Divorce filings are up 34% from this time last year. (MASSIVE increase). The increased due to COVID and people being quarantined together with unresolved issues. The stresses of the pandemic have made couple scrutinize their living arrangements. Now, people are facing many difficulties in these times. Clients have bigger financial issues; realtors have more trouble controlling the clients and getting the house sold. Realtors can make things more efficient when they know what they’re doing.
1.) Moving a person out of a house to get the house sold is called a kick out order
2.) When a divorce happens and a house is involved, there are three options.
- One party stays and pays the other party whatever equity amount they agreed to or that the court ordered
- Sell the house and divide the money either by agreement or court order
- One party stays and the other stays on the loan for a period of time (the worst option)
3.) Be sympathetic with the client
For realtors, when the house gets sold it is a happy moment. However, for the clients in a divorce case, it is heartbreaking.
4.) In Divorce you need to communicate with each client 50/50.
Don't fall for a trap of communicating with one person more rather than the other. Always give both of your clients an entire rundown of what the plan will be and give them a punch list of what you need them to do.
5.) Three step plan to make the process easier/faster:
- Ask the right questions
- Be neutral
- Give the clients clarity and a timeline
The sale of the house is where people get the money to pay attorneys, buy a new house, pay off their debts, etc. So, when the house is stuck, it messes everything up and the process always needs to be moved forward no matter what. That's why it is important to have proper knowledge and training in handling these divorce cases.
Check the Ilumni Institute Programs and see where you fit! For questions, please schedule a call with our Director of Training Steve Watson.