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Dan Gomer Realtor Colorado
Dan Gomer Realtor Colorado

Top 10 Things to Consider When Selling Your Home During a Divorce in Colorado

Selling a home during any circumstances has a tendency to bring up a lot of emotions for people.  Selling a home during a divorce adds even more challenges to the mix.  However, there is a process that can be followed and it is possible to make it all happen with fewer headaches.  Here are 10 things that you may want to consider when selling a home during a divorce in Colorado.

  1. Do you need to sell your Colorado home? This is a loaded question and the answer can elusive sometimes.  Keeping the house may turn into a burden you can’t or don’t want to take on or perhaps you like living in Denver so keeping the home is exactly what you need.  So, I recommend reaching out to some trusted professionals to gain a clear understanding of your options along with the benefits and drawbacks for those options.  Some suggested professionals to talk to: Realtor who specializes in divorce, CDLP lender, CPA, and/or your attorney.  There is a lot of moving pieces and financial implications when selling a house, so asking a lot of questions to the right people will make all the difference.
  2. Hire a real estate professional. I know I am a realtor that specializes in this niche, but as such, I understand the importance of a specialized professional in these situations.  Divorce listings are not “traditional” and there are many pitfalls that can derail a sale at the last minute.  When you are looking to buy in Littleton, Highlands Ranch, or Denver, you want a realtor who specializes in those areas.  Likewise, an agent listing a house during a divorce needs to have experience with these listings as well as a procedure from beginning to end in order to keep things moving along smoothly.  A professional who can see problems in advance can become a huge asset.
  1. Plan ahead. Agree on who will pay for repairs and listing expenses.  Often times, there are repairs or other expenses that go along with getting a house ready for market.  These small upfront expenses can pay great dividends on the back end (for both parties), so it makes sense to have a plan in place so that the house is properly positioned when listed.
  2. Get informed. It is imperative to know who is on title and who is on the note for the mortgage.  Having your name on title, but not the note, or vis-versa, will make a big difference in how the home selling process works for you.  A title search will reveal who is on title and what liens exist on the property.  If there are liens on the property, you will want to know what the balances are.  Even if the balances are $0, one side may be able to pull money out of HELOC or another line of credit.  Along with title work, you may also want to ask your insurance agent for a CLUE report on the property.  This will tell you if there are any uncompleted insurance claims on the house that you may not know about.
  3. Keep paying your mortgage or any other debts connected to the home. A divorce can have many financial ramifications and missing mortgage payments will only make things worse.  Not only will missing payments affect your credit, but adding foreclosure proceedings to an already stressful is not a good idea.
  4. The house must be completely refinanced if one person wants off of the loan.  Even if there is no cash being pulled out from the equity, the house must be completely refinanced if one party wants to be the sole person on the note.  This means that this person must be able to qualify for the full mortgage on his or her own.  If one person plans to keep the house, make sure they can qualify for the loan before agreeing to let them “buy you out”.
  5. Trust your resources. There are many great resources right here in Denver that have helped others in these situations.  Ask around and you will have no trouble finding the right professional to stand in your corner.  Once you find the right person, it is important to leverage their experience and listen to their advice.  Your realtor will be one person that deals with both sides during this transaction, so if possible, agree with your ex-spouse early on, to take the advice from this neutral 3rd  This agreement can greatly help circumvent arguments around items like listing price, price reductions, contract selection, and contract negotiations.  Of course this means that neutrality is paramount for the real estate professional.
  6. Work together. Selling a house in any situation can be stressful and the house is often the linchpin for the finances in a divorce.  So it’s usually in everyone’s best interest to get the house sold so everyone can begin to rebuild.  This means that everyone needs to work together.  I know that can seem impossible at times, but when emotions take over, everyone suffers and things tend to come to a halt.  There sooner this is settled, the sooner you can move on.
  7. Let your agent be the go between. Having a buffer between both parties can really help when trying to get decisions made about the house.  Your realtor can help you understand your options and because you are not talking directly with your ex-spouse, you are free to focus on the best decision for you, rather than getting derailed by emotions while dealing with your ex-spouse.
  8. Keep your eye on the prize (in all aspects). It is all-to-easy to let emotions run the show during a divorce. Although this process seems very daunting at times, staying focused on where you want to go rather than what is happening right now, can make a world of difference.  This will end and you will get your life back.  Stick with it and focus on your future.

Selling Your Home During a Divorce in Colorado

As I mentioned before, selling a house is a big undertaking.  Getting a divorce is a big undertaking.  Together is can seem like a never-ending struggle, but with the right people in your corner and through a focused strategy, you can get through this stronger than ever before.  And selling your home during a divorce in Colorado may help set your mind at ease and allow you to move forward with your next steps in life.

To learn more about Dan Gomer click here or use the contact links below.

Phone: 303-261-5278

 

 

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