What is the name of your state (only U.S. law)? Pennsylvania
I have a question about final settlement in PA divorce. I did have a lawyer until he is now out on medical leave due to a heart attack, and my case has been reassigned, but cannot proceed due to a backlog and time constraints, so I’d just like to ask a question to have an idea of what to expect. My soon to be ex-husband has remained in the marital home for the past 22 months while I moved out. The options presented to him were to buy my share out or we sell the home. We initially put the house on the market but only received offers that were way too low at the time. He kept living in the home, all the while dragging his feet on aggressively selling the property, as the house continued to devalue significantly.
During the intervening months, I discovered that he has made substantial improvements (and paid for) to the home, from patching holes in the walls followed by complete repriming and painting, to tearing apart a severely weathered deck, sanding and, refinishing.
The home was recently appraised at about $300,000 (down from $350,000 in 2008), and we owe $250,967, which would mean I am entitled to $25,000 as my share of the equity. However, during his improvements to the house, he discovered mold in the upstairs bathroom and basement as well, and he tore apart the bathroom and remediated the mold in accordance with minimal local codes (killing it and sealing over it). In the basement he did the same thing, but also laid epoxy flooring for enhancement.
However, due to mold disclosure laws in real estate, we now have to disclose where and when mold was found, which substantially lowers the selling price. Our last offer was $255,000, contingent on a mold inspection and mold growing test. That would mean after real estate fees and other costs I walk away OWING money! In addition, he is also asking for credit due to all the improvements he made in the home, which he argues increase the selling price because of both appeal and improvement to the home.
Lastly, he presented me with an offer to buy me out for $12,000, all the cash he has on hand. He said, “We sell and you owe money, or you walk away with $12k in hand”. Now that’s less than HALF of what I should get, but if we sell the home I get nothing! I spoke briefly with my new lawyer and he said it’s a “legal paradox”, where the reality of the market created a situation that the most favorable settlement for me goes against what PA law requires for a buyout, but divorce law cannot override real estate disclosure laws. I am just wondering if he can pay me $12,000 and walk away with the house? I don’t think it’s fair that he drug his feet all this time while the house devalued, as well as gets to benefit from a drastically reduced selling price because of mold. If he keeps the home, he has done “enough” with the mold for local codes for a refinance, but the disclosure laws seem to work to his advantage for a buyout.
I have a question about final settlement in PA divorce. I did have a lawyer until he is now out on medical leave due to a heart attack, and my case has been reassigned, but cannot proceed due to a backlog and time constraints, so I’d just like to ask a question to have an idea of what to expect. My soon to be ex-husband has remained in the marital home for the past 22 months while I moved out. The options presented to him were to buy my share out or we sell the home. We initially put the house on the market but only received offers that were way too low at the time. He kept living in the home, all the while dragging his feet on aggressively selling the property, as the house continued to devalue significantly.
During the intervening months, I discovered that he has made substantial improvements (and paid for) to the home, from patching holes in the walls followed by complete repriming and painting, to tearing apart a severely weathered deck, sanding and, refinishing.
The home was recently appraised at about $300,000 (down from $350,000 in 2008), and we owe $250,967, which would mean I am entitled to $25,000 as my share of the equity. However, during his improvements to the house, he discovered mold in the upstairs bathroom and basement as well, and he tore apart the bathroom and remediated the mold in accordance with minimal local codes (killing it and sealing over it). In the basement he did the same thing, but also laid epoxy flooring for enhancement.
However, due to mold disclosure laws in real estate, we now have to disclose where and when mold was found, which substantially lowers the selling price. Our last offer was $255,000, contingent on a mold inspection and mold growing test. That would mean after real estate fees and other costs I walk away OWING money! In addition, he is also asking for credit due to all the improvements he made in the home, which he argues increase the selling price because of both appeal and improvement to the home.
Lastly, he presented me with an offer to buy me out for $12,000, all the cash he has on hand. He said, “We sell and you owe money, or you walk away with $12k in hand”. Now that’s less than HALF of what I should get, but if we sell the home I get nothing! I spoke briefly with my new lawyer and he said it’s a “legal paradox”, where the reality of the market created a situation that the most favorable settlement for me goes against what PA law requires for a buyout, but divorce law cannot override real estate disclosure laws. I am just wondering if he can pay me $12,000 and walk away with the house? I don’t think it’s fair that he drug his feet all this time while the house devalued, as well as gets to benefit from a drastically reduced selling price because of mold. If he keeps the home, he has done “enough” with the mold for local codes for a refinance, but the disclosure laws seem to work to his advantage for a buyout.
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