CHAPTER 17 Serious Considerations
Selling your home in the midst of a divorce is difficult, and that’s putting it mildly. The ability to work together in a business transaction with your soon-to-be ex is difficult to muster and requires patience, a lot of tongue biting, and a steely resolve to see it through as painlessly as possible. If you or your spouse is difficult and uncooperative there is, of course, always legal recourse, but that’s only going to cost you more — more time, more money, more pain and suffering. 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.
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