California has a staggering divorce rate of 72% and housing prices are among the highest in the nation. The family home remains one of the most valuable assets in California divorce that typically must be sold. NOT selling the house is among the riskiest divorce options a divorcing couple can make and can potentially have future disastrous results to the divorcing couple’s future. When one spouse retains the house post-divorce, either or both spouses risk significant adverse exposure from liens, clouded title, mortgage liens, consumer credit decline, default, foreclosure, bankruptcy, and other potentially devastating post-divorce financial issues.
Divorce is never easy, but the pain and upheaval which often accompanies divorce may be minimized by surrounding the divorcing couple with knowledgeable and understanding real estate professionals that are certified in divorce real estate. These specialized divorce professionals offer a comprehensive service tailored to meet the unique needs of their divorcing clientele. These real estate professionals examine the legal, financial and emotional interaction between the disposition of the family home. They dive into issues of marital versus separate property, who holds property title, property valuation, calculation of current and future house equity, post-divorce residence, all with a focus of professional cooperation for mutual gain.
Divorce real estate firms have REALTORS® designated in divorce real estate. Having earned an RCS-DTM Real Estate Collaborative Specialist-Divorce) designation and working closely with family law firms, an RCS-DTM REALTOR®, is specially trained to neutralize divorce real estate and treat the house sale as a business transaction. These professionals work for the “best interest of the house”, and each divorcing spouse equally benefits.
The divorcing sellers’ challenge can be maintaining a logical and objective approach to the process of selling the home. A proactive posture must be taken through the process, taking steps to alleviate misunderstandings and mitigate any potential issues before the home is listed for sale. Unfortunately, the sale of the marital home is an inevitable end for some people. These RCS-DTM REALTORS® live by the creed and give clients this advice, “Protect yourself and your financial future, make sure you know what you owe, what you own, what you are getting into, what you are getting out of, and most importantly – what you may be getting stuck with … before it’s too late.”
Major mistakes in divorce real estate are preventable during divorce but are not fixable after the divorce is final. Divorce does not automatically cancel or sever joint mortgage or any joint ownership of one’s house. These mistakes often result in damaged credit, mortgage default, foreclosure or even bankruptcy. These mistakes ruin finances, families, and futures years after divorce.
Firms specializing in Divorce Real Estate follow a very detailed process for a confidential consultation or to receive our “10 Deadliest mistakes divorcing couples make” primer, please fill out our contact form.
1️⃣ Using an Appraisal to Find Value
2️⃣ Not Conducting Professional Pre-Divorce Home Inspections
3️⃣ Not Understanding Options / Consequences of Keeping / Selling Property
4️⃣ Not Completing a Full Title Search
5️⃣ Not Consulting a Mortgage Professional
6️⃣ Leaving One Person on Title & Both on the Mortgage Note
7️⃣ Not Conducting an Insurance Inspection
8️⃣ Not Conducting a Tax Bill Inspection
9️⃣ Not Staging Property being Sold
🔟 Not Getting a Home Warranty
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