Are you a little overwhelmed thinking about where you’re going to go after your home sells in the divorce? Are you losing sleep because you’re not sure what to do? Here are 3 steps to follow to help put your plan in place. I am a certified real estate divorce specialist and I’ve helped people who have gone through their divorce and are starting the next chapter of their lives. This can be a little overwhelming, but I’ve found that by putting a plan in place while you are selling your marital home, you can take the guesswork OUT on what your next step is.
- First, now that you’ve decided to sell your home, you will want to have a discussion with your realtor about your seller net proceeds from the sale. How will the proceeds be split with your ex-spouse? Understand when the proceeds will be available to you.
- Second, once you know approximately what your share of the proceeds will be, you will want to decide if you want to buy another home or will you want to rent for a period after the sale. Regardless of what choice you make, you’ll want to put a budget together with your new income situation. This may or may not include alimony or child support.
- And Lastly, once you have a budget, if you decide to purchase another home, contact a lender to get pre approved on your next purchase subject to, or contingent to, the sale of the marital home. You will have to provide income documentation and asset information and they will request a copy of your Divorce Decree.
The decree will state the terms of your alimony and child support and will be required if you are using these to qualify for your next purchase. In many cases, you will need to be receiving your child support and alimony for a min of 6 months before a lender can use this income and it must continue for a minimum of 3 years from closing. Because lending guidelines are constantly changing, this is another reason to discuss your personal situation with a lender to obtain your pre approval.
By taking these 3 steps, you will be able to put a plan in place for the next chapter of your life after selling your marital home. If you need to discuss these items further, please feel free to call, text, or email me. Again,
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the Oakland / Berkeley / East Bay since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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