Divorces and short sales are extremely emotional and exhausting alone, but when they happen together it seems like World War III might break out. With the right support system, fair mediator, and educated agent, the process can be less stressful and successful. Here are Kristen’s tips on making two originally negatives into positives:
- Counts as a Hardship-Lenders recognize a divorce as a financial hardship, so you have passed one step in the foreclosure alternative.
- Separate Meetings-Depending on the divorce situation, some ex-couples cannot even breathe the same air! With me, you will not have to be in the same room as the other for negotiations. The owners can be honest and also keep some emotions at rest. Also when the lender requests financial documentation, the other side will not have to see any personal information and kept private.
- Equal Service-Depending on how the clients like to have communication (phone call, text, email, once a day), all parties are informed with the same information in the transaction.
- Best Interest-As the agent, a Realtor has a duty to work for their client’s best interest. The former couple must come to terms and act as one. Remember the quicker the solution means a quicker closing.
- 50/50- Since California is a community property state and assets get split 50/50, the owners do not have to fight for anything since there is no equity. The home is being sold for less than the loan value=short sale.
- Don’t be late-If both parties are trying to purchase again within the next year, do not be late on a mortgage payment. Lenders have been extremely strict on borrowers qualifications, so do not ruin those changes. If possible, just pay it upfront and the borrower will receive a credit at escrow.