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Randy Morrow, Certified Real Estate Divorce Specialist, P. 5

Maybe you’ve been following along (if you haven’t, start playing catch-up now!) but today’s episode of Ron and Robert on Divorce is crucial. Certified Real Estate Divorce Specialist Randy Morrow delves into the topic of short sales: What is a short sale, do you qualify for one, and what will it do to your credit score? In Randy’s words, “This is mandatory to understand.”

Listen to this new podcast from Ron and Robert on Divorce – you’ll be glad you did.

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Missed the first four parts of this series? Find them hereherehere, and here.

Don’t miss another one! Subscribe to Ron and Robert on Divorce on iTunes and get free podcasts every week.

Randy Morrow, Certified Real Estate Divorce Specialist, P. 4

Randy Morrow is a Certified Real Estate Divorce Specialist, not a lawyer. He does not give legal advice, but he does offer compelling personal advice: Either get divorced or get married, but do not keep any strings. No financial strings, no real estate strings. Cut them all. Listen to part 4 of this 6-part series to find out exactly what he means when he says “Cut them all.”

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Missed the first three parts of this series? Find them herehere, and here.

Don’t miss another one! Subscribe to Ron and Robert on Divorce on iTunes and get free podcasts every week.

Randy Morrow, Certified Real Estate Divorce Specialist, P. 3

When Randy Morrow, Certified Real Estate Divorce Specialist, takes on new clients who are parents going through divorce, he has them sign an agreement stating that they will not argue in front of their children. If they refuse to sign, he will not work with them. This is just one of the reasons why Randy is a gem in the divorce and real estate community.

Randy understands the pain and difficulty of divorce better than most real estate agents because he’s been through three divorces himself. His first was at the age of nine, when his parents divorced. His second and third were as an adult going through his own divorce. From his website:

Randy is trained in the legal and tax aspects of the divorce process as it relates to real estate. His specialty is learning about obscure divorce-related legal rulings, regulations, and tax implications. This enables him to help his divorcing clients take advantage of tax laws that are specific to selling a house during a divorce.

“Divorcing couples are going through one of the most stressful times of their lives and they need all the help they can get. I know,” says Randy “I have been through these times myself. I know from firsthand experience what my clients are feeling and why.”

Listen to the third part in this six-part series and discover the most important factors to consider when making the decision to sell or keep the family residence.

Missed the first two parts of this series? Find them here and here.

Don’t miss another one! Subscribe to Ron and Robert on Divorce on iTunes and get free podcasts every week.

Rebuild Your Life

Randy Morrow is a Certified Real Estate Divorce Specialist in Virginia. Ron and Robert recently interviewed him on their podcast, Ron and Robert on Divorce on iTunes. Check out the first two interviews in the four part series here and here. Part 3 is available on iTunes now and we’ll post it on our blog this Friday. Subscribe to our free weekly podcast here.

MULTIPLE SOURCES FOR PURCHASING A HOME AFTER DIVORCE
By Randy Morrow

One of the dismal aspects of going through a divorce is the thought that you will not be able to buy another home.  In many cases that is correct. However, if you are able to remove yourself from the tunnel-vision effect, there are a great many resources available.

What do I mean?  When we are thinking of buying another home, we immediately think of traditional loans at traditional institutions.  Also, we think about the massive amounts of cash needed.  For those willing to do some research, allow me to make a few suggestions on where to search.

  • National.

Traditional institutions such as banks and mortgage companies.  We are all aware of them.

  • State.

Many states have programs to provide below market mortgages for eligible low- and moderate-income first time homebuyers. Most require that you currently live in the state and/or county. There are income limits and purchase price limits. Conventional, FHA, and VA loans may be available. These programs are traditionally re-funded yearly with a set amount of funds.  This means they may run out of money before the end of their twelve month period.

  • County/City.

Here is an example of the property eligibility of a city-run program:

  • Property must be located in that city/county
  • Eligible Property Types:  Single-Family (detached, duplex, townhomes)

Multi-Family (condominiums, cooperatives)

  • Maximum purchase price:  $362,790
  • Maximum loan amount:  $90,700
  • Minimum down payment:  1% of the purchase price.
  • County/City Work Programs.

One program I’m aware of provides up to a $5,000 “forgivable loan” for eligible employees to purchase in this locale.

  • Owner occupancy is required.
  • There are no income requirements or limitations.
  • Property must be located in the county/city
  • At least one member of the family must be a permanent full-time employee.
  • The loan is “forgivable”, meaning if the employee remains employed with the County or City for three years (and the property remains owner-occupied), the loan will become a grant.
  • Notification Lists.

Check to see if your locale has a ‘lottery’ system.  These are properties made available to qualified low and moderate income households, as well as the allocation of down payment and closing cost assistance. If a lottery system is available and you qualify, your name will be placed on a notification list.  This list can be quite lengthy, but do not be discouraged.  A lot of things happen to a lot of the people ahead of you on the list; they  move out of town or out of state, their financial situation improves, they die, et cetera.

Naturally, everything I’ve written about here may not be applicable where you live. My point is to encourage you to avoid ‘tunnel-vision’. Do not think that there is only one way for you to own a place of your own if your divorce leaves you a bit down. Keep an open mind, get curious, do some research, and start rebuilding your life.

Randy Morrow, Realtor and Virginia’s Leading Certified Real Estate Divorce Specialist.