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Buy another modest house, move to a lower cost area if you have to. If the kids live with you after 18 and they work maybe they can help out or you can get a friend to live with you to help pay the bills. I would not rent, it's throwing money away. I spent over $50K renting a modest 1 bedroom for 6 years, I moved to a lower cost area and bought a home and pay a little less than 2/3 of what my rent was on the mortgage.
Hello all, I have a situation. I'm going through a divorce and my ex husband has since bought another home. (He is a multi-millionaire but I signed a prenup so I get nothing except child support.) Anyway, I live in the marital home, which we co-own. I've been a stay at home mom for almost 20 years and have been looking for a job since our separation. We live in a smallish town and not much is available, esp for a 53 year old mom who hasn't worked in 20 years.
We need to fix a bunch of things in the house, paint, change the carpet, etc before we put it on the market. However, with no job/income, I will be relying solely on the sale of the home to purchase another one. I have a rough idea what it's worth but a real estate agent will give us a better idea.
How does this work in the real world? I'm not sure how much we'll get for the house, so I feel like I can't look at other homes with much confidence. More importantly, would a buyer wait for me to find a house after an offer? I won't qualify for a loan and have no co-signer option.
Thank you!
No, but you can do a rent-to-own deal, seller financing, or private money loan. Estimate the value. If you're a bit off, you should be OK, I'm sure someone will do the deal with 80% down. Be creative. Once your income is established, you can move the debt into a home equity loan, mortgage, or heloc from a bank or credit union.
It would not hurt to consult another attorney, because yours does not seem like much of an advocate for you. It sounds like you signed the pre nup under duress. Did you have an attorney review it? Perhaps a lawyer would take the case under contingency.
I've had 2 attorneys look at it. It's a lot harder to reverse a prenup than one would think. "Duress" basically means you had a gun held to your head to sign it. The fact that I was pregnant and running to vegas to get married doesn't cut it. Unfortunately.
there's a lot of moving parts that heaven't been defined yet.
do you have a divorce attorney?
do you get 100% of the net proceeds from the sale? what other compensation is he giving you - no child support?
Will your ex pay for the needed fixes that you mentioned?
as far as what you *think* your question is - you're mentioning buying a home contingent upon selling/closing the sale of yours. not many sellers look kindly upon waiting on someone to sell their home.
You should start by figuring out what is the lowest price house that will meet your needs and be well below what you think the current house will sell for.
Yes, I have an attorney.
No, I get 50% of the proceeds.
He is paying but will probably make me reimburse him 50% for all repairs.
I've been underestimating both for planning purposes. My son is in a private school in my area and the home prices are pretty high.
First figure out roughly how much money YOU will net after the home is sold and after you pay 50% of rehab costs and moving expenses.
Then try to keep at least half of that money set aside and only use the other half to purchase another home. Or less than half. Which means you take 25% of the proceeds of the current home to purchase another home or possibly condo for yourself.
If you have to drive 15 miles farther way for cheaper real estate, then consider that.
I assume your current home is large and expensive. Hopefully this means that 25% of proceeds should get you another home that's smaller.
You want to figure out how much money you expect to walk away with and then start reviewing what kind of homes or condos you can by for 25% of proceeds from current home. Learn the market well so you really know what you can get. But wait before you put in an offer.
Then wait until you have a firm contract to SELL your current home. That's when you are ready to pounce because you'll have a contract to sell and because you will have firm dates and you will know the actual selling price. At this point you are ready to start making offers on a place to purchase. Have the realtor put a contingency that your current home sells (and let them know it is currently under contract with closing date of xx/xx/xxxx).
Then you move. The other 25% of home proceeds will be a financial cushion that you will need to pay real estate taxes, health insurance, car costs, etc.
If your current home is large/expensive, it probably will take a long time(many months) to sell. This is because there is a smaller subset of buyers for expensive homes. However, this doesn't mean it won't sell fast, because there is a possiblity. But usually, on average, more expensive homes take longer to sell. So don't be surprised if you are still living there in 6 months while it is For Sale. But a lot depends on local market. A realtor will give you the estimated time it might take to sell, based on prior sales of comparable homes in your area.
This is pretty common. If you want you can start looking for houses so you get an idea of what's out there, but wait until you get an offer on your house, only then start considering making an offer on another property yourself. If you find something, just make sure you set the closing date to be after the closing of the sale of your current home (even on the same day, if you are lucky enough with timing), this way you don't need to add a contingency asking the seller to wait until you sell. If the sale of your house falls through, the financing contingency of your offer will get you out of the contract to purchase.
There is nothing out of the ordinary about your situation (needing to sell your current house in order to be able to afford a new one) your realtor should be able to guide you through the process.
Even with a pre-nup after 20 years you certainly are entitled to support, and a share in what was earned during that 20 years. You need to find the toughest attorney you can and get what you justly deserve.
Even if it means going out of your location, find an attorney that isn't socially or financially involved with your husband. And, do not worry about fees, many attorneys will work for someone and collect the fees from the lucrative spouse.
Especially if there is adultery.
Last edited by JanND; 01-09-2017 at 02:38 PM..
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(No offense)
