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When Divorce Forces the Sale of Your Orange County Home

Posted by Leslie Eskildsen on Friday, February 5th, 2010 at 12:04pm.

Divorce is no picnic, especially when it requires that you sell your home.  The emotional, fincancial, and logistical implications of having to sell your home because of divorce can be overwhelming for sure.
If you find yourself in this position, here are a couple of things to keep in mind that may help you make the right decision.

Be Realistic About the Value of Your Home

First, you need to be realistic about the value of your home.  This is critical information which will help you understand your options.  In the current Orange County Real Estate market, it is not unusual to discover that your home is worth less that what you owe on it.

Have Equity?

If you have equity in your home, meaning the home will sell for more than you owe plus the cost of selling, here are your basic options:

  • Sell it as it is, as fast as possible - the result will depend on the condition, location, and emotional appeal of the home, as well as prevailing market trends.
  • Sell it after making necessary improvements to add to the desirability of the home.
  • Buy your former spouse out of their share of the house.

Owe More Thank It's Worth?

If you think the home is worth less than what you owe, here are a couple of options:

  • Ask your lender to consider a loan modification - divorce is a hardship that will get the bank's attention.
  • Sell the home as a Short Sale.  Again, divorce is a hardship situation the bank will want to know about in your Short Sale Hardship Letter. You need the bank's approval to attempt a Short Sale.
  • Delay the sale - figure out a way to keep the home until the real estate values increase.

Get Some Help!

For more information on your options, contact a Realtor you can trust.  Ask for a Comparative Market Analysis to get an idea of the value of your home.  I'd be delighted to talk to you in more detail regarding any of these options and how they pertain to your specific situation.  And I'd be happy to provide references to others who have been in your situation - they would also be willing to share their experience with you.

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