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 Divorce and Real Estate
By: Darin "Sid" Cameron, CRS
Fri, Dec 15th, 2006 12:55 am

One of the downsides to being an agent is all too often you get to meet really nice clients that are unfortunately going through the roughest time of their lives- a divorce.

Divorce can be a complicated and stressful situation where you're faced with difficult financial decisions- like determining what happens to the house.

Typically there are two options.

1) The home is refinanced so one party can "buy out" the other.

2) The home is sold.

Unfortunately it's quite common for divorce homes to sell below market value because of time constraints relating to the divorce proceedings or other financial difficulties surrounding the divorce.  Many times value is also impacted because one (or both) parties makes selling the home difficult.

Had a seller in this situation who was told they could just sign a Quit Claim Deed to let their spouse "have the home and make their problem go away."  The problem with this advice is that a Quit Claim Deed is a simple way to transfer title out of one parties name and into the others, but it doesn't solve the issue of the MORTGAGE should one exist.  Regardless of title changes, all parties on a mortgage will still be responsible for the liability of the debit- and that's a big issue should one party decide to stop making payments.

Before making quick decisions, consult with your attorney and speak to a lender about your options.  Refinancing may be a great way to help alleviate the problem of the home, but isn't always available as the partner who wishes to retain the home might not qualify for a loan on their own.

Divorce is a difficult time and real estate only makes it more complicated.  If you do decide selling is your only option, please feel free to click on the "Contact Us" button at the top of this web page and contact Kimberly Cameron to learn from our experiences with past clients who are going through the same things you're going through.

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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