In the not so long ago....and in some cases, continuing saga of divorce decrees, the Marital Settlement Agreement (MSA) read that within x period of time, usually 2 years or less, it was agreed that the house which was marital property, would be sold or re-financed by one member of the about to be, former couple. The same language had been used for years and became an
"automatic ending for divorce."
What was no longer "automatic" with the decline of the housing market....was that the house had equity.
There was no option to refinance.....and the sale did not mean sharing profits....it meant a short sale...and in some cases when spouses choose to "get even"....allow the house to go into foreclosure.
No one buys their home ....with the anticipation of doing a short sale any more than they take a trip down the matrimonial aisle imagining a divorce....not an planned or desired event.
We are seeing a resurgence of short sales...not to the level of a few years ago....but they are back with more frequency than they had been in recent history.
In part, this is due to the "wait until the market comes back" belief. The part of "back" that homeowners do not face is....back from where.... It is not back
from a place of imaginary...or perhaps once the reality of equity. It is back from now...and what price the market will bare now.
Will we convince your spouse to do a short sale ? We will present the facts of the process...we will help them look at their financial situation....we will encourage them to seek legal counsel if they wish....and all we can do is inform...the "convince" has to come from the spouse themselves.. he/she has to be "convinced" that selling the home as a short sale is the best thing that can be done.
Signing the listing is a very small part of the cooperation required by both people in a short sale. We will need financial disclosure and a host of other paperwork as the lender may require promptly during the process....OR the lender reserves the right to close the file. The spouse who feels that he/she has been forced into making the decision becomes uncooperative with timely production of documents....and a great deal of additional time is spent in gathering this information.
We are the only certified Real Estate Divorce Specialists in Wisconsin....We have earned our CDPE certification and have a successful closing short sale record. Whether you have the mansion on the lake and need Luxury agents...or the home in the suburbs that has not regained the value you owe...Call the Hansons and let's figure out together what your next step is to begin your happily ever after.