If you are heading for Divorce and you own a home this is for you

Divorce is not easy especially when you own real estate.

Decisions must be made prior to putting your home on the market for sale.

Heck decisions need  to be made prior to even considering seeing a lawyer!

The biggest mistake I see being made by homeowners who are getting a divorce or have already separated and gotten a separation agreement is this:

"They forget to include the cost of selling into the split."

Remember, it may not have cost you anything to purchase the home if you are a Veteran or very little if you were a first time buyer. That is because of the loan you took out and chances are the sellers probably paid money toward your closing costs.  When you go to sell, you are the SELLER!

Questions you should ask yourself and your attorney:

• Do you have equity?
• Do you have enough equity to sell?
• What is the cost to sell the home in today's real estate climate?
• Who picks the REALTOR® to list and sell the marital home?
• How will that equity be divided when you sell?
• Is one of you going to keep the home?
• If so can that person afford to refinance the home in their name for sole ownership?
• What if the person living in the home does not keep the house in market ready condition?
• Will that affect your value?
• What is the cost to sell the home in today's real estate climate?
• What happens if you are falling behind on payments?
• Do you know if you spouse is paying?
• Did you use the first time buyer credit to buy?
• Are you still paying that back yearly on taxes?
• Who's going to pay for repairs?
• What if you do not have money for repairs?
• Did you get everything approved with your homeowners association?
• If you have a divorce already, who pays for what?
• Do you know?

Steps to take right now:

1. The first step is to pay for an appraisal to find out the fair market value of the home.
2. Next talk to a local REALTOR® and learn the cost of selling your home.
3. Next talk to your divorce attorney and begin to draft the separation agreement or read the PS Statement Below

Real Estate agents and Title Companies need a road map to follow.

The Road Map- a separation agreement, a divorce decree or both. 

Have questions, feel free to call me 703-851-3085.

PS: Since the downturn of the market in 2008. I have assisted many, many divorcing couples who opted not to have an attorney. Because of the lack of equity, and because they did not want to fight. They worked out their issues, were totally on board with selling the home splitting everything 50/50. They had that in writing and notarized. That information was sent to the Title Company. Also alll parties agreed that if either disagreed. All sale proceeds would be held in escrow until they hired attorney's to work it out. In each case..that was the incentive to get the get the home sold quickly so they could move on with their respective lives and plans.  It was a win/win and an honor to help all of those families. Truly wonderful to watch and be apart of.