can do a "cash-out refinance" to come up with the funds to pay her. Please note that the appraisal used for the divorce issue most likely cannot be used for the refinance due to lender guidelines.

If you have any questions on the refinance, please feel free to contact me.

Take care,

Bill
0 votes Thank Flag Link Sun Jul 7, 2013
Hi Bill, in reviewing your previous inquiries, it seems you may have received an appraisal that's presenting a more conservative valuation/adjustments. A previous suggestion for appealing the value is a one time opportunity that can, and often does, bring about a revised valuation. Curiously, I just helped a client/friend do the same earlier this week. She submitted the appeal on Friday; we're waiting to hear back and are hopeful as we were able to bring value on a number of misinterpreted data.
0 votes Thank Flag Link Sun Jul 7, 2013
Oops. That should be PEST not Post!
0 votes Thank Flag Link Sun Jul 7, 2013
You need to get an appraisal, a home inspection and a post inspection. You will need to work with a lender to refinance so that you can get her of any loan. I can walk you through this over the phone out a cup of coffee. Wishing the best for both of you.

Barbara
0 votes Thank Flag Link Sun Jul 7, 2013
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