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Monday, December 8, 2014 - Real Estate in Divorce - when you are not willing to sell

When you are going through a divorce and there is a family home to divide or possibly sell – this can be a very emotional decision.  

There are many cases when one party is absolutely not willing to sell the home but is also not in a financial position to buy out the other party for their half of the property.  Coming up with a lump sum to buy out your ex in a divorce, is extremely difficult unless there are other assets of similar magnitude that the other party is willing to part with.

After reading my latest blog on “To Sell or Not to Sell?”, you are still absolutely unwilling to part with your home, then let’s look at other options to ensure you are financially OK for your future.

  1. You used to share your family home with your ex, why not open up a room or a basement and share your home with a renter?  This can ensure that you can achieve your mortgage payments.
  2. Sell your home to an external party as an investment property with the agreement of renting it out from the buyer.  In Calgary, investment properties are at an all time high right now, so lose the hefty mortgage payment commitment but find a way to rent from an investor.
  3. Develop your basement to allow for a basement suite tenant
  4. Talk to your bank!  Refinancing your mortgage can be an option – but a painful option.

If you have exhausted your options and have not found a solution that works in your favor to keep your family home, contact me and I can help you downsize in style.  

You don't have to settle when buying a new home, you just have to get settled!!

posted in General at Mon, 08 Dec 2014 02:37:00 +0000

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