Divorce and Real Estate, two very emotional subjects. As a realtor in Nashville, I sometimes get caught in the middle. It's difficult to stay focused on what I can do to help them both. In a lot of cases, one party wants to sell, and the other wants to keep the house, even if they don't say so, and take over the payments. Especially if children are involved. Sometimes they don't really make a big effort to help with the sale.
They can cause problems by becoming unreasonable during negotiations to insure that it doesn't get sold, or accidently placing the lockbox inside the house, or just telling the sowing desk that they can't show the property today.
If you've ever been involved with a divorce sale, you know what I mean. If not, be prepared for some irrational behavior. Here are a few things that you should advise couples with a home, and going through a divorce.
1. If someone is planning to keep the home, have they talked to a mortgage person to see if they can qualify for the loan required?
2. If they plan to keep the house, how will the other party be compensated for their part of the equity if any?
3. How will you value the equity? It's not as simple as appraised value minus the amount owed. You must also factor in any repairs that should be made, the actual closing cost of a new loan, and real estate fees when you sell. All of these costs could be many thousands of dollars, make sure it is part of the negotiation.
4. If you plan to sell, who is responsible for maintaining the home, and being prepared for showings.
5.Where will each of you live after you sell?
My advise is this, sell the house. Move on with your life. Don't put yourself in a bind financially because you think it will be easier on the children. They will be much better off when their parents aren't stressed out trying to pay for a home they can't afford.
A lot of homes in foreclosure are due to divorce, and the actions taken during the divorce proceedings. Don't let it happen to you or someone you know. Take the right action in the beginning, and realize that you probably need to divorce your house, as well as your spouse.
If you are thinking about divorce, call a realtor to get the facts about your home. If it's in the Nashville or Franklin area, call Larry Brewer at 615-512-7853, or click on the contact us button. It's free