When it comes to buying your next home—or buying out your spouse’s half of your current home during a divorce—there are certain income types that most Bay Area mortgage banks use to determine whether you’ll qualify. … More Home Mortgages: What is Qualified Income?
We all grow up on similar myths: find the love of your life, ride home to your castle, and live happily ever after. However, like all myths, this rarely translates perfectly to real life. In Silicon Valley, work has become many people’s primary marriage, so after awhile, your proverbial castle could be in a state … More How Escrow Credits Can Help You and Your Spouse Pay for Pre-Sale Repairs on Your Home
It’s sad when marriages end, but for many people, it’s an unavoidable fact of life. If you and your spouse are among those who have decided to call it quits, make sure you both take steps to navigate the dissolution of your relationship responsibly and with minimal impact to your financial health. … More Your Spouse May Have Signed Over the Deed But You Still Don’t Own the House
Once you and your spouse agree to a property and debt division, you must follow through by reorganizing ownership of your assets and debts with the respective lending institutions. … More Organizing Marital Debt in a Real Estate Divorce
Once you and your spouse decide to split, you’ll have many issues to work out: not the least of which is deciding what to do with the family home. If you have children together, one of you could make a strong argument for staying on and raising the kids in what is possibly the only home they’ve ever known. As long as you both agree to the arrangement, the process should be as simple as informing each attorney that one spouse plans to stay in the home, right? … More Keeping The House After A Divorce: How The 6/36 Rule Affects Your Ability To Qualify
As a successful Bay Area divorce attorney, you’d never violate the State Bar’s Rules of Professional Conduct by trying to represent both spouses during a divorce case. It’s a decision you simply wouldn’t make. Real estate agents, however, abide by a slightly different set of rules. … More Advocating For Your Divorcing Client: Can The CDRE Represent Opposing Counsel’s Client Too?
Property values can vary widely, especially in the Bay Area. To appraise your divorcing client’s home accurately, it’s helpful to know the difference between an appraisal, a CMA, and Zillow’s Zestimate value tool.
Clients often ask for a Fair Market Valuation to establish their property’s value and calculate the equity they’ve built in their homes. They don’t seem to realize that fair market value is only part of the picture. Without considering several additional key metrics, a miscalculation of true equity is almost guaranteed.
Your client’s final divorce decree does not completely close the books on the disposition of his or her real property. To finalize the sale or transfer of property, you must follow through with an official recording of legal ownership by filing a Quitclaim Deed. Neglecting this final step can cause significant problems for your client … More Don’t Forget the Quitclaim
In 2018, the market saw interest rates rise by 3/4 to 1% on traditional, conventional, fixed-rate mortgages. This doesn’t seem like much at first glance, but this small difference can critically impact a divorcing client’s debt-to-income ratio and, ultimately, determine whether or not they’ll be able to keep their home.