With that in mind, there are a few things you need to consider in order to avoid trouble. To eliminate any misunderstandings by you, your ex-spouse, your agent, or an interested buyer, discuss this list of potential trouble spots with your trusted agent. Selling your home before you are qualified to buy another – financial situations change along with loan requirements, especially in divorce, so make sure to be prepared. Guessing your mortgage payoff – be aware of any penalties that may be involved in paying off your mortgage. Underestimating closing costs – calculate fees, taxes, and commissions to be paid, and understand that remaining proceeds will be divided as agreed. Spending earnest money – if the sale falls through, what happens to the money? Avoid stress and hassle by working out these details ahead of time. Befriending potential buyers – if you confide that you are divorcing, they may assume you are desperate to sell, and that can affect the sale of your home. Make sure you and your real estate agent agree to both keep an eye out to avoid this pitfall. Low appraisals – you have options if this happens. Sometimes, judges will determine the value of a home, but most appraisals done by professionals are reasonable, so have a plan with your real estate agent for how to respond if you get hit with a low appraisal. Inspection requirements – know what is expected for your home to pass a home inspection. Prepare for closing – your agent and lawyer will—or at least should—inform you of what to expect.
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