Selling the House When You Divorce
One of the options you have to deal with the house during divorce is to sell it and divide the proceeds.
If neither spouse wants to stay in the family home, or if neither can afford to buy out the other, you can put the property on the market and try to get the best possible price for it. Keep in mind that before the sales proceeds can be divided, you’ll have to pay off the mortgage, any equity line or second mortgage, and the brokers’ fees. You’ll also have to pay any capital gains tax that might apply. These expenses are one disadvantage of selling, especially if market conditions aren’t good for sellers. Another disadvantage is the need to uproot the kids when they’re already adjusting to a lot of change.
How to Avoid Costly Housing Mistakes During and After a Divorce
Divorce is rarely easy and often means a lot of difficult decisions. One of the most important decisions is what to do about the house.
In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straightforward, specific information and answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decisions are easier. Neutral, third party information can help you make logical, rather than emotional, decisions.
Probably the first decision is whether you want to continue living in the house. Will the familiar surroundings bring you comfort and emotional security, or unpleasant memories? Do you want to minimize change by staying where you are, or sell your home and move to a new place that offers a new start?
Only you can answer those questions, but there will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or is it better to sell and buy? How much house can you buy on your new budget?
To help you know what questions you should ask and how to arrive at the right answer for your specific situation, a FREE special report has been prepared by industry experts entitled “Divorce: What You Need to Know About Your House, Your Home Loan and Taxes”.
Order this report NOW to find out how to make this part of your current situation less stressful. Don’t need a report and just want questions answered. Contact us today for a private confidential discussion. Laurie at 801-205-1600 or Marty at 801-205-3500 Free No obligation! We have worked with dozens of families like yours!
Newsletter for our readers
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Notice Consumer Warning!! Attention Home Buyers!!
Attention Home Sellers!!
Is the Home You are Looking at ON-LINE Really For Sale???
Did you know the facts about where listings are originated?
Buyers beware of the Large Corporate Sites acting as posers in our real estate market! Posing as experts of value?
Sellers beware – over 98% of people looking on these sites are not buyers!
- Fact – an entirely new industry has been created that is based on EXPLOITATION of properties for sale.
- Fact – this system impedes the information pipeline by not getting you in touch with the actual listing agent who has accurate information about the property.
- Fact – as a result, all parties involved in the sales process including home sellers, prospective home buyers, real estate agents and brokers are HURT. The public is routinely MISLED.
When I and other real estate professionals create a property listing in our local Multiple Listing Service, we are given the choice of authorizing the sharing of that listing. One source is Internet Data Exchange or (IDX) with a member of the Multiple Listing Service organization. Brokers within the same Membership or MLS share, market and display other Brokers listings. This is controlled through the Local Board of Realtors®. Utah State Rules governing the real estate industry dictate that the Brokerage name must be listed on every displayed site.
The other way of sharing. Is known as listing syndication. Due to the poor standards currently in place, the listing then enters the proverbial “BLACK HOLE.”
Syndication sites are not part of the local Board of Realtors® and are not bound by any rules WHATSOEVER!
Sold properties or properties not on the market continue to be displayed as available for sale properties. How would you like to have people driving by the home you just bought to ask if it is for sale? Peeking in the windows? Walking around your home?
What is the result for Home Buyers and Home Owners?
Home buyers, when on these syndicated sites are looking at homes that are either NO LONGER FOR SALE, SOLD, OFF MARKET, AND EVEN NEVER FOR SALE AT ALL!
Only about 66% of the actual “For Sale” listings make it to syndicated sites from our local MLS.
Syndicators will openly brag about the fact they have more properties than anyone else! That may be true …. However many times those properties are not really for sale!
These syndication sites sell ad space to real estate agents that may or may not have knowledge about the home displayed next to their photo on the webpage.
What happens? What does that mean?
Home buyers are directed to agents who are UNFAMILIAR with the home, but have paid for the buyer lead. These agents are then free to promote other homes or areas that are familiar to them. The result is an epic fail. Buyers miss out on the best INFORMATION, and sellers miss out on valuable showing OPPORTUNITIES!
Massive Problem! There are two really big syndication sites most everyone knows. Their names. …willow and …rulia.
Hundreds more! Many are borrowing data from Realtor® Sites all over the country.
Best Advice!
Stick with a local expert with a IDX site that is Approved by the local board of Realtors® that complies with the National Association of Realtors® code of ethics and standards of practice.
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