Impact of declining Real Estate market on Cherokee County Divorces
With the ongoing real estate decline, couples involved in a Cherokee County divorce are finding that the most difficult piece of property to deal with in equitable distribution is the marital residence or a vacation home. At present, both parties find it impossible to refinance the existing mortgages before or after their Cherokee County divorce because of the real estate’s declining value. In addition, selling the real estate presents several major concerns considering that the property will most likely sit on the market for several months if not years. If you have hired a Cherokee County divorce lawyer, you can help him or her out by trying to resolve these issues with your spouse on your own:
1) Who will make the mortgage payments?
2) What if the party responsible for making the payments simply fails to make them?
3) Who is in charge of maintaining the property?
4) Where does the money come from for necessary repairs?
5) Who selects the real estate agent both initially and when the initial contract expires?
6) Who decides the appropriate sales price?
7) What if the parties have to come to the table with money?
8) What if the appraisal does not come in high enough to justify the purchase price?
If you are having problems reaching common grounds on these issues, your Cherokee County divorce lawyer should be able to help you. You can also explore two other options, including the short sale and a sale at a public auction.