Divorce is a stressful and overwhelming event in anyone's life but add the hassle of trying to sell your home in a down real estate market with a less than cooperative, soon to be ex-spouse and it will quickly send your stress level into overdrive. It is already a difficult process to sell your home in good conditions but when faced with the added stress and emotional turmoil of divorce, people often jump the gun and sell at the first available offer in attempt to be free of any lasting connections.
When facing a difficult, emotional financial decision such as selling your community property in divorce, always consult a professional that specializes in the area of real estate and divorce. This is a professional with expertise above what your divorce attorney has to offer. They will help you make a plan and strategize the different ways to successfully sell your divorce assets and avoid costly tax mistakes. In addition, an expert will be able to advise you of available options you may not have considered when selling your home in a down real estate market. A divorce and real estate specialist can give options such as renting the property out and keeping your household items in storage until the selling market has improved. In addition, they can help you draw up and agreement on how to handle disputes over the property and have it included in your divorce settlement.
Making the decision to sell in a down market or buyers market puts you in one of two categories. Either you are willing to accept a lower offer than the fair market value of your home or you are choosing to risk the potential long wait to sell your home at your asking price. Often, emotion rules over common sense in these situations and seeking out an expert's advice will help you make that difficult financial choice and assist you in making the process as peaceful as possible. Divorcing couples need to consider the cost and time required to find a new place to live and take into account how this time consuming process could potentially affect the sale of their home.
Becoming knowledgeable about selling your home in a down market will allow you to make an informed, financially smart decision on whether or not now is the right time to sell your home. If you decide to wait for an improved real estate market, make the appropriate arrangements to keep your mortgage payments and other household expenses covered until the world of real estate shows financial improvement. Selling your home in a down market simply to finalize your divorce is a mistake that you will eventually come to regret. Instead, take a step back and allow the market time to recover, your emotional wounds to heal and prepare for the available tax shelter advantages.
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