IF, WHEN & HOW TO SELL YOUR HOME IN A DIVORCE
You're are not alone.
Many homeowners have been in similar situations
where privacy is preferred.
After they spoke with us, they felt more at ease about the process.
Let's take a closer look about Real Estate in a divorce.
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FIRST THINGS FIRSTGather Information, ThenMake Informed Decisions.
* Who should I talk to?
* Do I have to sell at all?
* When should I sell?
* What strategy should I use ?
* Can I stay in the home?
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Who Should I Talk To?
Most people start at Google, or perhaps friends and family. It may seem the quickest or easiest way, however it could hurt you. Everyone's situation is different . Situations need to be analyzed individually. There are legal, tax, and in some cases medical consequences involved. Professionals can work together to make sure you are aware of important aspects of handling your Real Estate affairs in a divorce.
These professionals include
* Divorce attorneys for leagal advice * Tax professionals or CPA's for tax advice * Real Estate professional for Real Estate advice * Medical doctor for medical advice |
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Do I Have To Sell?THAT'S A GREAT QUESTION!
Let's Look Closer. Maybe not!.
One party may want to stay in the home, if so, you have options.
* You could buy out the other party * You could be given the home * You could be awarded the home * You owned the home prior to marriage * You may delay the sale to a later date
There are many ways to keep the home and not sell, if the parties and or the court agrees. This is where it's important to have the right team of advisors on your side. Make sure you know your options and the pro's and con's of each one.
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When Should I Sell?IF You Decided To Sell, Timing Is Everything
Once the decision is made that the home will be sold, the first question is when?
Again, this is not a one size fit's all approach. There could be tax consequences if the home is sold prior to the divorce - vs- after the divorce and Vice-Versa.
Here are a few factors that may affect your decision
* Current and projected market conditions * Tax implications * Finacial positions * Family implications * Medical conditions * Court orders * Legal matters
This is really important, and it's best to determin as soon as possible. Usually the legal, tax and certainly any court orders come first. Only if the Real Estate market is in some sort of free fall, and your equity is in jeopardy, would they supercede anything else.
In the absence of those being a factor however, you would want to pay close attention to market conditions. Whether they are seasonal or something else is driving the market. If in your local market you had very little competition, you may consider doing it now.
The financial aspect may play a big part as well. If your bank account does not have the funds to carry you through the divorce process, the sale of the home now, could free up needed funds. |
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WHAT'S THE BEST STRATEGYWhat's The Best Process For You?
Every case has it's unique situations to address. In some cases the parties get along enough to discuss things with their agent. In other cases they don't speak to each other, but through attorneys.
Most of the time there is some level of civility, as they recognize the financial impact of not cooperating could have. In most cases the equity from the sale is split evenly and every net dollar matters.
There may some differences in how the home sale process is handled in a standard sale vs a sale in a divorce. In a divorce, the emotions and stress levels can run high, and privacy can be a big factor in the home selling process
Here's a few areas that can be different
* Who's in charge? * Who's selects the right agent for the job? * Who has to sign all documents? * What's the communications process? * How can I protect my pricvacy? * Are there any legal authorities to deal with?
It's important to know that a seasoned agent selling homes in divorce cases, makes a big differenece. They are familiar with working along side other professionals involved in most divorce cases and are familiar with the legal court processes involved. They also know how to stay in thier lane and give only the advice they are licensed to give. They also have connections to other professionals if you need those resources. |
CAN I STAY IN MY HOME?KEY FACTORS TO STAYING IN YOUR HOME PRIOR, DURING, AND AFTER THE DIVORCE
The divorce process after filing can take as little as 6 months or years, depending on the parties and circumstances involved. So the total time including discussions of divorce before filing can take a while.
Where everyone lives during this process can be challenging. Many times couples tough through it in the same home because of financial reasons, but would rather be in separate living areas. In other cases the physical separation has already happened.
If children are involved at least one party may prefer to stay in the same home where the roots and social structures are. You remain close to family and friends, the children go to the same schools and sporting events, etc.. etc.. It would be easier to stay in the same home if it were at all possible.
Here are the key areas where your Real Estate Agent selection matters. Having a tool bag full of options based on years of experience can really make a difference.
Things like:
* A clear understanding the options available * Proven solutions to keep you in the home * Selecting the right buyer that wants you to stay * Exploring all options of not needing to sell * Putting monthly cash in your pocket
These principals and the ability to execute them are known by only a select few agents. It's worth your time to take just a few quick minutes to find out how we do it.
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