It can be a difficult decision to sell your Crested Butte home. But it can be even more complicated if you are selling because of divorce. Divorce can be hard, especially when it comes to dividing up the assets. When it comes to the house, there’s usually two choices – either one spouse gets the Crested Butte home or the home gets sold and the proceeds get divided up. There are many things to know and consider. If one spouse retains the home, you will need a selling strategy if the home is to ever be sold.
I hope this makes this time in your life to be a little bit easier. Here’s everything you need to know for Selling your Crested Butte home because of divorce:
Value Of Your Crested Butte Home
There needs to be an accurate fair market valuation of the home if one spouse is going to retain the Crested Butte home. To do this, you can get an appraiser. Sometimes it’s easier to get two appraisers. That way, you can average the numbers of what both appraisers are giving you for the value of your home. This will help stay clear of any arguments pertaining to who selected the appraiser. Then, you may also decide whether you want to reduce the value by 7% to cover the normal transaction fees that would have been paid to sell the property.
There are additional considerations if one spouse is getting the home and plans to sell it immediately. Is there equity in the home? Are there transfer taxes, out of state withholding taxes on the proceeds, or upcoming HOA assessments? What are the capital gains taxes on the sale of the property? Take any debt on the property into account as well. Consider all these things when it comes to divorce and selling your Crested Butte home.
Transferring Your Home
Transferring your home still involves multiple steps. This may seem like the easiest way for one spouse to not have to worry about the home, but it can be more complicated than you expect.
The easy steps include transferring the title of the property via a quitclaim deed prepared by an attorney and recorded in the county records. If the property is set up I an entity, then you can transfer it from one party to another.
The hard steps include if the home has a mortgage, second mortgage, home equity loan or secured line of credit. The spouse that doesn’t get the home will want their name as a borrower off any and all loan documents. Refinancing the property and possibly paying off all subordinate debt can take care of this. This is assuming that the spouse who takes the home can qualify for the new loan and afford to maintain it.
Divorce And Selling Your Crested Butte Home Strategy
This can be a very emotional time, especially if you have to sell your Crested Butte home too. It can be a tough situation and divorcing couples may not be able to have open and honest conversations. In the end though, selling your Crested Butte home might be the best decision for both of you.
Second homes are not liquid assets. It could take a year or more to sell your Crested Butte home depending on location, property and the asking price. Agreeing on a strategy to sell is important to start out with. An example could be to set an initial asking price based on an appraisal, and then every sixty days the home has not sold, reduce the asking price by 5%. This discussion for a strategy is wise to handle early on. If the mountain home is to be sold, then hopefully the transaction is complete prior to the divorce being finalized. Then you could split up the proceeds beforehand.
Final Thoughts
I hope you see the level of detail and time and effort I put into this candid article Divorce And Selling Your Crested Butte Home. I have become a Top Real Estate Agent in Crested Butte by providing my clients with information and insight. This helps my clients to make informed decisions. Some decisions are not always easy.
This article is an example of what you can expect from me as your agent.
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Chris Kopf
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405
