Welcome to the DaveRyer.com Blog

2014-07-08 10:55:42
Selling your Home During Divorce.

The dissolve of a marriage is always a difficult situation.

Through our experiences, however, we have found that a need for real estate services do arise from this situation and we want to be there to help you through this difficult time.

We are a completely disinterested 3rd party who is here to help both individuals fairly and with integrity to make the best financial situation possible.

If you have any need for real estate services or are just interested to find out what your home may be worth, I am here to help.

(the following is courtesy of Divorce Attorney Jennifer Brandt for Zillow.com

Dividing the marital home in a divorce is one of the most difficult aspects of property distribution. The house is often the most valuable asset owned by the parties, and it is the one that often has the most sentimental meaning as well. Couples spend a lot of time and effort choosing a home and filling it with memories, and frequently neither side wants to move from the home even while a divorce is pending.

Eventually, however, a home must be distributed like all other assets in a divorce. It is simply a question of how that is accomplished.

When both sides agree

First, both people can agree that one of them keeps the home and buys out the other person’s interest. To do this, the house needs to be appraised by a certified real estate appraiser to determine fair market value.

Alternatively, the parties can agree on a fair market value. To determine the net value subject to distribution, they must then deduct the amounts of any outstanding encumbrances on the home such as mortgages. In some jurisdictions, real estate commissions are also deducted in determining net value even if the person keeping the home has no immediate intention to sell it.

Once the net value is determined, the person keeping the home will need to pay the other person his or her share of the value. This amount may be paid outright in a lump sum, paid over time (perhaps with an interest component added) or offset against other assets. The person keeping the home will also need to refinance or otherwise remove the other person from exiting encumbrances on the home.

When there’s disagreement

If the sides cannot agree on who should keep the home or neither person can afford to keep the property, they can agree — or a court will often order — that it be sold.

This is not as simple as it may seem. First, a real estate agent has to be agreed upon or appointed by the court. Then a listing price needs to be determined, with a methodology for reductions if the house does not sell immediately.

Even more difficult is determining how expenses will be paid and who will pay them while the house is on the market. Frequently, if one person is not as enthusiastic about selling the home as the other and is still residing in the home, he or she could try to block the sale by failing to keep the home in showable condition or impeding showings. That is why it is crucial that a specific agreement or court order with penalties for breach govern the sale of the home.

Although dividing and distributing the home is difficult, it can be made much easier if both sides can remain objective. Real estate is plentiful, and a new house can be made a “home.”  As such, sometimes the best decision is not to fight over the home but to move forward.

If you need to start the conversation of selling your home due to divorce, please give me a call. I am here to support you. Trust me, I know this is hard. Let me make the transition a little bit easier to manage. 


Dave Ryer

ReMax Cross Country
214-704-2606

dave@daveryer.com

 

 
Blog Archive
2016-06-03 10:58:01
Your Property Inspection: What to Expect

2016-05-20 11:07:31
Tips for selling a Pet-Friendly Home

2016-05-12 11:17:44
Preparing your home for the Summer Market

2016-02-08 09:39:51
Find Out How Much Your Home is Worth!

2016-01-20 09:22:04
6 Things to Look for during a Listing Presentation

2016-01-15 10:43:48
Get Ready to Sell! Now's the Time!

2015-12-02 12:42:06
Christmas in DFW

2015-10-28 13:06:24
Tips for a Safe Night of Trick-or-Treat

2015-09-14 11:46:35
6 Ways to Keep Your Identity Safe During a Home Sh

2015-08-24 09:42:37
Back to School!

2015-08-19 09:47:27
Real Estate Statistics for North Texas: July 2015

2015-04-20 09:50:19
5 Guidelines for Tipping Movers

2015-04-09 12:33:51
Declutter Before You Sell

2015-03-26 13:11:56
Reminder: Getting a Home Inspection on your New Pr

2015-03-17 09:05:18
Tips On Moving With Children

2015-02-26 09:20:59
Let's Talk Title and Escrow

2015-01-30 10:07:59
Let's Talk Home Inspections

2014-10-23 13:08:24
Emergency Preparedness in the Home

2014-09-22 09:24:50
Buying Your Texas Home

2014-07-08 10:55:42
Selling your Home During Divorce.

2014-06-05 10:55:19
Open House! What you should look for.

2014-05-14 11:39:25
Staying Safe in Residential Pools

2014-05-08 10:16:04
Frequently Asked Questions about Residential Appra

2014-02-26 12:02:17
Find Your Ideal Neighborhood!

2014-02-25 10:13:44
Fresh Tips for Selling Your Home this Spring

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.