Marc Dessureault
Real Estate Broker
Selling for Divorce
Perhaps the most difficult situation to overcome is having to sell the home for Divorce purposes. As emotions run high and the effects on the family members peak, the process of a fair and transparent sharing of patrimonial assets can be jeopardized without a third party consultant who is neutral and unbiased.
Marc's best tips...
Divorce is never fun, yet each spouse must face the music and resolve their issues with the best of intents. Some separations are mutual and others are polarized. Regardless of the circumstances, certain questions arise before making any decisions on the sale of the home. Should one spouse keep the house for the sake of the children? Should we just sell it and find our own respective places to live? Who can buy out whom? How do we determine value and how do we share the equity?
During the course of my 33 year career, the best way to determine a share of the home's equity is to look at it from a sale perspective. For example, if one spouse decides to "buy out" the other's share, it is best to calculate it the same way you would if you are selling. The real equity is based on the estimated value of the home LESS ALL THE EXPENSES of having to sell it. That includes mortgage balances and penalties, real estate fees, document updates, notary fees and the like.
Only then can you truly determine a "buy out" amount that is representative. This is based on the premise that the spouse who gets to keep the house may eventually have to sell it.