Divorce is a terrible thing to go through. Usually in an event like this, the couple prefers to sell the family house as none of them can stand all the bittersweet memories the house holds. Buying a divorce property can be quite the catch, even with all the complications that go into it. Couples who are going through a divorce are usually the most motivated sellers because they want to get rid of the house as fast as they can. So, it’s a catch for the price point that is often below the market value. But it can be quite draining in terms of time and effort that you have to go through in order to educate yourself on the matter. Buying a “divorce” property is almost never free from the emotional involvement of the couple’s story and fights. So there are a few considerations that you should take into account when you have decided on acquiring the property.
After The Divorce Is Finalized, Who Owns The Property?
This is the most important question that you must have an answer to before proceeding with the purchasing. The answer to this question will let you know who is the person that you should be paying and signing the contract with. If there is no way to find out whether the couple is splitting the house, one of them will get the whole house, or if someone still hasn’t moved out completely yet. Attorneys at Drendel & Jansons Law Group believe that any transaction involved with a separated couple or those who are in the middle of a divorce should be consulted before you make any move. Try to learn as much as you can about the whole situation; check signs for bitterness between the couple, who’s anxious to sell and who wants to sabotage the deal, and everything you can get out of your agent. Go with these pieces of information to your attorney so they will be able to help you to figure out the next step.
Keep Your Options Open
There are many possibilities to look out for. One spouse might be trying to close the deal and get out as soon as possible so they offer you a great deal, they try to make everything goes as smoothly as possible. However, the other spouse might be trying to ruin the deal for many reasons; it might be out of spite, or maybe they still can’t let go of the memories and sell the house, or they might be trying to get out with as much as they possibly can. You have to understand that you are dealing with two different vendors who are going through a very emotional and rough time, so try to understand where they are coming from to keep your cool. Since there are many scenarios that could come into play, people who are buying a property from a couple who are going through a divorce should keep their options open. Get out there and keep viewing houses and negotiating deals. Make sure that your agent knows you are trying to find other houses because he might find you another property with a great deal, so don’t tie yourself down.
Look Out For The Timing
While you might have a detailed plan about when you will be moving into your new house. You could have a strict timetable for the whole thing, but it doesn’t always work that way. Buying a new house is a long process that shouldn’t be fit into a certain time schedule. Especially if you are buying a divorce property. There are a lot of situations that could delay the process and ruin your schedule. If you can’t afford to wait for the couple to settle on who’s going to have the property, whether they are selling it for sure or not, or even their timing doesn’t fit your schedule, it’s best to move on. Chances are, the settlement will never happen on schedule, so you better take the right precautions and measurements to be prepared.
The Three D’s
The main three D’s that drive any homeowner to sell their house are debt, death, and divorce. While all of them are very sensitive and should be dealt with caution. You will find that divorce is the hardest. Debt usually drives people to get out of their mortgage and trying to get rid of the house as fast as they can. Death is a weaker reason to sell. Most homeowners will pass their property to another family member, but the rest will try to get out of the house to downsize. Divorce, on the other hand, is the strongest drive of all. Most of the couples will try to sell to get rid of the house, pay their debts, and move on. But some would charge so much to be able to replace one property with two. Whichever situation that you might find yourself in, it’s better to educate yourself on the matter and seek professional help.