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 ex-spouse 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 either you or your soon to be ex-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 compensations 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 89
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