Barb Schlinker The Real Estate Voice

Of the many emotional and financial challenges with a divorce, dealing with the real estate part of it can be daunting. What are the things homeowners need to know about the house, the mortgage and taxes when facing a Divorce?  #1 – Get some non-emotional trusted advisors around you●If a lawyer is involved sometimes the divorce decree dictates what happens to the real estate.●In most cases its straight forward, but you need someone to evaluate:○The home’s value○How you hold title○What will happen with the proceeds when it sells○The strategy of what happens next, will you buy another home, will you rent, are you moving away, etc.#2 The Four Basic Options●You have 4 basic options in the midst of a divorce as it relates to real estate:○Sell the house and divide up the proceeds per the divorce decree○Buy out your spouse○Have your spouse buy you out of the home○Retain ownership#3 If you have to sell and want to buy another house, check affordability first●Market values are increasing like crazy●In the past 3 month