Tuesday, August 19, 2014

The importance of being on a united front, even in an "unpleasant situation" when selling

Call:  (301)943-4370
A little over a year ago, one of my buyers put a contract on a home that was a short sale. Regretfully, it was a divorce--the sellers were getting divorced. Only the husband was on the title. He wanted to sell and listed the home for sale with a realtor. His soon to be ex wife was in the house and didn't want to move. Apparently she didn't want to the sale.   She must have found some amazing lawyer and/or there was a sympathic judge, because she went to court and successfully blocked the sale.  The contract was voided.  I am curious how she won, considering she wasn't on the title.
This home is now back on the market... as a foreclosure.  The question that begs to be asked is if  the seller's soon to be ex really thought the seller would keep up with mortgage payments, so she could continue living in the home and not be forced to move?  If she wanted to/intended to stay in the home, didn't she realize she would probably have to take over the mortgage payments and have a legal document drafted, addressing the ownership of the home, payment so the woman could live there as long as she wanted (if she was responsible in taking care of the mortgage) and the seller could go on with his life, with this house off of his books?  I am sure there are other possible ways that the situation could have been handled but I don't know many of the facts and I am not an attorney.
Divorce is sad and can be ugly. I mean, even if both owners were on the title, it could have been complex selling the house, if 1 of them didn't want to sell, they didn't agree to a price, didn't agree how to divide proceeds if the home sold, etc.
Easier said than done, but you have to sometimes take the emotions out of it and deal with the task at hand, find a solution.
Otherwise it is a lose lose. The man now has a foreclosure on his record losing his house for nothing and the woman had to find a new place to live.
We have to be ready for all twists and turns in life.  My biggest hope is that all parties hear talked to real estate attorneys who discussed with them in advance the implications for cooperating and not cooperating in the sale of the home. 
Whenever you or someone you know is thinking of moving, I would love to speak.  I would love for you all to also feel free to call/email whenever you have a real estate question or want to talk about the market. I appreciate and always have time for your referrals.
Adam Bashein
Long & Foster Real Estate, Inc.
Licensed in MD & DC
Cell:  (301)943-4370
Office:  (301)469-4700 - ask for Adam
information deeemed to be accurate but not guaranteed

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