How do we value our house if we are considering divorce or separation?

By
Mortgage and Lending with SWBC Mortgage 740662

Who gets what?When a couple is splitting up the most valuable asset is the house.  How do they decide what to do?  Who is going to keep the house?  What is the value of the house?  Can they afford to refinance?  Can they sell the house?  Are there items they need to do to make my house salable?  Are there repairs they need to make? 

Here is a list of professionals to use to make an informed choose regarding the disposition of your property.

Realtor® - Can we sell the home?  What should we expect to receive from the sale of our home?  How long will it take to sell?  What is the market like?

Home Inspector - This is a licensed home inspector who will go through your home form top to bottom and give you a list of deficiencies.  You would want to know this. Whether you are selling or negotiating with your soon to be ex-spouse.  The home inspector may be able to test for radon or carbon monoxide as well. 

Pest Inspector - Do I have critters in my home?  Do I need a treatment?

Title Search - What is the status of the title?  Are there any deficiencies?  Are there any liens on title that need to be cleared?  Are both parties aware of all mortgages on title?

Mortgage Loan Officer - Can I qualify to refinance the home in just my name?  Can I quality to by a home?  ***Just because one party quit claims off of title does not release the other party from the obligation on the note.***  The home would have to be refinanced into one name to release the financial responsibility if both parties are on the current note.   

CPA or Tax Advisor - What are the tax implications?

These are areas that should be investigated prior to making decisions regarding the disposition of real property when a couple is divorcing.  

Living in Middle Tennessee?  Divorce - The Hidden Costs of Keeping the Family Home.  A free seminar is being held on Tuesday, February 2nd, 2010 from 6:30 - 7:30 PM.  There is no cost.  Whether you are divorced, thinking of divorce or somewhere in between - this free event will help you determine your best options for a stronger financial future...now and years from now.  For more information or to reserve your seat please call Lee Barroll at 615-243-1301 or email at lee.barroll@fcmhomeloans.com

Not divorcing?  Please share this information with a friend, relative, neighbor or co-worker who could benefit from the free information

Comments (1)

Franklin & Brentwood, TN Homes Mike Nastri
Keller Williams Realty - Franklin, TN
It matters to us as much as it matters to you.

Lee, I hope couples thinking about divorce are reading this, so many lose so much by not considering the things that have to be done.  It addition to the pain of the separation, large financial losses can come when they don't consider what has to be done about their house.

Jan 27, 2010 12:34 PM