In a typical California divorce, it is very common for couples to dispose of the family residence, whether it be by selling it, one party buying the other party out or allowing one spouse to remain in the house with the children until the youngest child gradutes high school. Often times, couples will elect to sell the house because neither party can afford to buy the other out. Thus, selling a family residence is the only remaining alternative.
If you are a potential buyer of a home from a divorcing couple, here are some things to keep in mind.
1) Buying a home from a divorcing couple could mean that you will get a “bargain” on the sales price. Often times, divorcing couples are desperate to get rid of the house and will sell it for a reasonable, bargain price.
2) Potential buyers will have to deal with the “drama” from the selling couple. Often times, one party will want to sell immediately to get their share of the proceeds and move on with their life while the other party will drag their feet, making it difficult to sell the house. We have seen this scenario countless times in our practice. One party wants to immediately sell, they will sign all documents to facilitate the sell and makes sure that escrow runs smoothly. On the other side of things, the difficult party will delay and delay and delay. They will refuse to sign pertinent documents and until after the deadline. They will refuse to let the other party retrieve their items if the other party has been excluded from the house.
One other problem involving selling a home involving divorcing parties is that often times the divorcing couple cannot agree on a sales price. It may takes weeks, if not months, to get the house listed because the parties cannot agree upon a sales price. Further, once an offer is made, sometimes the couple cannot come to an agreement on whether to accept an offer or whether they should counter. Clearly, there are a whole host of other issues that may arise in buying a home from a divorcing couple.
If one person tries to sabotage the sale of the residence, know that an Orange County divorce lawyer can motion the court for a request that the disruptive party be held financially responsible for the losses as a result of the disruptive party’s actions.
Contact an Orange County divorce lawyer for more information.