CNNMoney.com has posted an article about the difficulties that can come up when purchasing a home from a divorcing couple. Divorcing couples can sometimes be the most eager sellers and accept offers below market value just to get rid of the house.
But house hunters looking to purchase a divorcing couples’ house can also find themselves in an awkward situation if one person wants to sell the home and the other wants to keep it. Or one person can hold off on signing just to agitate their ex, since owning the home is the last thing that is binding them together. Or the potential buyer could make a deal with one spouse only to have the other spouse find it unacceptable. Things can get even nastier if the home is being foreclosed on, adding more stress to the divorce. It’s a good idea to find out if the divorce is amicable or bitter because unless both parties in the divorce have signed off on the deal then there will definitely be a hold up on closing.
“Most of my divorcing clients dislike each other very much so navigating the transaction can be tricky,” said Scott Weeda, a Seattle-based real estate agent who specializes in divorce.
The article mentions one specific instance where a divorcing couple was selling their home and had a buyer and was prepared to close on the deal. A few days before closing the deal, the wife quit answering calls and no one could get in touch with her, making closing seem impossible. However, because the ex-husband or any of the attorneys couldn’t reach her they continued with to close the deal on time without the wife, citing that the she was “unreachable.” While this situation played out in the end for the homebuyers, it still caused them stress and anxiety.
If the home of your dreams is being sold by a divorcing or recently divorced couple, don’t be afraid to go for it but just be aware that negotiating a deal and closing can become very complicated and be postponed multiple times.
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