Category Archives: Family

What happens to your real property when you get a divorce?

First things first.  I am not an attorney and cannot provide legal advice.  I am only sharing information from my experience as a realtor.  I always suggest that you seek legal advice from a licensed attorney on legal issues.

I am a licensed realtor in California only, and therefore this discussion is only applicable to California.  California is a community property state and, generally speaking, real property purchased during a marriage is considered to be community property and owned equally by both spouses, regardless of who is paying the mortgage or whose name is on the deed.  Speaking from personal experience, I have owned a home and gone through a divorce, and I have worked with clients who were experiencing divorce and selling their family home, and it is important to work together during the process and keep each other informed.

Keep in mind that you have options for handling your Divorce.  Most of us have seen the movie, “The War of the Roses,” where everything about their divorce was an ugly court-litigated battle. No offense to attorneys meant by the following statement, but unfortunately, in that type of situation, the only winners are the attorneys. The more a couple fights, the more it costs them in attorney’s fees. So be smart. Working together to settle the issues between each other will go a long way to getting through the process with the least amount of pain.

My personal suggestion to anyone reading this blog post that may be contemplating a divorce is to consider looking for an attorney who practices Mediation and/or Collaborative Divorce.  Both are out of court methods to handle your Divorce with less financial and emotional damage to your family.

If you are facing separation or divorce, the family home may need to be sold so that each party can receive their share of the equity in the home and hopefully be in a position to purchase a replacement property.  Depending on the income of each party, this replacement home may need to be a smaller property, a condo or a townhouse.

Sometimes, it is possible for one spouse to “buy out” the other spouse by refinancing the home and paying one-half of the equity to the other spouse.  However, with interest rates today, we may find that it takes the income of both spouses to qualify for the mortgage on the home and the spouse who wishes to remain in the home cannot qualify to refinance the mortgage on their own.  Some lenders offer the option for one spouse to “assume” the mortgage after demonstrating that they have paid all of the payments on the loan for a period of time.  This is rare, and can be an expensive and a lengthy process and you would have to check with your lender to see if this is an option for you.

Assuming that one spouse can afford to buy the other spouse’s interest in the property, the spouse coming off of the loan will need to sign an Interspousal Transfer Deed at the time of the refinance to remove them from title.

If the house was purchased using a VA loan, it may be in the best interest of the veteran to sell the home during the divorce so that the veteran can qualify for a VA loan on a future purchase. I suggest that the veteran read the VA Loans Booklet as well as to check with the Veterans Affairs office for more info.

If a divorcing spouse is over 62 years of age, he/she may qualify for a reverse mortgage on the property. If you are considering using this type of mortgage, always talk with an experienced reverse mortgage specialist about this option to see if you qualify and how this mortgage differs from a regular FHA or Conventional mortgage.

As a reminder, it is important to seek legal advice from an attorney and/or mediator if you are contemplating a divorce and want to sell your property, refinance your home to buy-out your spouse, assume the mortgage, or purchase another property before your Divorce is final.

There are important legal steps to ensure that the house will be considered your separate property and not community property after a refinance or buy-out.  Many people erroneously believe that just because they have separated and filed a Petition for Dissolution with the Court, anything they purchase afterwards will automatically become their separate property.  This is not always the case, so please do consult with an attorney.

One Cool Thing — The Water Crisis

WaterCrisis
Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack Edwards, your real estate advocate, specializes in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com  BRE License # 01331087

 

©2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned by a Subsidiary of NRT LLC. If your property is listed with a real estate broker, please disregard. BRE License #01908304

Getting Ready to Sell Your Home…

Some great ideas brought to you by Jack Edwards at ElkGroveRealEstate.com  If you are planning to sell your home,  I am sure that your agent probably gave you a list of things to do to get your house ready. I have a handout with 44 things to do to get ready to sell that I share with my clients. If you want a copy of my list, don’t hesitate to contact me a Jack@ElkGroveRealEstate.com

In the true spirit of giving credit where credit is due, much of the info below is not something that I have been sharing with my clients, at least in this format. I will in the future, but thanks to a posting on Facebook by fellow Realtor, Sue Gibson, I am sharing her list with my modifications and additions.

Put together binder with the info below. Gathering this information before you put your home on the market may even help your home to sell faster as all of this information is available upfront, eliminating the need for guesswork and waiting on answers while another property could possibly come on the market to grab the buyer’s attention.

1. Home improvements you have made.  Provide paint recipes, wallpaper swatches, etc. Anything along these lines makes it easier for the new homeowner to match and plan. Make sure the paint cans in the garage are well marked too. If you had your house painted, re-roofed, etc… make sure to have the receipts/warranties/estimates available too. If you installed the sprinklers, please leave behind a copy of the plan so that it is easier for the new owner to make repairs or to know where to dig or not dig. A copy of your landscape plan would be helpful too.

2. Floor Plans – Buyers often need to know room dimensions to help with furniture placement n the new space. It is great to be able to provide the floor plan, but be careful about putting in the measurements. If you make a mistake, you may be held liable for the errors. I would just provide the floor plan and let the new buyer use it to record their own measurements. If you don’t have a copy from when you bought the house, ask your Realtor because he or she may have a copy. I keep copies of floor plans for all developments in my area since the time I started my real estate business.

3. Utility Bills – Buyers want to get an idea of what they can expect the heating and cooling bills to be in a home. This information can be very beneficial when a buyer sits down to number crunch their total costs of owning a home.

4. Pest Control – If you maintain any type of pest control on your property, compile information as to who the provider is, what you have done, how much you pay and how often does the company come out to treat the property. A copy of your service agreement is helpful in this instance.

5. Insurance – Buyers especially want to know who a seller uses for their homeowners insurance and how much they pay. This is particularly the case in higher risk areas (where there are hurricanes, floods, fires, etc.) With homeowners insurance potentially more difficult to obtain in some areas, going through the existing seller’s insurance company can help streamline the process, particularly on an older home.

6. Product Manuals and Warranty Documents – Now is the time to gather the various product manuals for all items that will be staying in the home such as appliances, water heater, heating and cooling system, ceiling fans, pool equipment, etc. If your home came with any warranties, be sure to include these for the new owner as well. Putting all of these in one large envelope makes it easy for everything to be readily accessible in one place for the new buyer.

7. Service providers – Compile a list of all service providers/vendors and their contact information who you have used on your home – lawn service, pool service, A/C company, garage door company, etc. While a new buyer may or may not choose to use these services, they will certainly appreciate having resources available to them.

8. Covenants and Restrictions, Neighborhood Rules and Information – Yes, it is true that the potential buyer will get a copy during the escrow process, buy it is a good idea to have this info available before the buyers show up. This is key critical information for a new owner to have on hand. A contract may likely hinge on the buyer’s review of this information, so it is best to have it available ahead of time. If you don’t have these, contact your neighborhood’s association president or management company for assistance in obtaining a copy. Many of these documents are matters of public record and are available by going online to the appropriate municipality’s website.

9. Survey – especially if you have acreage or a large lot, you might want to consider a survey. Have this document available and provide to your listing agent so they can include in the information about your home. Buyers want to know about property lines, easements, conservation buffers, if there is room for a pool, if the property line extends to the water behind your home, etc. Having a survey to provide upfront will help to eliminate these types of concerns vs. waiting until a property is under contract.

10. Important contact numbers, addresses, websites and email addresses – it is especially important that a potential buyer knows who to contact to contact when they need help. For example, who handles the Home Owners Association administration. Often it is an outside company that handles it all, and your buyer needs to be able to make contact with them.  You might even leave a list of your favorite stores and service providers. How about getting the water, gas, electricity out of your name and into theirs. They will need that info to make it happen. Last of all you may want to think about leaving your contact info behind so that the new buyer can call or email you if they have questions or if they find that you left something behind, like a box of photos up in the attic.

If you don’t have all of your contact numbers at hand, you may find them on my website at www.LivingInElkGrove.com on the “Utilities” page or the “Links” page.

Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack Edwards, your real estate advocate, specializes in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com  BRE License # 01331087

 

©2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned by a Subsidiary of NRT LLC. If your property is listed with a real estate broker, please disregard. BRE License #01908304

Thank You for a Great Year

We had a great year at ElkGroveRealEstate.com

Why, do you ask? It is all because of you, our friends and clients, who trusted us to provide you the best real estate professionalism in our community. Just like you, we know that Elk Grove is a great place to live, shop and play. Don’t forget to check out or informational pages at LivingInElkGrove.com and ShoppingInElkGrove.com

Another reason we had a great year at ElkGroveRealEstate.com was that our youngest son, Joshua, who had been our Transaction Coordinator, decided to join us as a Realtor. He passed his test and now we are working as a family, assisting you and your families.  Joshua is still going to college but joins me with clients to learn the business through first hand experience when it fits with his college schedule.

Thanks again for helping us have a great year
as your Realtors.

Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack Edwards, your real estate advocate, specializes in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com  BRE License # 01331087

 

©2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned by a Subsidiary of NRT LLC. If your property is listed with a real estate broker, please disregard. BRE License #01908304

It’s Fall – Time to Enjoy Apples and Pumpkins

A couple of weeks ago I asked what you were planning to do over the weekend, but this time I want to talk about activities that you may want to consider over the next several weeks.

As I noted in the title, it is time to enjoy Apples and Pumpkins. If you return to my other website, www.LivingInElkGrove.com and click on October on my Activities Calendar on the left side of the page, you will want to look for links for Apple Hill and Pumpkin Patches.

Take yourself and your family, if you have one, and visit a pumpkin patch. It is great to get out and enjoy the fall weather while you walk through a pumpkin patch looking for the perfect pumpkin.

Next, take a trip up to Apple Hill. Enjoy some apple donuts or apple fritters or apple pie. Yes, I know that they are loaded with sugar, but maybe you can splurge a little once and a while. Remember, there are apples in there somewhere, so they can’t be all bad for you.

So, live a little. Enjoy the fall weather. Later this month, I will write about my apple butter recipe.  My wife posted our recipe for baked chicken with Jack’s Apple Butter on RecipeTsar back in 2007(Now Food.com). After show you how easy it is to make a great apple butter, you will want to use if for something more than just your morning toast. Jack’s Apple Butter Chicken: http://www.food.com/recipe/jacks-apple-butter-chicken-203596 

Next month I will bring you up-to-date on the local stores in Elk Grove that sell Christmas decorations. Yes, I know that you can find them at Kirklands, or Michaels, or Target, or Hobby Lobby, but I want to tell you about a local, non-chain store and a local charity or two that are already stocking up with Christmas goodies just for your shopping pleasure.

If you cannot wait until next month, then you can check out my www.ShoppingInElkGrove.com website, click on the Business Search Link and type “Christmas” into the search box. You will find two of the stores that I will talk more about later.

Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack Edwards, your real estate advocate, specializes in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com  BRE License # 01331087

 

©2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned by a Subsidiary of NRT LLC. If your property is listed with a real estate broker, please disregard. BRE License #01908304