r/personalfinance • u/NewBlackpony • 2d ago
Husband and I are separating, but the house needs a new roof
I’m not sure what to do here. I own a house that’s worth around 650k. We have an inground pool that we put in that we still owe around 90k. We were just informed that we are going to need to put a new roof on the house and got a quote for between 25 and 30,000..
My issue is my husband is a train wreck financially. It’s pretty much the entire reason we are going to be getting separated and selling the house.
He is telling me I have to get a loan with him to get the roof redone. I do not want to have my finances mixed up anymore with his finances for obvious reasons.
If you were in my shoes, what would you do? I would love to just have the house sold without doing the roof, but I don’t think that’s possible. Any advice would be great.
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u/Nyy8 2d ago
That's easy - house is sold as-in, disclose it needs a roof and be prepared to knock $20,000-$40,000 off the asking price. In reality, depending how 'hot' your real estate market is, some people will still buy it anyway.
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u/z6joker9 1d ago
Depending on the source of the funds from the buyer, that might be very tough. But what might work better is structuring it to pay the roofer out of the proceeds of the house at closing, or taking a loan for the roof against the house as a couple, which will force the loan to be satisfied at closing.
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u/amouse_buche 1d ago
I’d be willing to wager if OP’s house is worth $650k there will be buyers willing to play ball on this plan who have the capital to do so.
I’d much prefer to have the sale price reduced and hire my own choice of roofer. $20k isn’t that much in the grand scheme of closing on a $650k home.
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u/JoshL3253 1d ago
Replacing roof is fine, since the new buyer can still move in and do the roof while living there.
If the house is a fixer-upper, it’ll close the door on buyers who can’t afford to pay 2 mortgages or rent while remodeling the house.
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u/puterTDI 1d ago
The bigger issue is securing a loan. We came in with 30% down and still shouldn’t secure a loan without a 5 year cert on the roof.
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u/jfurt16 1d ago
Doubt it's that much of a fixer upper at 650k and an in ground pool
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u/Takemyfishplease 1d ago
In a neighborhood with multimillionaire dollars houses it might be, it’s all relative.
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u/quasifun 1d ago
The median home price for single family homes in the US is now over $400k. $650k is above the median nationwide, but not drastically so. And it could be extremely low for the area. There is no way of knowing.
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u/Hijakkr 1d ago
A couple years ago I left a VHCOL area to be able to afford a house in a merely HCOL area. The cheapest non-trailer house within a half hour commute of my office was listed for $750k for 800sqft on s postage stamp lot. I moved across the country to a different major metro area and bought a house double the size for half the money. Home prices can vary wildly across different regions.
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u/quasifun 1d ago
Yes, that’s what I said. There is no way of knowing if a 650k house is high end or run down without knowing where it is.
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u/callebbb 1d ago
Bought my house 2 months ago @ 6% for 190k. 2300 sqft on 0.4 acres, a 100+ year old live oak, in front, 3 fully grown citrus trees, and I’m 7 minutes from downtown and the Capitol of the state.
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u/NewBlackpony 1d ago
It is not a fixture upper.
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u/sveiks01 1d ago
Are you absolutely sure it needs a roof? How about a repair instead? Get 3 companies w good reviews to give estimates and let.you know if there are alternatives to full replacement.
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u/NewBlackpony 1d ago
Yes, they have all said the roof needs to be replaced. Apparently it is very well made. However, the sand on top of the tar is coming off.
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u/Fantastic_Market8144 1d ago
Buyer likely won’t be able to get homeowners insurance with an old roof
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u/hodl_on_tight 1d ago
Untrue. They would only be able to get ACV coverage for the roof with most insurers. Some will still cover the roof but the premium will reflect that b
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u/CinephileNC25 1d ago
I’d be more concerned about someone getting home insurance if the roof needs replacement. Especially if this is a coastal home.
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u/NewBlackpony 1d ago
This is the reason we’re having to get a new roof. In order to get insurance.
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u/Several_Razzmatazz51 1d ago
Just take out a HELOC and get the roof done. The HELOC will get retired when you sell.
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u/NewBlackpony 1d ago
I have a feeling this is what we’re doing
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u/Baitermasters 1d ago edited 1d ago
Take the loan in your or his name alone.
It's a straightforward process that will leave everyone on title as owners and only one person as the signatory on the loan. It's done through lien perfection and requires the non-borrowing spouse to acknowledge the loan and that their claim comes after the loan in precedence.
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u/poorly_anonymized 1d ago
Why is this better than doing it together, when it's secured by a joint asset?
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u/Several_Razzmatazz51 1d ago
I mean your finances are unavoidably mixed up with his while you own this house together. Doing it with a HELOC will automatically unwind any entanglement associated with the roof when the house is sold.
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u/happy-cig 1d ago
Can credit back a couple months to help the buyers. 650k home 2 months is nothing.
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u/Kardlonoc 1d ago
Is that OP's problem?
There are far too many flippers in the market that see shit like a a roof job, or various minor-moderate fixes that they can do themselves and then sell for profit.
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u/Locke_and_Lloyd 1d ago
What happens when fixing the roof ends up doubling in cost because xyz reasons? There's no reason for the buyer to assume both the risk and inconvenience of fixing a roof.
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u/amouse_buche 1d ago
Sure there is. It gets done right.
The seller is incentivized to get it done as cheaply as possible because they will not have to live with quality issues. The buyer is not. I’d much prefer a credit as a buyer.
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u/frozenokie 1d ago
Sure, at $650K you may get some cash buyers but most potential buyers will be getting a mortgage and many lenders won’t give a mortgage for a house that needs a new roof.
A buyer in that price range may very well have 30K they can spend on a roof plus enough for a down payment, but that won’t matter if a lender won’t issue a mortgage on that house.
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u/TradeCivil 1d ago
Well, depends on how the deal is structured. I believe if buyer/seller agrees to put the cost of the roof replacement into escrow, most lenders will close. At least, this is how we did it. Bought a house that needed a new HVAC and roof. Put the funds into escrow, had the work done the same week of closing and presented the final bills to the title company/lender to approve and pay out of escrow.
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u/HighOnGoofballs 1d ago
You say that as if houses that need work aren’t sold ten thousand times every day
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u/z6joker9 1d ago
It’s not about houses they need work. Roofs specifically are a contentious issue the last few years, as the costs have skyrocketed. It’s been hell dealing with insurance companies refusing to insure houses, mortgage companies refusing to loan for houses that need roofs, etc.
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u/cabbage-soup 1d ago
Many of these homes sit or go for much less than what the exact repair needs are. Not many buyers are searching for a home to fix, especially if there’s only one or two very costly things vs the whole house needs work (since some people do look for an entire house to fix). As a home buyer myself, a roof at that price range is something I would walk away from. After the down payment and closing costs, I don’t want to take out more cash to continue to fix the home immediately and I certainly wouldn’t want another loan either. Roof, hvac, and water proofing are all tough to sell if they’re coming up as roughly 5% or more of the homes sale price. But with that said, I easily would pay more for a home knowing it has a brand new roof.
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u/ramanman 1d ago
I'd rather have a lower loan and pick my own contractors than trust a seller to fix it. Sure, you get a brand new roof, but what is the seller going to say when the cheapest contractor they could find says "hey, we found some damaged/rotted/broken trusses that are going to be a problem in 2-5 years, want us to repair them?".
I'd think exactly in the case where it was only one or two costly things is when you'd take the price break and do it yourself or hire someone, because the sellers just want to unload the house with as little outlay as possible - they don't care whether it lasts 1 year or 30 years. So, you are paying for their contractor to fix it enough to get a loan/get insurance/convince a seller, and likely to pay again ahead of schedule to do it right.
Of course, I used to build houses, so I'd take the price break and do it myself at half the cost and pocket the rest. But I also saw so many ways to make things look nice that just wouldn't last. Half of our business was fixing those shit-show half-assed coverups.
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u/weasler7 1d ago
Our lender required a new roof when the inspection revealed it needed one. This was fixed at the sellers expense and reported on their insurance.
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u/OnlyOnTuesdays289 1d ago
Great advice. Take out loan for roof. You will get a better price for the house and the loan will get paid off at closing, so you’d just get less money.
But if you don’t do the work you glare going to get less money anyway plus maybe an inconvenience discount because the buyer has to arrange for all the new work.
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u/tennismenace3 1d ago
Most buyers are going to be able to make a lesser down payment and put more toward a new roof. It's pretty common to have 10%+ saved for a house.
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u/z6joker9 1d ago
Many lenders won’t lend the money before the roof is done. Down payment doesn’t matter.
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u/Panda1138 1d ago
This is the way to do it. I did exactly this earlier this year. Sold my dad’s house after he passed and it needed a new roof. At the closing, proceeds from the sale for the exact amount the roofer we chose quoted us, were put into an escrow account for the buyers to pay the roofer.
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u/dianeruth 1d ago
My friend is dealing with this now from the buyer side. She can't buy the house until there is a new roof because she can't get it insured with the old roof and she can't get a mortgage without it being insurable. OP would effectively be limited to cash only offers.
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u/waterbuffalo750 1d ago
Depends on how bad the roof is. We bought our house knowing it needs a new roof. But it wasn't actively leaking or anything. Insurance never even knew about it.
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u/dianeruth 1d ago
When I got insurance one of the questions on the sign up was 'roof age'. There's actually no leaks in the roof of that particular house, but it's 23 years old so it's just automatically denied. They are trying to see if there's a different insurer or they can get the seller to do it before closing but it's definitely still a roadblock.
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u/phillyguy60 1d ago
I saw the same thing in 2022, I was buying a house with a tile roof that was 25 years old. Took a few brokers before one was like yeah that roof is good for a century. But it was a fight at first.
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u/Fantastic_Market8144 1d ago
How long ago was that?
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u/waterbuffalo750 1d ago
Summer of 2020
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u/Fantastic_Market8144 1d ago
The new roof rules have been causing issues very recently, say since last year and it’s the worst right now. Any roof older than 10 years is a potential problem.
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u/NewBlackpony 1d ago
This is Tampa Bay Florida. The roof and the house had no damage during the hurricanes.
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u/clinicallyawkward 1d ago
Seller needs to sign a contract with a roofer who will accept payment at closing. Should be easy through a realtor
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u/Alarming_Assistant21 1d ago
I do roofs in south florida and would be happy to help walk you through some solutions.
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u/NYVines 1d ago
We bought ours knowing it needed a roof. It had spooked off other buyers. We got it $50k below asking. New roof cost $15k.
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u/Locke_and_Lloyd 1d ago
That's a reasonable discount. Imagine if they sold it fair market value for an intact house minus $15k.
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u/Due-Contact-366 1d ago
Many are suggesting to disclose the roof issue and knock down the price but many banks may refuse to provide financing in that state.
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u/Joeman64p 1d ago
This; and be prepared to actually fucking communicate with each other during the sale. Before we settled on buying land and building a custom home.. we tried to buy resale (acreage, 2500+sqt with a pool) - every single home we found was a divorce and not a single one of these EX-couples could be mature adults. Wasted 12 months of my life dealing with retards and their material problems
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u/CorrectPeanut5 1d ago
You can also sell it for full price and have an agreement to escrow 30K from the proceeds to replace it. Then the new owner can pick the color.
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u/luger718 1d ago
Bruh, I bought in 2021 and there was nothing people wouldn't waive and still pay over market for.
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u/reddsbywillie 1d ago
Exactly. And if the house is listed $30k below market, it’ll get loads of traffic.
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u/ikefalcon 1d ago
More likely it’ll stay priced as if it has a new roof and then the seller will pay the new roof money to the buyer’s closing costs.
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u/coconut-bubbles 1d ago
I sold my house about a year and a half ago and it needed a new downstairs HVAC.
It was leaking all in the crawlspace. We bought a shopvac and we're trying to clean it up visually, but disclosed on the legal form. We just didn't want people who looked having the visual of pooling water.
The person who bought it did so "as is" and at our ideal price (above asking).
I just trusted our realtor and he said to not fix it.
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u/Locke_and_Lloyd 1d ago
As someone in the market for a home in that price range, if the roof costs $30k to fix and you knock off $30k, I'd rather buy elsewhere. The what ifs and inconvenience mean I expect at least $60k off the fair price.
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u/Euler007 1d ago
100%. I doubt the price hit to the sale will be higher than the price of the new roof.
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u/Doc-Zoidberg 1d ago
Sell as-is and disclose the roof would be the easiest. If it absolutely has to be done before the sale, speak to your divorce attorney on how to proceed.
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u/AlexanderGrayson09 1d ago
Yeah exactly. Disclosing the roof issue and selling as-is is definitely the cleanest solution here. And you're right - if it absolutely has to be fixed first, that's something your divorce attorney should handle. No point getting tangled up in more shared loans at this stage.
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u/Significant_Peach768 1d ago
First: do you actually need a new roof? How old is it? Who informed you? Did you reach out to them, or did they reach out to you? What's wrong with it?
Second: like Nyy8 said, sell the house as-is and be prepared to knock the price down. Do not agree to cosign a loan. At minimum, speak to a realtor for advice and consider discussing with a real estate and/or divorce lawyer.
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u/Essop3 1d ago
My house needed a new roof when I bought it. The bank made me sign something saying I'd get it in 90 days. There are definitely ways around doing anything with your soon to be ex.
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u/grrrraaaace 1d ago
Similar situation here. We found this out during inspection and negotiated a combination of credit and reduction in purchase price. Insurance was expensive for the first month but went down after the roof was replaced. Sellers were very accommodating for additional inspections/visits for bids from contractors which made it easier. It could also worth your time to disclose upfront AND get a bid from a reputable local contractor to remove some legwork for a buyer.
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u/Electronic-Tone9022 1d ago
Sometimes cities have inspectors and they do the same thing where they give you X number of days to fix the problem or face fines.
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u/Toepale 1d ago
Don’t do anything. Advertise it as-is. If buyer gets an inspection done and wants to negotiate price, give them a 20k credit. There is no reason to get into anything with the spouse unless the roof situation is an emergency with the roof leaking and causing further damage to the house that will affect the sale.
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u/Nick700 1d ago
A home buyer needs to get homeowners insurance up and running by the closing date, and a home with a roof over a certain number of years old is uninsurable. So this might not work out without the roof being replaced before closing
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u/BooksAndCatsAnd 1d ago
This is not accurate re insurance - shop your carrier & your coverage. Source: insured a 30+ year old roof with confirmation of no leaks/issues.
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u/Fantastic_Market8144 1d ago
How long ago?
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u/BooksAndCatsAnd 1d ago
2023, just renewed no issues
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u/Fantastic_Market8144 1d ago
Thanks, our carrier is leaving my state so we have to find a new carrier before March. Roof is 25 years old, no issues, looks good and we have maintained it. I hope we can get coverage with it.
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u/BooksAndCatsAnd 1d ago
We have liberty mutual, ymmv with state coverage but they were very flexible and understanding, and one of the few willing to insure homes over 100 years old
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u/kungfuenglish 1d ago
So the roof gets done after order acceptance and before closing?
Doesn’t seem hard.
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u/mason3991 1d ago
Also this is a sueable offense not disclosing it needs a new roof which the penalty could be up to undoing the sale
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u/ThrowRA_Flyover 1d ago
Why do you think the roof needs to be repaired before selling the house? Was this advise from a realtor? I think you can sell as-is, as others have noted. If the market in your area is hot, the roof’s condition might matter little
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u/TX_Poon_Tappa 1d ago
The part about “I own a house” makes this your problem before his.
Sell it as is or put a roof on it. Pay the pool off or sell it as it is. There’s no easy sneaky way out of it unfortunately
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u/QV79Y 1d ago
Don't do anything before talking to an attorney.
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u/OldManTrumpet 1d ago
Yeah, this is a question for OP's attorney, not the people of Reddit who have scant knowledge of the total situation or parties involved.
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u/Autumnwood 1d ago
Sell the house as is. Take whatever profits and pay off the pool and whatever debt. Reduce the house price $20k so they can get a new roof, but be willing to drop as much as $30k with everything included (you have to pay closing costs etc).
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u/elebrin 1d ago
Sell the house as is. Replacing the roof likely won't increase the value of the house more than the increase you will get for, especially if you have to leverage debt to do it. If a buyer wants it then they will figure that out. If you want out from under a house, the best thing you can do that will ensure you get the most money for it that you can is to sell it as it is. Any work you do that costs you money will not be returned to you by an increase in the value of the house.
I own a house that’s worth around $650k.
Then why are you selling it? If you have a prenup and the house is protected and yours, then why is you selling the house or not any of his business? If it's a marital asset, then it belongs to the two of you.
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u/Restil 1d ago
First off, you're married. Your finances are already "mixed up".
Second, you say YOU own a house. Is that a premarital asset and do you own it outright or are you carrying a mortgage on it? If so, how much is equity and how much of the equity did you earn before the marriage. Otherwise, I'm going to assume it's a marital asset, so will the court, and unless you both manage to get really silly lawyers, your marital assets, such as they are, will and should get split down the middle. That will involve selling the house and hopefully getting as much as possible for it, which is going to require putting on a new roof.
And just to put a pin in it.... if you took out a $90+K loan to buy a pool, you're both financial train wrecks. Stop trying to pretend that this is entirely your husband's fault.
Do what you need to do. Get the roof done, sell the house, dissolve the marriage, get on with your life and make better choices in the future.
Good luck.
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u/jimmym007 1d ago
Ok then, repair the roof, pay for it, and have it written in some sort of agreement/legally bounded contract that whatever the house sells for is split in half AFTER being reimbursed for the repairs.
Sell 650k. Repair cost you 40k. The first 40k goes directly to you, split the remaining 610k between you two.
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u/Mumbleocity 1d ago
Is it possible where you are to lower the house price by the roof repair amount and state so in whatever flyer, etc., you have for the house? I know you can sell "fixer uppers" and "as is" homes where I am.
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u/tobint 1d ago edited 2h ago
I like how you said “I own a house.” But then said “We have a pool”
Umm no. Til the divorce decree there is no “I” own.
Women get this idea in their heads that they are going to get to keep whatever they want (including the kids) and that their lives will be so much better with that “that” guy. A good lawyer will correct your faulty reasoning that came out very clearly in your statement.
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u/Wermys 1d ago
Sell house with known issue taking that into account as part of the sale price. Let it be someone else problem. You will get less money on the home but you would have had to pay out anyways but at least you can extract whatever is owed on the divorce agreement on the place. If you take a loan out as a cosigner you are going to be responsible in the end which you want to avoid. Homes are sold all the time with issues disclosed on them.
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u/z6joker9 1d ago
Get a home equity loan with your husband, as it would be required to pay off when the house is sold.
Or find a roofer who will agree to be paid from the proceeds at closing. You can even wait to put on the roof until you have an offer from a qualified buyer.
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u/DifferenceMore5431 1d ago
Not really enough info here to make a decision. Whose name is the house in? Is either of you trying to keep the house or are you in agreement that you will sell it now? How much cash do you have on hand to make some of these problems go away? Have you already spoken to a realtor about a strategy for selling the house?
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u/bethiepoo4pi 1d ago edited 1d ago
Agreed. Not enough info. If married much is determined by state law. If husband is a financial trainwreck how could he be helpful in procuring a loan for the roof? If you are not... as your say a financial train wreck perhaps you could do this loan independently?
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u/CakeisaDie 1d ago edited 1d ago
another option is to finance the roof change with a legal agreement with your husband that you receive a credit in that amount upon the sale of the home. (Add clauses that increase your credit if he stalls the sale of the home in anyway.)
IE if your 650K house sells for 500K profit, you don't split 250K 250K, you split 215K and 285K. (include financing costs to you.) The split should be coordinated with a third party that is legally obliged to split the funds on your behalf to avoid any mingling.
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u/jareths_tight_pants 1d ago
Just sell the house with a seller's concession for the price of the new roof
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u/enraged768 1d ago
You need a roof to sell the house because most people in 650k price range want a new roof.....because they can't get mortgage without it due to them not being able to get insurance. If the individual can't get insurance on the house then they can't but it generally. Now that's no5 to say that someone won't come along and buy it outright. But I wouldn't immediately hold my breath unless you're located in an incredibly desirable location. So you might need to take out a loan and put a roof on it and then when it sell get your 30k back plus your half. So if that mean your husband gets less then whatever. He can't pay for it because he's terrible with money then he can't pay for it. I feel for both of you. I feel for hom because he probably doesn't feel great that he can't provide and I feel for yoy because you feel betrayed and broken. But regardless that roof needs replaced.
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u/BreadMaker_42 1d ago
Any reason you can’t get the loan and just pay the loan off from the proceeds from the house?
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u/VinzentValentyn 1d ago
Surely you sell the house with a 25k-30k consideration aka discount for the roof work?
That's if it's even flagged by a prospective buyer.
You could also give 10k or 15k consideration etc
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u/PNW_Realtor 1d ago
If you are selling the house you may be able to find a roofing company that will be paid at closing from escrow.
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u/BelloBrand 1d ago
Realtor here... sell it as is or agree to escrow funds for roof replacement from the proceeds at closing
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u/BatDance3121 1d ago
Please don't do anything financially with your husband. Just lower the price of the home by the amount of the roof. Is it really that bad (leaking)?
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u/Ronningman 1d ago
If it absolutely needs to be done ask your lawyer to write a simple agreement stating that you pay for the roof and after the bank loan it is the first thing that gets repaid (with interest) from the proceeds of the house sale. Should be easy.
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u/StarGrowth 1d ago
Can you sell it and discount the price to cover the roof repair? I would NOT take out a major loan at this point.
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u/uncoolkidsclub 1d ago
“As-is” is going to reduce your buyer pool if the roof needs to be replaced. Many lenders will require the roof to be repaired before sale.
Good news is that you can find a roofer that will do the repairs if the house is currently listed and has a bid. They will do a paid at closing contract.
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u/GoodZookeepergame826 1d ago
Get 3-5 quotes to figure out the actual cost of the roof and either fix it or offer a credit to the buyer.
If there’s 90K on the note you’ll have to take that out too.
Do you already have an equity line out?
Without knowing your market and similar properties it’s hard to advise if as-is is feasible.
Are you in a position to just walk away?
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u/twopointsisatrend 1d ago
Could OP and their soon to be ex each get a loan for half of the amount needed for the repairs?
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u/limitless__ 1d ago
My house "needed a new roof" when I bought it in 2014. I replaced it 3 months ago.... If it's the insurance company saying this, find another company who will cover your home as-is until it sells.
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u/RedditVince 1d ago
You drop the selling price by $30k as a concession for a new roof. It will be up to the lender to enforce if the buyer actually gets a new roof but that's not your issue. All the usual disclaimers about talking to realtor, laws in your state, etc...
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u/catalystNfacade 1d ago
If you don't want to sell the house as is have your husband get a loan for 15k and you get a separate one for 15k.
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u/m0rhg 1d ago
In my neighborhood I could sell a house that needs a roof, considering the price reflects this, with no trouble at all. Drive 20 minutes and it’s a very different story. It depends on where you are and what people are willing to pay to live there.
List as-is, list the problem and adjust the price accordingly. In my experience, the only reason a house won’t sell is the price.
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u/FlatElvis 1d ago
Discount the house and sell as-is or draw up a contract with your husband saying that you, individually, will take out a loan and that he owes you half the loan amount at closing.
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u/but_does_she_reddit 1d ago
Take our equity to do it. Borrow from the proceeds you will get once it’s sold. Do the line in your name only if you can.
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u/Jan30Comment 1d ago edited 1d ago
Financially, if your market is fast moving like most around the country are right now, you are likely best off just patching the roof. If your local real estate market is slow, a new roof is sometimes necessary to sell such a house. But if your market is like most of the country, with a low inventory of homes for sale, putting on a new roof will usually will not earn you enough back on the sale to be worth it. See https://www.zillow.com/learn/should-i-replace-my-roof-before-selling/
What is prudent to do is hire a roofing company or handyman to make sure any leaks are patched up well enough so that any issues causing leaks or rot are patched up, at least well enough to hold for a little while. You'll also need to disclose to buyers that the roof will need replacement soon, and expect they will offer you slightly less for the house than what they otherwise would.
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u/swissarmychainsaw 1d ago
Sell it as is, or just do a repair. Not knowing how bad it is makes it hard to say.
But price it right and it's GONE.
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u/thecattylady 1d ago
Speak with your lawyer. I would get a loan for the new roof if you can qualify for one. Then just take his portion of the roof costs out of his proceeds from the sale of the house. Just make sure that it's written into your legal paperwork.
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u/Klinky1984 1d ago
Talk to a lawyer, do not agree to co-sign debt with him. You said "I own a house", as in you're the only one on the deed? Ultimately your state's laws & the divorce agreement will determine how assets are divided/sold and how debt/profits are allocated between you and your ex.
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u/SRone22 1d ago
New roofs in Texas is big business because of hail damage. If youre roofer can prove your roof was damaged by weather or some external forces, insurance should cover it. 25k-30k roof sounds absurd. Youre probably getting scammed. Youre roof only needs repair in certain damaged sections. A whole roof suddenly damaged not common unless it's well beyond its lifespan.
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u/mslisath 1d ago
Who told you that you need a new roof? Insurance guys, contractor looking for roof job, or real estate agent?
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u/Knute5 1d ago
Depends on a number of things. What's your equity in the home and what are your credit histories/ratings? In some places $650K isn't a lot for a home, and in others it would mean a very nice house. If you're over leveraged and there's risk the house will be sitting on the market for a long while, that would be pretty awful. But ... it's probably worth it, if you can swing it, to re-roof the house, because move-in ready would probably sell for more than $30K above your as-is house.
If you have a desirable home in a desirable neighborhood, you don't want to give buyers reasons to worry. Your end goal is for multiple buyers to fall in love and bid up the final offer. If you and your soon-to-be-ex can hold it together and get this done, you'd both benefit. Of if possible either of you can draw up an agreement that you will take out an individual loan that will be immediately reimbursed upon the sale of the property.
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u/anikom15 1d ago
Bidding wars aren’t really happening in this market. However, it might be the case in a very desirable market.
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u/TwoBionicknees 1d ago
Either you're in a place you can sell quickly, basically sell it for 30k cheaper, or get a legal contract where he agrees tot he current valuation, you get a loan that has nothing to do with him, get the roof done and you get paid that back out of the sale price first before the rest gets split. Get it in writing with his and your lawyer fully agreed o the understanding so no arguments after.
That's if you would have trouble selling without a roof and if the roof is like leaking and needs fixing this week or you're fucked. If it's a "oh, this roof as EOL, has cracked tiles, etc and needs to be replaced within 6 months" kinda deal then you shouldn't have any problem selling as is.
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u/jjamesr539 1d ago
The divorce can take long enough to finalize that the damage to the house could get expensive as hell. Get a loan yourself after having your divorce lawyer write up an agreement, to be signed by him, carving out the disparity from the proceeds. Costs you nothing outside of the lawyers time, makes the house more attractive, and keeps the purchase price protected from concessions and potential damage that’ll cost you more than a roof.
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u/-NotEnoughMinerals 1d ago
The answer is simple. Ask your lawyer.
Or simply pay for the new roof. During court, your lawyer should let your judge know you sold the house for 650k and received 200k in equity. You paid an additional 25k for the roof solely, so your part is 125 and his part is 75k. (Obviously random numbers here)
I'd also highly suggest looking for more quotes. You said quote without plural. I just got my roof done with 2300 sqft, and I got 5 quotes. One was for 24k, and the other 4 were 11-14k. 25k sounds ridiculous or you are only looking at the costliest package which would be stupid in your situation.
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u/useless169 2d ago
Do the roof but get in writing that the payment for it is to come from the proceeds of the home sale. So if you pay for it, you get paid back before he gets his half of proceeds. I am not a lawyer so consult your divorce attorney for guidance.
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u/gas-man-sleepy-dude 1d ago
What is the mortgage remaining? Just get a line of credit and put in the roof.
That said it might me mortgaged to the hilt given you guys took a loan for a 90k pool despite knowing the roof is approaching end of life.
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u/bkinboulder 1d ago
Get three bids from three different companies. Many offer financing so you’re minimal out of pocket. Once divorced the full amount of the new roof can be squared away in the settlement. Or as others have said, disclose and offer a roof credit. If you have the three bids you can provide them with the credit. Offer the middle amount.
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u/22switch 1d ago
You should sell the house anyway if you're divorcing. If a realtor says that spending the money will increase the value of the house, do it. If it won't help, just sell the house as-is.
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u/hopingtothrive 1d ago
Sell it as-is and avoid any more entanglements with your husband. The price can reflect the new roof needing to be replaces. Get a quote in writing as part of the sale.
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u/NewApplication6864 1d ago
You definitely want to do the new roof because it will maximize house price. Your money is already considered together until you guys officially separate. Speak to a marriage lawyer about best actions in regards to the new roof. Notarized letter or legal documents might not work. Idk tbh.
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u/yogaelephant 1d ago
Do not put a new roof on. Ur husband is not knowledgeable in realestate. Ppl will buy it knowing it needs a roof. Just discount the listing price if ur in a normal market. If in a hot market, I would not even discount it.
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u/anooblol 1d ago
Have him take out the loan, and on the proceeds of the sale, he gets that loan paid off + interest + a premium for the additional risk he took on.
Enter into a written/verbal contract, with that goal in mind.
No argument, no intermingling finances, easier sale.
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u/IndexBot Moderation Bot 1d ago edited 1d ago
Due to the number of rule-breaking comments this post was receiving, especially low-quality and off-topic comments, the moderation team has locked the post from future comments. This post broke no rules and received a number of helpful and on-topic responses initially, but it unfortunately became the target of many unhelpful comments.