VANCOUVER, WA / ACCESSWIRE / April 13, 2021 / Divorce real estate is a small but growing niche within the real estate industry. Why is that? Because homes are the second most contentious part of divorce.
50% of marriages in the United States end in divorce, and the divorce rate has spiked during the coronavirus pandemic.
The reality is, most homeowners who are going through the divorce process don't know what to do with the home they share. This lack of knowledge often results in people running into preventable problems.
It's always important to know what your options are no matter your circumstances.
Here are 3 misconceptions about real estate and divorce that you should know:
Both parties are responsible for the house
Filing a quitclaim deed will not be good enough for the lender. Most homes are owned with a mortgage and no matter if one person in the marriage signs away their interest in the home, both parties are still responsible for it.
Why is this? Because you both applied for a loan together with your incomes and credit scores to bolster your homeowner eligibility.
When you divorce, the lender is hesitant to sign rights to the home away to one party because your combined incomes and credit scores are what earned you the loan in the first place.
This misunderstanding is often why homeowners who are going through a divorce have to sell the home.
This misconception can also cause a lot of trouble. Especially if one person isn't financially stable or is not cooperative out of spite.
In the event that one party wants to sign away interest in the home, communicate with your lender to refinance it.
Selling a home is not easy
If you choose to sell the home, people don't know if their home is in the best state to be sold. Oftentimes, people think selling is the best option because they can sell for more than they owe. But, most people don't take into account all the closing costs, fees and taxes required for selling a home.
Legally speaking, the real estate agent needs both signatures on the paperwork to sell the house. This requires both parties to be on the same page before signing off on anything.
Communication is key here.
If you're going through a divorce and you're trying to sell your home, it is crucial for both parties to get an attorney and enter into a mediation.
Not everything pays off
You need to understand what will pay off.
Updating a kitchen might pay off and make the house easier to sell, but a complete remodel may just cost you a lot of money in the end.
Be sure that the costs of your investments don't outweigh what you'll get in return. Before fixing up a house, you have to heavily consider your return on investment.
Learn More About Real Estate and Divorce with Nick Bacon
After nearly 15 years of marketing and contracting negotiations for various companies, Nick Bacon decided to step into the world of real estate.
Inspired by the "teach, don't sell" motto, he found that real estate is a great industry to practice this mindset. It would allow him to teach people the benefits and values of things.
As a licensed real estate agent in Washington State, he specializes in divorce-an uncommon and often overlooked niche within the real estate industry. His sole mission is to educate and help those who are going through a divorce and need advice on their real estate properties. By leading with empathy, he helps make the process smoother.
If you're looking for a real estate agent in Washington State or are in need of advice, contact Nick Bacon. You can also check out his debut book Bestselling Options in Divorce for more information and advice on real estate and divorce.
Company Name: Weichert Realtors|EquityNW
Contact Person: Nick Bacon
Address: 15640 NE Fourth Plain Blvd, Suite 207, Vancouver, WA, 98682
Phone Number: 360-989-0909
SOURCE: Weichert Realtors|EquityNW
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