Top Tips for Selling Your Home During Divorce
What should you know if you need to sell your home because of divorce?
Name on title doesn't mean everything. Just because only one spouse name is on the title, it does not mean that the other spouse does not have equal rights to the property. People put a property in only one person's name for many reasons. A major reason why only one spouse is named on the title is that one spouse may have poor credit scores and couldn't qualify for the mortgage, however the name of second spouse could be added to the title after the closing. You must consult with an attorney. Even if a property was purchased prior to marriage, it does not mean that the other spouse may not have a claim to equity in the property.
The agreement both spouses will be best way to decide. But this is not easy task to do if you can't agree on anything during the stressful divorce time. Even if you can't agree on who gets the house or whether the house should be sold, you should decide who will pay the mortgage?
Divorce process is the first reason the house in getting to foreclosure because a spouse stop making payments on a mortgage even if she/he still living in the home. Failure to make mortgage payments significantly damage credit scores and lead to bankruptcy or foreclosure.
You definitely should ask yourself first How much equity do you have? You need to talk to a real estate agent and get an idea of what your home could sell for an current market and fair sale. Knowing how much your home would likely sell for and how much equity you have after paying off the mortgage to the bank including the closing cost should help you make the inform and smart decision forward. Even if you decide not selling it. Having knowledge how much equity you have on the house help you and your spouse reach an agreement much easier.
If you decide to sell the next important question is, Who should list our house? Agreeing on which real estate agent to use can to make the process easy and quick with minimum stress and conflicts is your another decision to make. Get help from real estate professional with over 20 years experience and the best clients reviews. A real estate agent who has experience in helping clients going through a divorce will help you and your spouse reach agreements about main issues before you list your home.
Again, going through a divorce is already stressful situation. You need to get a good attorney and good Realtor. You wont need to pay attorneys to battle over details of your home sale, when a qualified real estate agent do the job properly.
When you hire a Realtor consider asking for full closing cost estimate and help with calculating you equity. Find someone with great experience dealing in stressful and difficult situation, someone with a proof of excellent customer service based on opinion of previous clients and someone who will sell your home for less, so you can get most of equity of your house.