Divorce is happening at record levels during these tough economic down times. Divorce is not a pretty picture for anyone involved in it. How does one divide up the money and real estate? I have been contacted several times to list a home involving a divorce. Many times the home represents equity to be split among the couple.
There are 3 types of listing agreements available to divorce couples when listing a home:
- Exclusive Right to Sell - This gives a real estate agent a commission regardless if the broker sells your house or not in the sale. If you sell your house, then the real estate agent still receives a commission. However, the real estate agent invests time and money to market the property to best sell it in a timely manner.
- Exclusive Agency Agreement - This is almost the same thing as right to sell. However, the owner is allowed to sell the home without legally paying a commission to the broker. It sounds like a great deal. However, the broker will not invest the time and money if the broker is competing with the owner. It is best to hire the best real estate agent in order to obtain highest and best price for the house and follow it to close.
- Open Listing - Most agents do not like this type of listing because the first broker that sells the house is entitled to the commission. Agents will invest little time and money on this listing.
Here is an Interview Checklist
Code of Ethics and Professionalism-Realtors uphold code of ethics on a national level. Furthermore, look for a Realtor that comes across professionally and confident. That is the person you want to sell your house. Ask the Realtor if they are a member of National Association of Realtors and their local board of Realtors.
Market Presence
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Local Market Expertise
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Look for an agent with five or more years of experience
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Full time professional is a must while listing your home
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Ask for number current listings
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Do they know the neighborhood statistics in the last year
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Ask for the number of closings per month to show their activity
References-Ask the Realtor for references to follow up on. Plus, Google the agent's name to search for information on them. Asking questions is important
Experience-Ask the agent if they have experience with divorce situations in real estate. If yes, please ask them about the outcomes of each transaction.
Broker Commission-Discuss and negotiate listing commission. Discuss what the agent will do to earn the commission. Ask the real estate agent for a final marketing plan before listing house.
Divorce is happening in your marketplace. Are you tapping into this market? People divorcing need a Realtor to sell their home to fulfull the divorce decree. Are you that professional?
http://www.realestatedivorcespecialist.com/shop/realestate/
The link above allows you to obtain a designation as REAL ESTATE DIVORCE SPECIALIST
Be different and set yourself up as the expert when it comes to Divorce and Real Estate.
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.
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It is difficult to sell a home in such situations because one of them may not really want to sell.
Great input Gita
I recently had such a home listed. I withdrew it as the husband would not show it and if he did it was so nasty it wasn't going to sell.
Laura-divorce is nasty for both sides. Bitterness!
Harry...
In some states, children must be taken into account in divorce situations since thay may have a claim to the property!
Great point Richard-Thanks
I am thinking i should get the designation. At church the other day we were told that Green County is ranked number 1 in Wisconsin as the Divorce County. Yikes. I have been married 25 years I should think about moving,,,giggles
GOOD MORNING HARRY! I do have my coffee now! Interesting post to think about. I've only been in this situation once. It is so sad to see people who start out thinking their spouse hung the moon only to end up being bitter about who is going to get the TV. Most can barely focus on the big picture let alone selling their most expensive asset! Along with all the skills we have as Realtors to work through the details of a divorce sale - we need to dig deep for patience, tolerance and understanding as well. -- Gabrielle
Great post, you have many good facts here...
I guess for agents who are looking for an additional niche, can become divorce specialists.
In a time that we are working harder than ever to keep deals together, having sellers going through a divorce is an added complication.
Nannette-I am going on 19 years of marraige myself. Stay the course
Gabrielle-all great points during this type of transaction. I send the couple a gift after the closing.
Toula-one gets to test their patience level while both people are acting like kids. A true professional overcomes all obstacles to close the deal.
Thanks for the information in your post. I look forward to reading tomorrow's content