Divorce can be one of the reasons that people sell a home...and can also be the reason for a short sale. The house that was larger when more children lived at home...the dream house that could only be supported by two incomes...the rate that adjusted....a combination of circumstances not only leads to the end of a relationship with husband and wife...it is the end of either member of the couple being able to stay in what had been their primary homestead.
The decline in values in the housing market can sometimes mean the dream house, larger house is no longer worth the amount of the mortgage balance. This is not a part of the plan that either the husband or the wife had envisioned. They imagined...they would pay off the mortgage and each have some "start over money" for the purchase of a condo or smaller home...that was going to be the next "happily ever after."
At some point reality enters the picture. often one or more realtors who have listed the home...and priced it with the mortgage payoff, home equity pay off, commission, taxes and start over money combined...have not been able to sell the house for the over market price. The couple wants to blame the realtor...that has a face and the market does not. They may have tired initially or eventually to "save the commission" by trying to sell the home on their own...as a first step...or a last step.
Agreeing to do a short sale is sometimes difficult...when there are few things in the fray of emotions that a couple can agree on...the disposition of one of their largest assets can heart wrenching and economically devastating. An experienced realtor can be one of the professionals consulted to help the couple know their viable options. Experienced and successful...perhaps there are refinancing or other options available....each situation is unique.
If you are divorcing, divorced...know someone who is and the sale of the house is an obstacle to starting over, call a realtor with short sale experience...and tell them you want to know all the options available so that each member of the couple can begin their "happily ever after."
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Divorce can be heart breaking. Over the years, I've served clients who took this option and I could remember the better days before they did. They made that difficult choice to call me to put the house back on the market. I've also been named in Divorce Decrees. Nothing I want apart of..
Sad but true...it's just the way it is and as you say the sale of the house may be an obstacle to starting over and to enjoy "happily ever after."
Interesting interpretation of "Happily ever after" but you are right. Do Short Sale and you at least can start over again.
The "relationship" a couple has with the property can mean another dream shattered....and seems too much to deal with when there are raw emotions, short tempers and confusion....exploring all the options and realizing that hanging on and on is not solving anything is difficult for lots of couples.
Sally & David, a truly unique perspective... I have tried to position myself as one who "helps make your Real Estate dreams come true"... I have never thought of helping people going through a divorce or something similar in that light, but you are correct, by helping them in a sincere and professional manner through what must be a trying time for them, in a way, we are helping them get past the present situation and towards a future where "there dreams can come true". Thank You for sharing.
Our company does several a year through the courts and all I can say is it is sad but I am sure they appreciate the help.
Yes Chris...many of us are in this business as a helping profession and sometimes we don't see all the ways we can help....and Joyce you are right...it may not be an immediate gratification but in the long run...they are grateful and when they do start over, you are there to help them again.
Divorce is a hot topic....unfortunately it can be an opportunity as well!
The economy...job loss...more expense, less money adds to this situation...and you are right...it can be an opportunity...two of us and two of them makes it much easier for everyone.