Tag : blogtastic
Tag : blogtastic
Welcome friends to the next installment of Divorce and Real Estate, Don’t be Dumb! After posting the original blog, I had several requests to elaborate on the possible remedies to the property situation. To the rescue was one of my favorite guys and world class mortgage loan originator, Jim Barker. Jim suggested an article he often refers to written by Tracy Achen for Womensdivorce.com. Tracy’s advice is fantastic for both men and women, I’ve included excepts from her article below because let’s be honest, she is clearly smarter than I am. Don’t be dumb.
Retain the Original Mortgage
Unfortunately, this is the option that many people unknowingly make when they get a divorce. In essence one spouse agrees to keep the home, but the mortgage isn’t changed after the divorce is finalized. If this is your situation, realize that if your ex doesn’t make the mortgage payments, it can ruin your credit if your ex defaults on the loan.
Maybe you want to retain the co-ownership of the home and leave the original mortgage intact until the children are grown. Once the children are gone, the house can be sold and the proceeds can be split. To make this arrangement work, both you and your ex should be able to cooperate in such a way that the mortgage payments, taxes and upkeep are paid in a timely fashion.
Like I said earlier, this is a risky proposition. First of all, do you really want to keep that closely tied to your ex. Secondly, if your ex has any future liens filed against him, they can be attached to your house. This ties up the title and makes it harder to sell the house. And finally, having an existing mortgage can make it difficult to qualify for a new mortgage because it will increase your debt to income ratio. You’re better off trying some of the other divorce mortgage options below.
Sell the House
One of the easiest ways to remove your liability from the mortgage when getting divorced is by selling the marital home. The proceeds from the sale will first be used to pay off the existing mortgage, and anything that is left over after closing costs can then be split between you and your spouse. Generally, it’s a good idea to sell the house before your divorce is finalized to prevent future opportunities to fight over the sales price. Plus, neither of you will have to worry about the other not making mortgage payments, maintaining the house, or paying taxes and insurance.
One Spouse Keeps the Home and Refinances the Mortgage
This is a common strategy when one spouse wants to keep the home. In this situation, the spouse who wants the house generally buys out the other spouse’s equity share and refinances the mortgage into his or her own name. If you’ll be keeping the house, it is important to have your spouse sign a quit claim deed which relinquishes his ownership and rights to the property.
If your spouse is the one who will be keeping the home, it is very important that the mortgage be refinanced in his name only. As long as your name remains on the mortgage, you will continue to be liable for the mortgage payments should your ex default on the loan.
If your divorce is not yet finalized and your ex will be keeping the home, it’s a good idea to include language in your divorce decree that your spouse will refinance the home. Along with this, you should also have your spouse sign a Deed of Trust to Secure Assumption. This gives you the right to foreclose and take back ownership of the house if he fails to refinance and subsequently defaults on the mortgage. After your divorce papers are signed and everything is finalized, you need to notify the mortgage lender of your security interest and request that they notify you at your current address of any missed payments.
One Spouse Keeps the Home and Assumes the Mortgage
A divorce mortgage assumption can be a good option if your bank will approve it, but you should realize that not all mortgages are assumable. Therefore, the first thing to do is to contact your mortgage lender to see if they will allow you to assume the loan.
If the mortgage lender will let you assume the loan, you begin the process by filling out the assumption agreement and a release of liability. The lender will also need documentation to determine if you can pay the mortgage based solely on your own income. If you meet the lenders underwriting guidelines, you may also need to furnish a copy of the quit claim deed as well as a copy of your divorce decree. If the assumption is approved, the lender generally executes a release of liability to the other spouse.
This can be a good option if your bank will allow the assumption and you have good terms on your existing mortgage. Even though there are assumption fees, they are usually much less than what it would cost to refinance the mortgage.
Copied from WomansDivorce.com. Read more at: http://www.womansdivorce.com/divorce-mortgage.html#ixzz3xuOJ83nj
There you have it folks, a cheat sheet for your options when it comes to your divorce and real estate. I’d like to thank Jim Barker again for this information. If you’d like to contact Jim to learn more about your mortgage options, you can reach him at 602-686-1885, JBarker@spfcnet.com or click here for more information. As always you can reach me at Caily@CailySellsAZ.com or through my website.
Categories: Real Estate
5 ways to get your relationship through your real estate transaction.
I am certainly not a therapist and don’t pretend to be one. In fact, I don’t want to know about your skeletons or deep dark secrets so keep that stuff to yourself, this is merely my observations in 15 years of practicing real estate. I have noticed a common trend amongst generally loving couples, at some point during the home buying and selling process, the snapping, eye rolling and loud sighs begin. A snide comment here, a sarcastic one there and all the sudden your real estate agent won’t make eye contact with either of you for fear you will think they are choosing sides. Relax, I am not singling you out, it happens to the best of us. Here are a few things I’ve found were helpful to remind my clients. If you are one of those perfect couples who never argues and always see eye to eye with your partner, congratulations, but I don’t believe you.
1. YOU DON’T ACTUALLY HATE YOUR PARTNER: You don’t. No, seriously, you don’t. One thing that always makes me laugh is when your partner doesn’t like the tile in your dream home and suddenly they can’t do any thing right. Chill out. You aren’t going to agree on everything and big life events are hard. When it comes to selling, I see a lot of stress on couples. I usually recommend sitting down together ahead of time and discussing your expectations before you list your house. One place you need to agree is price, I have often seen couples take opposing sides on price when an offer comes in. One thinks it’s too low, the other is ready to get the dang house sold. Sitting down ahead of time and agreeing on your strategy will make life easier on both of you.
2. SLEEP ON IT: How many times have you gotten this advice? Taking a little time is always a good idea. Your Husband loves the house you like the least? Don’t freak out in the driveway, in fact try to keep an open mind. Give it at least one night’s sleep before you absolutely put your foot down.
3. SEE IT THROUGH YOUR PARTNER’S EYES: Instead of saying no, because it just doesn’t suit you, try taking a few minutes to appreciate what your partner loves about a particular house. If you’re selling and your wife is having a mini breakdown because keeping the house clean for showings while trying to wrangle your twin toddlers is killing her, give her a minute to vent. I suggest never getting too close to an over stressed mother. Then try to come up with some options to make that an easier event. Giving the kids away is not an option, usually. When all else fails, even if you think she’s over reacting and being far too dramatic, a glass of wine and a little chocolate has saved many a night.
4. YOU CAN’T ALWAYS GET WHAT YOU WANT: But as the Rolling Stones said, “if you try sometimes you just might find, you get what you need”. As in most life changing events you aren’t going to always agree on the details. The name of the game is compromise. It’s rare to find a house that has every single perfect element a couple ever wanted, so there is going to be some give and take. When it comes to your house search, I recommend coming up with a “Top 10” list as a couple, and then establish a few deal breakers on that list. Share this list with your agent so they are sure to keep things headed the right direction.
5. ZIP YOUR LIPS: This one is hard (read: nearly impossible) for me, as I speak fluent sarcasm. Here’s the deal, while looking at homes together, if you don’t have anything nice to say to your spouse/girlfriend/boyfriend whatever, don’t say anything at all. That means no sarcastic comments about the yoga room your wife fell in love with, no eye rolling and deep sighs while your husband drools over the built in workshop with air conditioning and an extra 220 volt outlet. Give them their moment, it doesn’t mean you are suddenly throwing down an earnest deposit and riding off into the sunset to Home Depot. I often find that just because one person loves loves one item about the house, does not mean they are desperate to have the whole thing. Being disrespectful to each other will make for one heck of a long day, and an even longer real estate search. Now here is the caveat, if you both hate the green shag carpet and pink toilet, go to town, say whatever comes to mind, my client’s will tell you that I definitely will!
And now for the good news, once paperwork is signed and the stress of packing up and unpacking all of your earthly possessions subsides, you’ll like each other as much or as little as you did before.
If you’re looking to buy or sell your AZ home, and would like more information, please find me at my website or email me at Caily@CailySellsAZ.com
Just want to share your real estate couple breakdown, I’m all ears, feel free to comment!
Categories: Real Estate
Obviously you are smarter than your Realtor! Isn’t everyone? I mean this simply must be the case, otherwise, why would you be ignoring the advice of the trained professional that you hired? Hmmm, but wait, doesn’t your agent do this like day in and day out? It’s almost like they buy and sell houses for a living.
Do you detect any sarcasm? If the answer is no, go ahead and close this blog out now. Save yourself.
Folks, seriously, stop ignoring the advice of your Realtor. When they tell you the price you want for your house is too high, it is. The single biggest factor in a home spending more days on market than necessary is price. Think your agent wants to price the house too low to get it sold? Think again. The more your home sells for, the more money your agent makes, it’s a little thing we like to call commission based sales. Next, I am telling you, your agent wants to get more business in the neighborhood. You know what really irks the neighbors? Undercutting the value of their home by selling the neighbor’s house for next to nothing. Hire a good agent and they are going to work to get you as much for your home as they can, but they can’t magically wish the value of your home higher, so help them, help you.
A great agent (me, me) will walk you through your home and make suggestions for reasonable repairs and updates. There’s a chance they know what they are talking about. Just a chance. Maybe consider NOT blowing off their suggestions. I know you love your house and think everyone else will too. They won’t. Listen to your agent.
When your agent brings you feedback from other agents who have shown your home, put your giant house ego away and listen! Showing feedback is like gold! This is the feedback from potential buyers who have been through your home. It’s good stuff and can be a very useful tool if you can handle the truth. If the feedback is consistently that your collection of fuzzy bunnies with googly eyes is creepy and makes people want to run screaming, go ahead and store them for later. If you hear that your life size bozo the clown statue is too distracting for buyers, go ahead and send bozo on a holiday. You can bring him back in your new home. (Or never again). Don’t ignore the agent feedback, they are simply the messenger, and the message is worth your time.
I get it, you can beat your real estate agent in chess, you school them at monopoly and you could open a can of Trivial Pursuit whoop ass at any moment, but I am willing to bet your agent has bought and sold many more houses than you have. I will also bet that in a given week, they have been in and out of more strange houses than you have all year, So consider this, they might, just might have the experience here to get the job done. If you hire them, trust them, you’ll save yourself some aggravation in the long run.
For more unsolicited opinions and general bossing around, feel free to visit my website, or contact me at Caily@CailySellsAZ.com. Looking for a GREAT realtor in the Phoenix, Scottsdale, Paradise Valley area, check me out, I consider myself pretty great. (Someone has to)
Some funny for your Friday!
This amazing remodel will make you want to reevaluate your life, or at least your kitchen. Brought to you by the talented designers at Denovo Fine Cabinetry, this gorgeous project is too good not to share.
While performing my usual critical daily activity of scrolling through my facebook news feed I stumbled across a post from my friend Julie Carns, a designer at Denovo, sharing a recent remodel project she’d designed the cabinetry for. It was love at first sight. The homeowners chose their own fixtures, flooring etc, and the final product doesn’t suck.
To see more, visit their facebook page at: https://www.facebook.com/DenovoFineCabinetry
To get a quote to remodel or create your own spectacular space, you can contact the the designer directly:
Julie Carns, Allied ASID Designer with Denovo Fine Cabinetry
1868 E 6th St.
Tempe, Arizona 85281
I often tell my clients, if you’re going to spend the time and money to remodel your home, don’t do it to sell it, do it to live in it and enjoy it for a while. I’d like to add to that, if you’re going to remodel, use quality contractors and materials, the final product will be worth the cost. Buyers can spot a crappy remodel a mile away. If you’ve got questions on which updates will pay you back with your home, dont hesitate to contact me at Caily@CailySellsAZ.com or 480-577-4317.
Don’t Jump! They got it wrong.
Ahhhh the Phoenix housing market. It went up, up, up and down, down, down, and up again. Some people are feeling like they might be the kid who pukes on the roller coaster. Recently, it was reported by a group out of California, known as RealtyTrac, that the phoenix market just took a major hit. Their report essentially said that the foreclosure rate just sky rocketed 100%, making Phoenix the third largest foreclosure market behind two California cities, one being LA. Bring on the sweaty palms, and dizzy spell. Here we go again. Does this ride have a barf bag? The news comes out, and every news outlet grabs ahold of it. It’s widely reported and widely believed.
Not so fast…Michael Orr, the director of the Center for Real Estate Theory and Practice at the ASU WP Carey School of business, says that’s just plain false. In fact, according to him, that Math isn’t adding up at all
“California-based RealtyTrac reported a 104 percent increase in foreclosure filings in January of 2015, compared to December of 2014. The company also reported foreclosures were up 45 percent from January 2014, and at a 20-month high.
“Math is math,” Mike Orr of Arizona State University’s WP Carey School of Business.
“There was certainly nothing special about January. January [foreclosures were] lower than December,” he said.
Orr has been compiling foreclosure statistics for years, and suspects RealtyTrac had a backlog of data, which went into their database for January, and caused the spike.”
Read the entire article Here
And so, this brings up a very important point. The news reported is not always accurate. Don’t freak out based on the stories you hear reported. If you have questions about the Real Estate market and trends, please feel free to call me anytime! I can always be reached at 480-577-4317 or Caily@CailySellsAZ.com for questions. I believe it is always better to talk with someone on the ground who is doing the work. For now, feel free to put your barf bag away, come in off the ledge and rest assured that the Phoenix Market is doing well. We aren’t breaking records at the moment, but prices are up and sales are doing just fine.
North Scottsdale is hoppin’! We are finally cool enough for a Dutch Bros coffee shop! Can I get a collective Hallelujah!? The hippest, dare I say friendliest coffee spot around, will make the Grayhawak Plaza their home. Located on N. Scottsdale Road between E. Grayhawk Dr, and Thompson Peak Parkway, this plaza already boasts a Cold Beer and Cheeseburgers, Which-Which, Chipotle, and a Pei Wei. In short, it might become my new favorite place to be. This new location won’t be just any old Dutch Bros, oh no, we would never…. It’s a 1,838 sf location, and will include indoor seating as well as a drive thru. With the opening of a the New Sprouts and now some hip coffee coming our way, I’d say our community is doing pretty darn well! The news makes this Scottsdale Realtor pretty excited for the coming year. Hoping with all the action, we see a boost in home sales and property value. Coffee and Profit, It can’t get any better! If you have questions about what’s happening our way, contact me anytime!
Seriously, nobody said anything to these people? These ridiculous real estate signs make me chuckle a little every time.
Really? I admit, it can be a painful process, but taking my appendix out with a chainsaw just seems worse somehow…
I just…anyone? My very immature sense of humor couldn’t resist this cheap laugh. Tell me, that the guy who made this sign didn’t post it on his facebook. So, no one says to B.J., “Hey (snicker, snicker) your sign says BJ worthy”. Maybe BJ is smarter than all of us, perhaps it is genius marketing. I couldn’t do it.
Well, there’s some full disclosure for you. This guy should have hired a realtor though, we know how to market a home to sell, even when the neighbors are less than ideal.
I kid you not, in the state of New York, you DO have to disclose if a home is haunted, because you know, that could be a big deal to the new owner. Good to know that this one isn’t though. I think I’ll pick up a few of these riders for my sellers, just to make myself giggle. Buyers wouldn’t likely forget my client’s home!
This guy is way popular, makes a great margarita. I had no idea he was also in the real estate game.
Who wouldn’t refinance at the gas station? Luckily, gas prices are more reasonable recently, but if they go back up, there’s always this place. Local Exxon station, get gas, a burrito, and a refi. HA!
Oh dear. I’m pretty confident she meant to say deck, huge deck. Otherwise, I do believe her ad belongs on Craigs List. For the record, I would die, if I made this error, just die.
Because, who doesn’t want a pizza? I can see it now, you’re out looking at houses, you’re starving and then you see it, a house that comes with a pizza. Stop the car, that’s the one.
There you have it, 9 reasons why I like to have another person proof my work! I am all about crafty marketing for my clients, but sometimes it goes a little too far. Share any signs that you’ve seen, I always enjoy a good laugh!
Categories: Real Estate
I don’t really consider myself a “foodie” per say, I do not have the refined gourmet sense about me, rather I am more food obsessed. I don’t take bites picking apart the subtle nuances of gourmet spices and cooking methods. I live for the bites that make me clap my hands and giggle with excitement over their deliciousness. I have more than just a few times, been so giddy over my meal or dessert (often dessert) that the tables near me inquire and order their own. I love food, I am serious about it, and I simply won’t bother if it doesn’t taste good. In my quest I have had some outstanding meals at some pretty awesome places in the greater Phoenix area. I’m sharing with you, but don’t tell anyone else, we don’t want the lines getting any longer. ( Yea right, haha!)
1. Little Miss BBQ – I waited in line for 30 minutes, just yesterday to have this miracle of BBQ. Don’t tell me you don’t like barbeque, I don’t hear you, and until you’ve tried this place, you can’t be sure. The Fatty Brisket ( I can’t believe I had to type fatty) left me speechless, it is incredible. You need to know the brisket usually sells out before 2, so if you think you’re going to try it, you better get there early. This is no saucy BBQ joint, there is sauce if you need it, but their food sings on it’s own. I’ve had the pulled pork sandwich ( Scott the owner was visibly disappointed when I chose this over the brisket, but he didn’t know my lunch mate would literally order one of everything, so I was set) turkey, sausage and all of their sides, and just wow, every time. It’s teeny tiny and only open for like 10 min a day (11am – 4pm Tuesday through Saturday), the owners and their family make you feel welcome from your first moment in their line. We even got a smoker tour on this last visit. This is a hidden Phoenix gem, and I am in love. http://www.littlemissbbq.com/
2. Snooze – 3 words, Breakfast Pot Pie. You don’t know, there aren’t words, changed my life. This is literally the best thing I’ve ever eaten for breakfast. ever. That title used to belong to a fantastic little dive in San Francisco, who makes a dish called the Taylor Street Scramble, but now the champion has been over thrown. Last time I had the pot pie, I sold the tables on both sides of me on it, it’s that good. (Unless Flaky crust, and delicious sauce aren’t your thing) Next best, their pancake flight. That’s right, a pancake flight. Three pancakes off their menu of your choosing, it should be illegal. I’m talking Pineapple Upside Down Pancakes (sooooo good) Peanut Butter Chocolate pancakes, Sweet Potato Pancakes ( I don’t even like sweet potatoes, but dang I love these). I highly recommend, with two AZ locations, Phoenix and Tempe. The wait can be a bit long and they don’t take reservations, but you should try it once, and then never again so it’s not too crowded. Don’t be part of the problem. 🙂 http://snoozeeatery.com/locations/town-country/
3. Coconuts Fish Café – I don’t really want you to know about this place, but sharing is caring and all that. Fish Taco fans, these are your people. This ultra casual North Scottsdale eatery serves up the freshest, tastiest fish I have ever had in the land locked state where fish consumption could be a gamble. Oh my the fish tacos. Like a party in my mouth with a mango chutney and an extravaganza of delectable flavors. They are enormous and they come two per order, so if you’re dorky like me, you’ll end up needing a knife and fork too. If fish isn’t your thing, I also love the steak tacos, absolutely delicious. There are currently only two locations, one here in AZ, the other in Hawaii. Save the airfare, take the drive to Scottsdale, and try these. It’s cool too if you don’t, shorter lines for me. http://www.coconutsfishcafe.com/home
4. DeFalco’s Italian Eatery and Grocery – This South Scottsdale restaurant/deli is certainly no secret but man oh man is it good!! I have literally been dreaming about my next opportunity to have their meat ravioli. I grew up in an Italian family, my whole childhood is stuffed with amazing Italian meals, and I am going to tell you, this is one of the most delicious dishes I have ever had. (Shhh, that’s just between us) It is perfect in every way, the pasta surrounding the meat is the ideal tender blanket for a filling so good, I had to take a minute to sigh into food heaven happiness. The pizza is also just OUTSTANDING! Crisp buttery crust, fresh flavorful toppings, so good. My only regret is that the last time I was there, I was leaving on an early flight the next morning, and couldn’t eat my leftovers. I mourned that situation, just ask the folks seated in 17 B and C. http://defalcosdeli.com/about.html
5. Tommy Bahama – I know what you’re thinking, they make over priced shirts right? Oh but wait, in a few of their fancy pants stores around the country, there is a fancy pants restaurant attached. You’re thinking it’s cheesy right? It’s not. It’s like a mini vacation for your soul. Located in North Scottsdale, at Kierland, go sit on the patio on a beautiful evening and listen to the steel drums play as your sip your (kinda pricey) tropical cocktail (Coconut Cloud Martini for me) and tell me I’m wrong. You won’t, unless you’re grouchy, because it’s pretty awesome. The food is always fresh and flavorful, I love their tortilla soup and most of their appetizers, but it’s not about the entrée for me. It’s about dessert. I make it a rule to order dessert here first, and it’s worth it. My favorite? The Pineapple Crème Brule. This (and Del Frisco’s coconut cream pie but that’s another post) is what will be served in heaven by tiny cherubs. I think I heard the angels sing with my first bite, and every bite thereafter. Served in a pineapple with a perfect crisp sugar crust, I think it could aid in creating world peace. Did I mention I really love it? http://www.tommybahama.com/TBG/Stores_Restaurants/Scottsdale.jsp
Those are just a few of my favorites, I’d love to hear about yours!
Categories: It's Local