Specialty Real Estate Services for Divorce Attorneys
When your clients need quick access to their old home's equity so they can purchase homes meeting their new needs, it helps to have a real estate agent whose business is designed to move homes quickly. I can introduce you to such an agent.
For example, one method to sell a home quickly is to charge a lower commission rate. Playing with the commission structure can help sell a home faster, without reducing how much your clients receive. Better agents maintain an active network of buyers looking to benefit from lower prices. Consequently, better agents move properties more quickly.
What is the standard of practice in a divorce case, where the martial estate includes real property?
The alternatives include:
- Sell the property and divide the equity equally.
- Transfer the property to one spouse, reserving an lien of the other spouse’s equity in the property.
Option 2 has some drawbacks:
- The dispossessed spouse commonly has to wait until as late as the date upon which the youngest child reaches 18 before receiving their equity, without interest or appreciation.
- The spouse who retains possession might be better off in a smaller, more affordable property.
Solving these problems requires:
- An agent who can expedite sale of the property while the settlement of the marital estate is pending.
- An agent who can expedite the location of suitable new homes for both parties.
- A lender who can prequalify both spouses for a loan secured by their respective new homes.
I can introduce you to agents and lenders who specialize in serving attorneys and their clients. They will help your clients with their real estate needs:
- Maintains an active list of buyers seeking well-priced properties, because of his lower commission rate.
- Capable of selling a property in a short time period because of his access to actively looking buyers.
- Capable of identifying a suitable well-priced property for each of the spouses, because of his particular niche.
- Pre-qualifies buyers.
- Will help spouses determine the appropriate price range for their housing needs.
- Access to a large funding pool for new home acquisition.
- Access to diverse loan programs for new home acquisition.
My clients have a unique service niche, which allows them to better serve both spouses in a divorce situation.
If my loan officer is able to qualify both spouses for a home loan, then the standard of practice should be to allow at least 90 days during the divorce process for my real estate agent to actively market the home for the parties. That will allow both parties to end up in a home most suitable to their circumstances with the benefit of their home equity.
Even when one spouse retains ownership of the home, this realtor and loan officer can still assist the other spouse in identifying and purchasing a new home.
If seller financing is an option, I can provide you with contracts specifically designed for that purpose.