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Second opinion] I own 52% of the marital homestead. My ex…

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[Second opinion] I own 52%...

[Second opinion] I own 52% of the marital homestead. My ex owns 48% via the divorce decree I makert the property. I had 5 realtors visit the property each placing it at it around 1.5M to 1.8M - it has a large equestrian indoor arena so it has a very specialized appeal - ie small market. It hasn't sold for the past three years. I have reduced the price in increments over that time to 1.35M. My ex got an appraisal at 800K. My decree specifies that I determine price unless the attached clause is invoked which says if I don't want to sell it but can't afford to buy it I must put it on the market at fair market value - the judge recently reversed two orders that stated I want to sell it - knowing what it was priced at, and having ruled that the apprasail value would not trigger the clause. These two rulings were reversed with out my ex presenting new evidence other than the appraisal. She ordered a CMA. I had a CMA done in April 2017 which gave a range of 1.2M to 1.35 M - this was done with out the realtor coming to the property. My ex is arguing that realtors CMA is unfair and wrong based on the homes selected the price and that the realtor did not come to the property (which makes no sense to me as the realtor would have to see all the properties to select in order to do a comparison that way) Anyway, please read the clause and give me an opinion as to my ex's possibility of a successful challenge to the CMA. And if the judge can make the determination that I didn't want to sell and/ or force me to sell at a lower price with out making that determination?

Submitted: 9 months ago.Category: Real Estate Law
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Answered in 36 minutes by:
9/17/2017
Real Estate Lawyer: Barrister, Lawyer replied 9 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,078
Experience: 17 years real estate, Realtor. Landlord 26 years
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Real Estate Lawyer: Ray, Lawyer replied 9 months ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 47,654
Experience: Texas Attorney for 30 years dealing in real estate
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I don't see this.You have followed the instructions by the court, the CMA did in depth review of the property and the comparables.It may be time for another price reduction since it is such a specialized property.Overall you seem to be making a good faith effort here, another price cut might show good faith and buy you more time to keep marketing it at a new price.I think your husband is hard pressed to prove the amount he is wanting it sold for there has to be something middle ground here . A price cut even a small one might help your case and move the property.

I appreciate the chance to help you today.Thanks.

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 9 months ago
Doesn't the decree prevent his input completely? Doesn't it supercede the issue of price haggling? Or even his ability to question my CMA?
Real Estate Lawyer: Ray, Lawyer replied 9 months ago

It is extremely rare that court grants modification of property.That said three years is a real long time here without an offer.The court would have to grant modification here.You need to keep showing good faith in marketing this.

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Customer reply replied 9 months ago
The property has a188 foot building on it - a barn with an indoor riding arena. It is a very small market - thus the time on the market. If you don't own horses then this property is too expensive to maintain for no use.... Doest that justify the time?
Customer reply replied 9 months ago
Ergo make it immpossible to modify the agreement? It's not like my ex didn't know this when we put it up
Real Estate Lawyer: Ray, Lawyer replied 9 months ago

I understand but here if you haven't got at least lower offer , you may want to do a price cut here again before court.Shows continued good faith.

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Real Estate Lawyer: Ray, Lawyer replied 9 months ago

Or you can hold firm and see if court agrees with you thats your call.But he has at some professional evidence for a much lower price.I understand there is disagreement here but that why I suggested a price cut to try and resolve it or have him be denied based on your good Faith efforts.

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Customer reply replied 9 months ago
The decree specifies he does not have the right to use that 'evidence' it is only applicable in a buyout
Customer reply replied 9 months ago
his 'evidence' is no more credible than mine A except that it is my right to determine final sale price
Customer reply replied 9 months ago
No more credible meaning I have a professional opinion he has one - except the decree gives me the right to determine final salevprice....
Real Estate Lawyer: Ray, Lawyer replied 9 months ago

This is a unique case, the property is unique, the evidence is different from each side.I was just trying to help you prevail here with a good faith argument that you have been consistently trying here for a sale.But three years in California without a bonafide offer, small market or not thats a long time here.

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Real Estate Lawyer: Ray, Lawyer replied 9 months ago

I agree but realistically its not what anyone thinks its not what anybody thinks its worth on high side but no offers in three years really looks bad for you.The court has authority to rethink this.

Are you living or using the property here while it has been listed?

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Customer reply replied 9 months ago
I am using it. And I think you do not understand the size of the market for the property. It has to be a horse owner who wantvtonlive in this area AND who doesn't need a barn that provides thier income. SMALL MARKET. Or are you saying I am incorrect about the market?
Real Estate Lawyer: Ray, Lawyer replied 9 months ago

I am saying that no one on three years has made an offer, a low one or any offer.That tells me the judge is going to revisit this.I am assuming you are living an using the property.If that is the case expect even more examination from the court.Even if somebody thought it was priced too high here they could offer say the $800k and see what you would do.But here nobody has even though enough of it to make you an offer.That just doesn't look good and will be tough to convince the judge to leave it as is. Expect at the least to have the court order price cuts over time, 5% say every three months until it sells or serious offers appear.Thats my honest opinion based on 35 years experience and similar situations.Please don't shoot the messenger here.

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Real Estate Lawyer: Ray, Lawyer replied 9 months ago

And if you are living there is makes it appear like you aren't really trying to sell it--that may not be true but thats the perception here.

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Customer reply replied 9 months ago
You have dealt with clients who have the sole ight via the decree to market the property - which includes setting the price and the sole right to determine final sale price? That is a contract and a court can not 'revisit' a property contract?
Customer reply replied 9 months ago
8220;A property settlement in a divorce decree is a final distribution of a sum of money or a specific portion of the spouses’ property and is not subject to judicial modification on account of changed circumstances.” Sommers v. Sommers, 143 N.H. 686, 689 (1999). “[S]uch a property distribution will not be modified unless the complaining party shows that the distribution is invalid due to fraud, undue influence, deceit, misrepresentation, or mutual mistake.”
Real Estate Lawyer: Ray, Lawyer replied 9 months ago

The court here has the right to modify a divorce decree and property including the terms of selling it.It is rare that they do this but three years gets to be in that zone.Your ex here has another valuation.Misrepresentation and mutual mistake would come into play here at some point.You have zero offers here. That doesn't look good over three years.You may have a different opinion just trying to give you some perspective.It would be easy for me to just agree here that they won't reopen it.

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Customer reply replied 9 months ago
That is NH law above. And that is the ONLY time they can modify the decree. Are you suggesting those terms have occurred here?
Customer reply replied 9 months ago
No misrepresentation has to occur with in the decree, not the property pricing. And the decree is very plain - I have the right to market it as I see fit. So I am not under standing yourvpiint
Real Estate Lawyer: Ray, Lawyer replied 9 months ago

I am suggesting he can make those arguments, the value was misrepresented, the parties mutually thought it was worth more, etc.I mean a reasonable person here would really wonder about zero offers in three years while you are using it.I don't want to sound like I am taking his side here but you have to have some perspective.And I think your previous expert raised similar issues.

I think the property is worth what others will pay not what people tell you it is worth. I mean you haven't even got a low offer here much less something near what you are offering.

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Customer reply replied 9 months ago
In other words there would have had to be some misrepresentation in the property settlement of the decree- which has nothing to do with what is happening now. As part of the property settlement he gave me the rights to market the property as I see fit. In addition even if I don't want to sell and can not afford a buyout I place it at fair market value with the right to determine final sale price. Fair market value is a CMA and determine final orice gives me the right to select the CMA.
Customer reply replied 9 months ago
The property is worth what people in that market will pay - not what people looking for a house will pay - there is a big difference
Real Estate Lawyer: Ray, Lawyer replied 9 months ago

We can agree to disagree.I hope the judge will see it your way.Fair market value here is what others think it is worth not any expert and offer you.You aren't even getting any offers.

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Customer reply replied 9 months ago
Curious - how do you know of I am getting offers?
Real Estate Lawyer: Ray, Lawyer replied 9 months ago

That was my understanding that you did not get any offers.If you did you will have to explain that to the judge.Why you rejected them and how much they were for.

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Customer reply replied 9 months ago
I did not indicate either way....
Real Estate Lawyer: Ray, Lawyer replied 9 months ago

It will be an issue, the court would want to hear if you got some or not.

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Real Estate Lawyer: Ray, Lawyer replied 9 months ago

I wish you the best here thanks for the chance to chat and a different perspective.

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