Blog

Lawyer's hands highlighting key contract sections with pen on legal document in close-up view

If you’re going through a divorce, deciding what happens to the family home can be one of the biggest financial decisions you’ll make. Before signing your Divorce Decree or Marital Settlement Agreement, make sure you understand these four potential blind spots.1. What Is the Home Really Worth? The value of your home affects how much equity you may have to divide. Online estimates from sites like Zillow may not be enough and can be inaccurate. &nbsp;A professional appraisal can provide a more reliable estimate of value—but make sure the appraisal is current and reflects the property’s actual condition. Check your apparisal to determine if the appariser's value is based on the "AS IS" condition of your home or "SUBJECT TO" certain required repairs.&nbsp;The most accurate value estimate will be as close to the time when the defendant spouse is served and notifified legally of the Divorce proceeding. &nbsp;<figure id="figure-dd1yb751uomthj30np"><img id="dd1yb751uomthj30np" src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/81ed3625-8a86-40ff-b1c9-374c4fb86f3c-LxolBh5H7qJQqimTV4XO88Uf2b4rB1.png" alt="Homeowner and real estate advisor reviewing market analysis documents and equity assessments at desk with natural lighting" title="Homeowner and real estate advisor reviewing market analysis documents and equity assessments at desk with natural lighting" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: 50% 90%;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="50%" data-positiony="90%" data-fullwidth="false" data-mce-src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/81ed3625-8a86-40ff-b1c9-374c4fb86f3c-LxolBh5H7qJQqimTV4XO88Uf2b4rB1.png" data-mce-style="aspect-ratio: 16/9; object-position: 50% 90%;"></figure>2. Don’t Forget the First Mortgage If one spouse plans to keep the home and buy out the other, simply agreeing that one spouse will “take over” the mortgage does not necessarily remove the other spouse from the loan. You may need to refinance or qualify for another mortgage solution.If your settlement depends on one spouse refinancing — make sure your home lender has approved your loan before the decree locks in a refinancing deadline you may not be able to meet. This mistake can cost additional fees and costs.&nbsp;&nbsp;The Decree may direct one spouse to "Refinance or Sell” the marital home, but this is not sufficient protection. The Decree or Settlement should contain an actual deadline for completing the refinance- like within 6 months.<figure id="figure-zd6u978fmlmthj4pmj"><img id="zd6u978fmlmthj4pmj" src="https://cdn.durable.co/blocks/1dGYnRH2qLihBaxilIBB77IuaG4zdn5wEEQZwXYqJ8MZHqt8bHw4IqnQfbBwxoZj.jpg" alt="" title="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/1dGYnRH2qLihBaxilIBB77IuaG4zdn5wEEQZwXYqJ8MZHqt8bHw4IqnQfbBwxoZj.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure> 3.&nbsp; What About the HELOC? A Home Equity Line of Credit (HELOC) is easy to overlook. Typically a Home Equity loan is a second mortgage on the property. The outstanding balance reduces the equity available to divide and may also affect whether the spouse keeping the home can qualify for new financing. Be sure the payoff of the HELOC balance is included in your calculations and is accurate.&nbsp;Confirm certain HELOC items, like: -is the HELOC frozen so neither party can draw from the line before the Decree is signed-Is the HELOC currently in one spouse's name&nbsp; or both spouses- Who will&nbsp; be responsible for the monthly payment of the HELOC loan before settlement is agreed to. &nbsp;<figure id="figure-i3zlusrqn3mthj5rnh"><img id="i3zlusrqn3mthj5rnh" src="https://cdn.durable.co/blocks/2daUJVbkffbRZtabRVZVt18cD5P76hLEOpGEEtw13n9QN1PuqX9A6hwkNq3iWmdo.png" alt="" title="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/2daUJVbkffbRZtabRVZVt18cD5P76hLEOpGEEtw13n9QN1PuqX9A6hwkNq3iWmdo.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>4. Get the Buyout Numbers Right A spouse buyout should be based on more than just the home’s value. Consider the appraised value, first mortgage balance, HELOC balance, and any other agreed-upon credits or adjustments. Are there upcoming "major" repairs required in the near future that should be considered in determining net equity? Forexample, is the air conditioning system close to end of life, roof replacement, or a water heater requiring replacement. These items can be costly and should be negotiated in the final buy out number before signing the Decree.&nbsp;<figure id="figure-ihpr8lbipimthj7kpp"><img id="ihpr8lbipimthj7kpp" src="https://cdn.durable.co/covers/1YFxPyF3UyhZSmA0kfXIzUKeW1ZHIHl0CdteQIc9zCcF8meAQWNCIELLI4RILnVr.png" alt="" title="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure>Thinking About Keeping the Home After Divorce? Before you agree to a spouse buyout or sign your Divorce Decree, our experienced Arizona Team can guide you through the options for refinancing and buying out the spouse. &nbsp;We can help you understand your home’s value, current mortgage, HELOC, potential buyout amount, and financing options—so you can make an informed decision about what comes next.An educated home owner will make wise financial decisions.&nbsp;

Divorce and Your Home: 4 Blind Spots to Watch Before Signing a Final Settlement

Think buying a home requires perfect credit, a 20% down payment, and a huge bank account? Think again.For many first-time homebuyers, becoming a homeowner may be closer than you think. Now there are loan programs designed for buyers who don't have perfect credit or a large amount of cash saved for a down payment.However, starting the home buying journey can feel overwhelming and the internet provides so many different opinions it is hard to know which information is accurate.&nbsp;The first step is to speak with a local and experienced mortgage broker that will listen to your financial goals, home buying goals, and be able to guide you through the home buying journey. Our Team in Arizona has always believed that the key to success for a first time homebuyer is education. The goal is to educate each home buyer about the options that will best fit their needs because an educated homebuyer will make wise financial decisions.&nbsp;Buying a home in 90 days is an ambitious goal, but with the right approach, it’s entirely achievable. Start by setting clear goals regarding the type of home you want, the location, and your budget. Determine how much you can afford by reviewing your finances and getting pre-approved for a mortgage. This will help you understand your price range and ensure you stay within your budget.Developing a realistic budget is crucial. Include all potential expenses such as down payment, closing costs, and moving expenses. Having a clear financial picture will guide you throughout the home-buying process.1. Find out what you can afford. Before shopping for a home, talk with a&nbsp; local, trusted and experienced mortgage broker. Check out Google Reviews to find out the experiences of other like-minded home buyers.&nbsp; You will need to be prepared with your financial information and realistic budget to determine the payment range that is comfortable. From there the mortgage broker can determine the your buying power.&nbsp;<figure id="figure-htzx4qdxh7mtdkbait"><img id="htzx4qdxh7mtdkbait" src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/b8cdc381-70c0-49cd-9cc1-65e7f61878c5-06gxjOQG9VUbjW0fsG4FiZYlq33xU8.png" alt="Mortgage advisor hands holding and reviewing detailed loan comparison documents with highlighted rate information on professional office desk" title="Mortgage advisor hands holding and reviewing detailed loan comparison documents with highlighted rate information on professional office desk" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/b8cdc381-70c0-49cd-9cc1-65e7f61878c5-06gxjOQG9VUbjW0fsG4FiZYlq33xU8.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>2. Don't assume your credit isn't good enough. You don't need perfect credit to qualify for many mortgage programs. There are different programs that offer a range of options for credit scores. Even if you've had some credit challenges in the past, there may be options available. Your local mortgage broker will be able to review your credit scores, make recommendations, and deisgn a custom loan plan. &nbsp;<figure id="figure-ibcntccufmtdkc986"><img id="ibcntccufmtdkc986" src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/bc2dd914-a839-437d-99b0-a2562825805d-1bpBCHGQFibQ0FLiKl7EAwuWmZoDCG.png" alt="Smartphone screen displaying colorful financial intelligence score dashboard with metrics and progress bars" title="Smartphone screen displaying colorful financial intelligence score dashboard with metrics and progress bars" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/bc2dd914-a839-437d-99b0-a2562825805d-1bpBCHGQFibQ0FLiKl7EAwuWmZoDCG.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>3. Explore low-down-payment programs. Depending on your situation, you may qualify for financing requiring as little as 3% down. There are also some Down Payment Assistance programs that will finance your down payment too. Veterans with eligibility may qualify for a VA loan with no down payment. Don't forget,&nbsp; Seller contributions may also help pay for closing costs and programs that are called Buy Downs. This is where your interest rate is lower for a certain period of time and the payment is partially subsidized through a seller contribution .4. Creating&nbsp; a 90-day game plan &amp; Strategy . As part of the 90 day your mortgage broker will be able to review credit, offer suggestions for improving credit (if needed), review all financial documents, and develop a custom loan plan to meet your goals.&nbsp;<figure id="figure-7prrpmj9zmtdkdi8t"><img id="7prrpmj9zmtdkdi8t" src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/012c5e47-a6f0-4e51-80da-7773924f9122-AjVuyQiiOIxo3cy18NUAqthmlZqMol.png" alt="Hands of two people collaborating over financial planning documents, calculator, and savings piggy bank on desk" title="Hands of two people collaborating over financial planning documents, calculator, and savings piggy bank on desk" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: 0% 35%;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="0%" data-positiony="35%" data-fullwidth="false" data-mce-src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/012c5e47-a6f0-4e51-80da-7773924f9122-AjVuyQiiOIxo3cy18NUAqthmlZqMol.png" data-mce-style="aspect-ratio: 16/9; object-position: 0% 35%;"></figure>The goal isn't to wait until everything is perfect. It's to understand your options and create a plan. Without a plan your home buying journey will be more stressful and costly.&nbsp;Ready to see if homeownership could be possible for you? Let's talk. A conversation costs nothing, and it may be the first step toward getting your keys.

How To Own a Home in 90 Days or Less without A+ Credit and a Huge Downpayment

Close-up of hands calculating mortgage terms on calculator and spreadsheet with financial documentation

<h2>The Temptation of Timing the Market</h2>Waiting for mortgage rates to drop may sound like a smart move, but there’s no guarantee they will. Interest rates can change quickly based on the economy, inflation, and other factors. Meanwhile, home prices may rise while you wait, potentially costing you more in the long run. Instead of trying to time the market perfectly, focus on finding a home and monthly payment that fit comfortably within your budget.<figure id="figure-sw2jo70l3fmt7k4iqb"><img id="sw2jo70l3fmt7k4iqb" src="https://cdn.durable.co/blocks/17Omwxjx1NfYLKnh2ozhIOlSrEQX2EG1PN94yx5RYNvlAP9ehKKQqDlg51EFEUdt.png" alt="" title="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/17Omwxjx1NfYLKnh2ozhIOlSrEQX2EG1PN94yx5RYNvlAP9ehKKQqDlg51EFEUdt.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>The Cost of Waiting</h3>Home prices may rise: Any savings from a lower interest rate could be offset by paying more for the home. Missing Out on Building Equity : Buying a home allows you to start building equity as you make mortgage payments. Waiting has a cost: The longer you wait, the longer it takes to begin building wealth through homeownership. Timing the Market is Near Impossible:&nbsp; Instead of trying to time the market, focus on finding a home and payment that fit your budget.Rent is a cost: While you wait, your monthly rent payments help build your landlord’s equity and pay your landlors's mortgage—no financial benefit to you.<figure id="figure-gtdyxzb1nsmt7k7kjw"><img id="gtdyxzb1nsmt7k7kjw" src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/71d2e9ae-034b-498f-b80d-2881b500d1da-Ugbf8BwZ29gxzwGQEdIaU6RSPpPxfY.png" alt="Financial advisor explaining mortgage options to client using digital tablet in professional consultation setting" title="Financial advisor explaining mortgage options to client using digital tablet in professional consultation setting" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/71d2e9ae-034b-498f-b80d-2881b500d1da-Ugbf8BwZ29gxzwGQEdIaU6RSPpPxfY.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>Strategies for Moving Forward</h2><figure id="figure-8ce12o84zmt7kaets"><img id="8ce12o84zmt7kaets" src="https://cdn.durable.co/blocks/c4XMDes116PqTmHBhqRfnYzqOWlhtpIGNu8de08ypINT8jedjRkaj8cF51tkFwfB.jpg" alt="" title="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/c4XMDes116PqTmHBhqRfnYzqOWlhtpIGNu8de08ypINT8jedjRkaj8cF51tkFwfB.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>When interest rates start dropping more buyers will enter the market resulting in increased competition.More competition for listings means less negotiating power for a buyer. Right now buyers an negotiate for closing costs, temporary buy down for greater affordability, seller paid repairs, and negotiate a lower price.&nbsp; &nbsp; Waiting and hoping for a lower interest rate is not a strategy. You can refinance an interest rate after you lock in a home price when the opportunity appears, but you can never go back and renegotiate your purchase price after closing. With buy down programs you can can lock a price in today and keep the rate lower for 12 -36 months through a buy down paid by the seller. Bottom line- Instead of waiting for the perfect rate, consider taking advantage of current opportunities.<h3>Taking Action</h3>Interest rates move up and down with the financial markets and are unpredictable. Focus on what you control. Your budget, the home you would like to live in , and your timing. The first proactive step is to speak with an experienced Mortgage Team to discuss your home buying goals, financial objectives, and affordability concerns. Request a custom Loan Plan so that you can betterunderstand the financing options and the best programs to help you get into the home of your choice that is within your budget.&nbsp;If you are in Arizona, speak with our experienced Mortgage Team. We are committed to educating our clients to make wise financial decisions.&nbsp; &nbsp;

Why Waiting for Lower Rates Might Cost You More

Multi-generational diverse family group in home setting reviewing financial planning documents together

<h2>The Rise of Multigenerational Living</h2>In recent years, multigenerational living has gained popularity as families seek to reconnect and share resources. What is a multigenerational household? This lifestyle involves three or more generations living under one roof.&nbsp;Recent&nbsp; data from Realtor.com shows Multi-Gen households grew from 3.2 million to almost 4 million between 2014 and 2024.Housing trends show each year multi-gen families are shopping for a larger home that fits their combined needs.From economic benefits to emotional support, multigenerational households are reshaping family dynamics in modern society.<h3>Economic Benefits</h3>One of the most significant advantages of multigenerational living is the potential for cost savings. By sharing a home, families can reduce expenses related to housing, utilities, and groceries. By sharing one home, families can:<ul><li>Save on mortgage and utility costs</li><li>Combine incomes for a larger property</li><li>Support aging parents instead of paying assisted living costs</li><li>Grandparents can share childcare resposnibilities which can result in big savings for childcare costs</li><li>Pool resources to ease housing affordability</li><li><figure id="figure-ouq5n5qjbmsxhylib"><img id="ouq5n5qjbmsxhylib" src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/3f183fee-9a6d-4a19-879a-a2dd7cec1858-YfvwvnnOyyJm68YXh1xHQ8qYMv1fOg.png" alt="Close-up of smartphone screen showing comprehensive budgeting app with expense categories and financial goals" title="Close-up of smartphone screen showing comprehensive budgeting app with expense categories and financial goals" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: 100% 45%;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="100%" data-positiony="45%" data-fullwidth="false" data-mce-src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/3f183fee-9a6d-4a19-879a-a2dd7cec1858-YfvwvnnOyyJm68YXh1xHQ8qYMv1fOg.png" data-mce-style="aspect-ratio: 16/9; object-position: 100% 45%;"></figure></li></ul><h3>Multi Generational Home Features&nbsp;</h3>There is a growing trend for families to live under one roof, but the home should have certain features to make the arrangement work for everyone. Many home&nbsp; builders are responding with homes that include:<ul><li>Detached casitas and guest suites</li><li>Separate entrances for privacy</li><li>Dual kitchens or kitchenettes</li><li>Larger open-concept floor plans</li><li>First-floor bedrooms and ADA-friendly layouts</li></ul>These homes should offer the perfect balance of independence and togetherness. <figure id="figure-myff1lj2lmsxh8s6v"><img id="myff1lj2lmsxh8s6v" src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/a04ca975-6a6e-424a-b315-de4932659ac8-58aXAijvkz5AENpWJbESsbobRLXQVR.png" alt="family gathering" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/a04ca975-6a6e-424a-b315-de4932659ac8-58aXAijvkz5AENpWJbESsbobRLXQVR.png" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Emotional Benefits of Multi-Generational Living&nbsp;</h3>Sharing daily life with loved ones can reduce feelings of isolation and loneliness. The right home design and features can offer everyone a feeling of both independence and togetherness. Through daily activities with family members in a multigenerational home, grandparents experience a better quality of life.Adult children can monitor aging parents, help manage medications, and respond quickly during medical emergencies.<figure id="figure-ffjnrh1h5mmsxh8uxd"><img id="ffjnrh1h5mmsxh8uxd" src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/0fa8516f-edc1-47a7-8e52-d7d683f87015-GTu0pBm5K1t1NlVcxU4jn3RKu3XbAD.png" alt="grandparents children" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://rjdavx8ozyznxeyh.public.blob.vercel-storage.com/production/websites/infinite-images/0fa8516f-edc1-47a7-8e52-d7d683f87015-GTu0pBm5K1t1NlVcxU4jn3RKu3XbAD.png" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Conclusion</h3>With rising housing costs, aging parents, and a growing desire for family connection, multi-generational living is becoming one of the strongest real estate trends. One in six Americans currently live in a multigenerational household, and it appears that number is only increasing.Multigenerational living presents a valuable opportunity for families to strengthen bonds, share resources, and support one another emotionally and financially.

Exploring the Benefits of Multigenerational Living

One of the most important things to understand during a divorce is that your divorce decree does not remove either spouse from a joint mortgage.Even if the settlement says one spouse is responsible for the mortgage, both spouses remain legally responsible to the lender until the loan is paid off. &nbsp;If a payment is missed, it can affect both spouses’ credit.There are generally two ways to remove a spouse from the mortgage debt: refinance the home into one spouse’s name or sell the home and pay off the mortgage. A quitclaim deed or a provision in the divorce agreement does not remove someone from the loan, only from legal ownership. Even after a quitclaim deed that spouse still remains obligated on the entire mortgage debt.&nbsp;<figure id="figure-rxvvtio1xmsqnugqd"><img id="rxvvtio1xmsqnugqd" src="https://cdn.durable.co/blocks/169ODtfcjMEqGMB8epOCnx5KdnYzyi0OF8VXU3Y20YyDM6Q5JDAzDlF4ugL932nd.png" alt="" title="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 3/2; object-position: 75% 55%;" data-corners="default" data-aspect="3:2" data-caption="" data-positionX="75%" data-positionY="55%" data-fullWidth="false"/></figure>Arizona law under A.R.S. § 25-318(P)provides a two-year enforcement window for a home mortgage that was not paid off by the spouse that was legally obligated under the Divorce Decree. The other spouse can seek enforcement through the court within two years after the date the debt should have been paid or otherwise resolved.&nbsp;The key takeaway is that the spouse who remains on the mortgage continues to have potential liability and credit exposure until the loan is actually refinanced or paid off.If the parties are intending to have one spouse refinance it is best practice to speak with a mortgage professional and get pre-qualified for the refinance before the divorce settlement agreement is signed. For example, our Team will be able to provide an estimated range of value for your home which is critical, review credit, and calculate qualifying income. Liabilities like child support or spousal support can afffect the ability to qualify, so avoid costly surprises by chatting with our local mortgage team for your refinancing options.Want to learn more? Request your FREE copy of “Divorce and Your Home,” published by Magnolia Mortgage/ The Mortgage Picker in Arizona.

Getting Divorced? Don’t Forget the Mortgage

Investor hands examining property assessment report and neighborhood map during on-site property inspection visit

If you are going through a divorce, the home appraisal may play a major role in deciding how much equity one spouse pays the other. But before you sign your Marital Property Settlement Agreement, remember: an appraisal is not a home inspection or a title search.An appraisal estimates the home’s market value based on specific assumptions. It may not identify title issues, liens, or easements. And if the appraisal is completed “subject to” repairs, the appraiser may be assuming those repairs will be completed properly.If the appraisal value is "Subject To" repairs make sure to discuss the repair costs with your attorney before signing a property settlement agreement or agreeing to a final buy out number.&nbsp;Even before an apparisal it may be worthwhile to hire a licensed home inspector to provide a home inspection report so that you are aware of possible issues and costs to repair.&nbsp;Some question to discuss before finalizing your settlement:<ul><li>Is the appraisal “as-is” or “subject to” repairs?</li><li>Are there known roof, HVAC, or other major repairs?</li><li>How will the cost of any deferred maintenance — an older roof, an aging HVAC system, anything you've been “meaning to get to” be split between the parties.&nbsp;</li><li>Has the market changed since the appraisal?This is typically a concern if more than 60 days has passed since the apparisal report.&nbsp; </li></ul>A little extra review before signing can help prevent an expensive surprise later.

BLOG

Divorce and Your Home: 4 Blind Spots to Watch Before Sign...

How To Own a Home in 90 Days or Less without A+ Credit an...

Why Waiting for Lower Rates Might Cost You More

Exploring the Benefits of Multigenerational Living

Getting Divorced? Don’t Forget the Mortgage

The Appraisal Gap — What Your Appraisal Actually Covers (...