Selling a Home in a Divorce
During a divorce, you'll likely have many questions about what happens to your home, your current mortgage, and even your credit rating. At Collins Realty Group, Inc., we are here to help answer these questions.
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Here are some frequently asked questions about buying and selling a home in a divorce.
What happens to my current home?
If you and your spouse own a home, there are two main routes you can take to reach a solution. You can sell the home and split the money, or one person can buy out the other by refinancing the mortgage.
How does a divorce impact my credit score?
Unfortunately for many, divorce is a time of great financial hardship and credit challenges. Because you are responsible for the mortgage until it is paid in full or refinanced, it is important that you remain current on the monthly payments.
Can I buy a new home if I'm still listed on the previous mortgage?
Yes, but it's sometimes difficult to buy another home until your divorce is
final. In most cases involving child support and alimony, the payments must be received for a specific time period before you can use the funds as qualifying income. If you are a co-borrower on the mortgage for the prior home, many mortgage programs will allow you to qualify while excluding that debt. Your bank or financial institution will guide you through the loan process.
Should I use my family or friends who are Realtors?
Everyone knows at least one Realtor in their social network. And under happy circumstances relying on a Realtor who is a family or friend is a great idea. But divorces are often full of private details many spouses want to keep from their social network. You want to pick a Realtor who is professional, experienced, trustworthy, and discrete without prior knowledge of your personal affairs. While all Realtors are committed to ethical behavior, personal feelings may arise which could create a conflict of interest for you or your spouse.
Why work with Collins Realty Group, Inc.?
We've helped other clients experiencing divorce buy and sell homes. We understand the stress each spouse experiences and we uphold the highest integrity and fairness when working with both parties. We communicate every step of the transaction according to the wishes of each spouse, knowing there are mutual and private decisions that may affect the sale of the home. Finally, we understand the emotional impact divorce has on a family. As retired caregivers, the team at Collins Realty Group, Inc. are advocates, not salespeople. Our compassion and empathy guide you every step of the way as you rebuild your life.
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