I am not an attorney, but you could sell it or have someone keep it. If someone keeps it, you can agree to a value and have him/her compensate you for your share. Might want to get an appraisal or more done - one appraiser hired by each person. A broker might help you for free if she/he thinks he can list your house for sale. Personally, if someone is keeping the house, I’d get at least 2 appraisals - one for each party and see if they are close together - if they are far apart, you can get another appraiser to review each appraisal.
Hope it helps.
I’d also sure your spouse doesn’t have any knowledge of who the appraiser you hire is until after the appraisal is completed and that he’s not there for the inspection done by your appraiser. He could slip him a few hundred dollars in the hopes that the appraiser will aim in the direction he wants. Don’t get me started on appraisers.
So then if we split the value, will he have to refinance in order to get the loan out of my name? The house is currently in both of our names.
Hi, I’m actually a mortgage broker and have dealt with someone in your situation several times. You have two options. One the house gets sold and neither of you lives there but split the net gain or loss. The second, if he wants the house, then yes he needs to buy your equitable interest in the house. So one he can pay you if he has the assets to do so for your share and you both can get you removed from the title and deed. The other way would be to refinance to get cash out and purchase your share of the equity out of the house. As far as faulty appraisers, the commissioner of banks monitors appraisers and I wouldnt worry so much about an appraiser getting paid to underestimate an appraisal. Just to easy of a way for them to be fined an excessive amount and to lose their license/career. I you want feel free to email or call me and I can explain it better for you what your options are and answer any questions you may have.
Haven’t you heard about the growing mortgage fraud industry with appraisers playing a facilitating role in it and sometimes going to prison.
How about mortgage brokers choosing their favorite appraisers that appraise to make the deal work - the deal goes through and everybody’s happy, but the appraisal is not impartial and honest as it should be.
Greetings. You must file a claim for equitable distribution prior to the date of an absolute divorce. If you do not, then the house will remain joint property and you will only be able to divide it according to real estate law. Thank you.
Janet L. Fritts
Attorney with Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax
10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax
1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.
We have been separated for one year and it is time to file for divorce. So far we have been able to amicably divide most of our bills and possessions. However, we own a house in which he resides, and he doesn’t want to move. What are our options for dividing the house when we file for divorce?