Thursday, March 26, 2009

The Economy on Divorce

It's bad for us too.
My brother, friends, my mom, the guy I'm seeing all ask me in some way the following:
"Have you seen that article/story about people divorcing that are forced to live together because of the economy in the Tribune/on 20/20/on Yahoo News?"
No, I don't have to watch the news or read about it online or in the paper. I'm living it, thank you very much.
If we had decided to divorce any sooner than we did, even by just six months, we'd have sold our house, be divorced and moving on with our lives long before now. But our timing had to suck.
We had our house on the market for seven months and it didn't budge. We probably listed it too high but there weren't any comps to help us out then so we listed it at what it would have sold for a year prior. In three months we dropped the price fifty grand. Still nothing.
I was warned by my mortgage broker not to drop it further because if I decided to buy my ex out a lower listing would effect the appraisal. The appraisal needs to be high enough that I'll be able to re-finance with equity so that I can get cash out of the loan and give it to my ex.
Finally after some talking, my ex agrees to take 25k as a buy out. I go ahead and have my mortgage guy order the appraisal. Two weeks later I get a message from him on my voice mail:
"Lisa, I'm sorry I haven't gotten back to you. The problem is that I can't find an appraiser that will give your house the value it needs to put you in a position to get cash back from the loan. I'm not even going to tell you what the guy you met last week appraised your house at, you'll fall over. If I can get someone to appraise it at 350 (six years ago we bought the house for 342)we might get somewhere but I don't even know if I can get that right now. Nothing in your neighborhood has moved in the past year. All we have to compare it to are foreclosures and they're killing the value of your home. I'm sorry I don't have better news for you."
So....
Still married.

No comments: