What do you call it when a house has to be sold because the two parties are divorced and they cannont live in the house together?

Asked by New Place 2 Live, North Aurora, IL Mon Sep 13, 2010

Is it called a forced sale when a house has to be sold because the two parties are divorced and they cannont get along under the same roof. Neither can buy the other out and they do not want to put it up for rent. What is this situation called?

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Dave Richert’s answer
Dave Richert, Agent, Aurora, IL
Fri Sep 24, 2010
It is a forced sale. But I would not market it that way if you need to sell. It is not anyone's business why you are putting the home on the market. The main thing is to find the right price and then to present the home online in the best possible manner to procure a sale.

I wish you the best.
0 votes
Jim Starwalt, Agent, Grayslake, IL
Tue Sep 14, 2010
Newlace,
One other item to be careful of is if you sign a quay claim deed you will lose your rights to the property, but, you will not be removed from any financial liabilities by your lender. If you signed the loan papers you will stay there until the other party refinances and puts a new mortgage in their name only.
0 votes
Tim Tilbury, Agent, Seattle, WA
Tue Sep 14, 2010
New Place

Sounds like you need to take a copy of the divorce decree to your attorney. Not a time to mess around, the court will be involved.

Best of luck.
0 votes
Scott Miller, Agent, Boca Raton, FL
Mon Sep 13, 2010
Hi New. Yes, it's a forced sale for all intents and purposes. If the divorce is being played out in court, then it's sometimes ordered by the judge to be sold. Sometimes one of the parties goes back to the judge and asks that the price be lowered. This might sell the home faster, but sometimes it just loses money for both sides.

Everything about real estate during a divorce, and the financial ramifications, is a complete nightmare, nothing less. Sometimes one side will give the other a quit-claim deed to the property in lieu of some other trade off. Nothing is worth going to court for if there's a way to mediate outside of trials. Only the attorneys get rich, from other people's misery.
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