More Questions For Macomb County MI Property Owners During or Before a Divorce Part #2

CHESTERFIELD TWP, Mich. - Jan. 10, 2015 - PRLog -- Take over the mortgage – If the spouse who wants the home has enough income, he or she could take over the mortgage and just make the payments. This requires talking to the lender and refinancing the home – meaning the person must qualify – but some are capable of doing this. If you can accomplish this it removes the other spouse from the equation completely – therefore eliminating his or her liability – but not many people have this kind of income.

Of course, you also have to answer the question of how much equity the departing spouse has in the home and either buy them out or set up a payment plan.

Co-own the home - If you have children and you want to keep them in the same house, you could both stay on the mortgage to create as little disruption as possible. The remaining spouse can make full payments or you can both agree to a percentage. This requires a great amount of trust though, because should the remaining spouse fall behind or fail to make the payments, the departing spouse will suffer the same credit issues and mortgage problems.

Win at all costs –  One of the unfortunate things I have experienced in some divorce scenarios is one parties desire to “win” at all costs. There have been occasions where one spouse insists on keeping the home even though it is not a prudent financial decision because they see it as winning a large battle. In other words their judgement  becomes clouded from going through such a traumatic event which they may not have wanted.

When one party ends up keeping the marital home for this reason there are times when later on down the road they later realize that maybe taking on such a large debt and all the expenses that come along with home ownership was not such a good idea. If you decide to keep the marital home you REALLY need to make sure you can afford the mortgage payments and all the other expenses that come along with home ownership that you may not be considering.

Lots of couples getting a divorce underestimate what it’s going to cost them to live once the divorce is finalized. One of the things you should be doing when contemplating to keep the home is to develop a comprehensive budget before you lock yourself into a divorce settlement. Don’ think about keeping the home in a divorce as a “win” if it is going to bury you financially somewhere down the road.

How to Sell Your Home During Divorce

Selling a home during a divorce is much like selling real estate any other time, except that you MUST lay the groundwork beforehand that determines who gets what. With a real estate agent helping you selling the home for a fair market value should be possible – as long as you follow your agent’s advice. Before this happens though you should have decided on how the money from the sale will be divided up.

Once this is decided, bring in a reputable real estate agent – one hired based on interviews, credentials and sale history – and get your house on the market. Follow his or her advice to a T, and be willing to compromise a little. Selling for a little less than what you might want can get the home off your hands faster and help you both move on with your lives.

The Divorce Realtor You Select Is Important

When going through a divorce and selling real estate you are going to want to work with a Realtor like Rick Giese, associate broker at RE/MAX Advisors who has been trained to help divorcing couples with their real estate needs and has exceptional communication skills.

Given that there could be two parties that might not be getting along that well anymore, you are going to want to work with someone who understands the nature of divorce and all the emotional baggage that comes with this stressful life event.

When I am hired to represent a divorcing couple I want them both to be present for any listing interviews that take place. I want them to understand that I represent both of them equally. There is no favoritism involved. My number one priority is to sell the home for the most money possible in a reasonable amount of time with the least amount of headaches.

Creating an atmosphere of trust where either party can call me at anytime is very important. Getting a divorce is stressful enough as it is. Adding a home sale on top of it can make you feel like your life is totally upside down. Striving to make the home sale process go as smoothly as possible is always one of my goals.

While going through a divorce brings with a different set of challenges, the real estate agent you should work with should not only have some experience with divorce but also a strong track record of success. When selling a home and getting divorced selecting a realtor is an incredibly important decision yet so many sellers do not take the time necessary to really make a sound business decision.  Being in the business as long as I have it still puzzles me how lackadaisical some people can be with choosing a Realtor.

You would think that selling ones largest asset would bring a determination to choose one of the best agents around. Often times this is not the case and no research is done in order to make the best possible selection. Divorce and selling a home at the same time is tricky business. Make sure you are well prepared for this endeavor.

More Divorce and Home Selling Resources:

·         What are the options of selling a home during divorce (http://homeguides.sfgate.com/house-wont-sell-during-divor...) via SF Gate.

·         What to do when selling a house and getting divorced (http://homebuying.about.com/od/sellingahouse/qt/0307Divor...) by About.com

·         How should proceeds be divided when selling a home and going through a divorce (http://www.divorcenet.com/resources/divorce/marital-prope...) by DivorceNet.com

·         What are the tax implications of divorce (http://blog.turbotax.intuit.com/2010/09/02/the-tax-implications-of-divorce/) by Turbo Tax.

Use these additional resources to help you consider whether to sell a home during a divorce. Divorce and selling real estate is something that should be discussed with an attorney, as well as a competent financial adviser.

Want to know today's present market value of your marital home or condominium? Check out our online CMA site at http://www.mymihomevalue.com/

Consistently ranked as one of Southeastern Michigan's associate brokers of Seniors Real Estate Help, Equity Sales and Short Sales. Rick Giese has over 27 years of Real Estate experience and is one of the areas Rick has a strong focus on assisting homeowners in need, Rick Giese offers a straightforward no nonsense consultation designed to give you all the information and facts to enable you to make the best decision for you and your family. As every situation is different, Rick offers his insight and knowledge of the real estate transaction process and all the options available to you to get the most money the market will pay or to help you avoid foreclosure. Call Rick Giese today at toll free 1-800-274-5656 or your free consultation of your situation and sleep better tonight.

For more information, contact Rick Giese at 586-242-3100 or eMail rick@rickgiese.com