Melinda talks to Adam Carricker, real estate broker, and Joe Soto, mortgage lender, about real estate and divorce. When getting a divorce, real estate can be one of the largest and thorniest problems to solve. Unlike most assets, it’s not easy to evenly divide real estate in the same way you would other assets. That’s why Adam and Joe are here to walk us through the process of handling the problem of real estate, whether that means selling, buying out, refinancing, or some combination thereof. All this and more on this episode of The Melinda Eitzen Show!
About the Guest
Adam Carricker is a real estate broker with Fowler Real Estate Group. To find out more or to hire Adam, go to fowlerrealestategroup.com.
Joe Soto is a residential mortgage lender with CrossCountry Mortgage, LLC. To find our more or to hire Joe, go to crosscountrymortgage.com.
Key Takeaways About Real Estate and Divorce
If selling your home, don’t make it obvious that it’s because of a divorce. That will likely lead to lower purchase offers.
The real estate buying season tends to run alongside the scholastic calendar, especially when dealing with single-family homes.
You don’t have to wait to explore financing options until after the divorce.
Rates and prices are inversely related, high rates tend to mean low prices and vice versa. So, it’s best to buy when rates are high and prices low, then refinance the property when rates go back down again.
In cases of divorce, you may qualify for an Owelty Lien, which may get you more favorable rates and conditions for refinancing. Check with your lender to see if you qualify.
Notable Quotes About Real Estate and Divorce
“I have been seeing some servicers and some portfolio loans that were done, even though they’re just a normal, conventional loan being assumed. So it’s definitely something to check with your servicer if it’s something that you can do on that particular loan or mortgage.” – Joe Soto
“The best time to invest in real estate is today. The way that these properties appreciate in value, that’s only going up.” – Adam Carricker
“Guidelines in underwriting have really tightened down and buckled down, so we’re making sure people are qualified, really, really qualified, and not giving fake documents using technology. So, it’s a lot more stringent.” – Joe Soto
“Having a good lender is one of the most important parts of the transaction because that’s where the money is coming from, and the ability for the lender to close the transaction, given the timing of some of these deals, is very important. The last thing you want to do is get a call the day before closing saying, ‘Hey, we need a few more days for this’.” – Adam Carricker
