Are you a little overwhelmed thinking about where you’re going to go after your home sells because you are divorcing? 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. Hi I’m Sherri Echols, Broker Associate with RE.MAX Bryan – College Station. I am a certified real estate divorce specialist and I’ve helped many people who have gone through 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 of your next steps. 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 will want to put a budget together with your new income situation. This may or may not include spousal support or child support. And last, once you have a budget, if you decide to purchase another home, contact a lender to get pre-approved for your next purchase subject 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 spousal support 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 spousal support for a minimum 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 when you obtain your pre-approval. By taking these 3 steps and having a plan you can sleep a little easier and focus on other things. If you need to discuss these items further, please feel free to call, text, or email me. I am not an attorney or tax consultant, I’m just giving some free advice so be sure to speak to the appropriate parties during this difficult time. I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.
