The following tips will help couples who are going through a divorce explore all options, and aid them in making decisions based upon the best outcome for all involved:
- Determine the value of the home, and what equity (or loss) will be split if it is sold.
- Determine if it makes sense to jointly retain the property for a pre-determined period, and:
- Allow one spouse remain in the home until it is sold
- Lease the home to a 3rd party
- Determine if it makes sense for one spouse to purchase the property from the other, and know;
- How will this affect the ability of the “selling” spouse to purchase or lease the next property
- Will the lender release the “selling” spouse from the mortgage, or will the remaining spouse need to refinance the home.
- Understand the tax and credit consequences inherent in each of the above decisions
Divorcing couples need to seek the advice of real estate professionals who specialize in working with divorcing clients. These Realtors should be willing to be part of a “Divorce Transition” team if requested. AND, these Realtors should be focusing on achieving the best outcome for their clients, even those outcomes which don’t create the highest compensation to the Realtor.
Originally posted 2013-02-04 12:17:32. Republished by Blog Post Promoter
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